The Prime Minister had come on television to announce the demonetisation of Rs.1,000/- and Rs.500/- rupee notes with effect from midnight tonight! A lot many measures have been announced to tide over the difficult position that people would undergo during the coming days like:-
* Rs. 1,000/- and Rs.500/- notes will be valid for transactions related to the following till the
midnight of 11 Nov:-
- booking of air tickets.
- railway bookings.
- government bus ticket counters and
- hospitals and pharmacies within them.
* The demonetised notes can be deposited in bank and post office accounts from 10 Nov to
30 Dec. Those unable to deposit within the stipulated period can do so in designated RBI offices
till 31 Mar '17.
* These can be exchanged at banks and post offices from 10 to 24 Nov on the production of a valid
ID card.
* New notes of Rs.2,000/- and 500/- to be introduced this week. However, ATM withdrawals will
be restricted to Rs.2,000/- per day and withdrawals from bank accounts will be limited to
Rs. 10,000/- a day and Rs.20,000/- a week.
* ATMs and banks will not be operational on 09, 10 Nov.
A smart move to trap black money and render it persona non grata with one clean yet drastic action! One had only heard of people having bags and bags of unaccounted money stashed in their homes.... they would be the worst hit. And of course, Pakistan, who was known to be pumping in counterfeit Indian currency into the country for destabilising our economy and for funding terror!!
Another aspect of the 'Arthakranti Approach' suggested by the Pune based NGO, Arthakranti Pratishthan, has been put in place! It's a sequel to the successful forward movement of the introduction of the GST which aims at unifying the tax system in the country by reducing the number of taxes in existence.
Tailpiece.
A sleepless night for many. Political parties will cry foul because easy money will not be available for the forthcoming Assembly elections in UP and Punjab! A game changer, for sure and it takes courage to set it in motion!!
* Rs. 1,000/- and Rs.500/- notes will be valid for transactions related to the following till the
midnight of 11 Nov:-
- booking of air tickets.
- railway bookings.
- government bus ticket counters and
- hospitals and pharmacies within them.
* The demonetised notes can be deposited in bank and post office accounts from 10 Nov to
30 Dec. Those unable to deposit within the stipulated period can do so in designated RBI offices
till 31 Mar '17.
* These can be exchanged at banks and post offices from 10 to 24 Nov on the production of a valid
ID card.
* New notes of Rs.2,000/- and 500/- to be introduced this week. However, ATM withdrawals will
be restricted to Rs.2,000/- per day and withdrawals from bank accounts will be limited to
Rs. 10,000/- a day and Rs.20,000/- a week.
* ATMs and banks will not be operational on 09, 10 Nov.
A smart move to trap black money and render it persona non grata with one clean yet drastic action! One had only heard of people having bags and bags of unaccounted money stashed in their homes.... they would be the worst hit. And of course, Pakistan, who was known to be pumping in counterfeit Indian currency into the country for destabilising our economy and for funding terror!!
Another aspect of the 'Arthakranti Approach' suggested by the Pune based NGO, Arthakranti Pratishthan, has been put in place! It's a sequel to the successful forward movement of the introduction of the GST which aims at unifying the tax system in the country by reducing the number of taxes in existence.
Tailpiece.
A sleepless night for many. Political parties will cry foul because easy money will not be available for the forthcoming Assembly elections in UP and Punjab! A game changer, for sure and it takes courage to set it in motion!!
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