Knows and How of Rs.500 and Rs.1000 notes Ban
Knows and How of Rs.500 and Rs.1000 BAN:
A happy move for all Indians which is greeted by all…
The banning of Rs.500 and Rs.1000 notes has evoked a positive response across the nation. It was marked as positive news from both economists and industrialist.
According to SBI chairman Arundhati Bhattacharya,” Tomorrow banks will be closed for withdrawing these notes from counters & ATMs. We will work round the clock to ensure that customers have a smooth experience. We will strive to restock ATMs at the earliest and make them operational.”
It has been positive for the people who have earned money legally as they can deposit the cash in bank and get the money in return. The blow is for the black money hoarders, it is really a tough night to sleep for them as the crores of black money that is stacked in homes and elsewhere will have no value.
The real reason is,”SOURCE OF FUNDS” and black money has no source of funds. This move will increase the CRR rate
Some do and don’t for the notorious Rs 500 and Rs 1000 notes:
First thing that comes into the mind from where I can deposit the money:
1. From 10 November till 30 December 2016, you can deposit old notes at any nearest bank or post office without limit. But all the withdrawals are limited at 10,000 per day and 20,000 per week. Though the limit will be increased in the coming weeks.
2. One can also exchange the notes of lower denominations in the post offices and sub post offices but the exchange is limited at Rs.4000 and you can only exchange till November 24, 2016.The need for the exchange is simple what all you need is a valid ID card is required i.e. PAN Card, Adhaar card and Election Card and Bingo your notes is exchanged.
3. Due to this directive Banks are closed for today i.e. 9 November as it is very tough to cope up with the directive.
4. There is no restriction on any kind of non-cash payment by cheque, DDs, debit cards, credit cards and electronic transfer.
RESTRICTIONS REGARDING ATMs
1. ATMs won’t be functional on 9 November and in some areas on 10 November also and the ATMs will not dispense any Rs 500 and Rs 1000 notes.
2. For first few days’ withdrawal will be Rs 2000 and after few days it will be Rs 4000 per day.
WHERE I CAN STILL USE Rs.500 and Rs.1000 notes:
2. Railway, Airline, Bus and Ticket booking counter
3. Petrol, Diesel and Gas stations
4. Milk Booths like Mother dairy and DMS(Delhi Milk Booth)
5. Crematoriums and Burial grounds
That is also till 12 November only.
From where I can get new currency notes
.RBI will issue notes of Rs.500 and Rs.2000 from November 10 on wards. These notes will have new designs.
How these all moves will help to stabalise economy
All the measures will reduce the currency. The reduced currency circulation will automatically cause deflation that will help in increasing value of Rupee which will long going on the downwards trend compared to Dollar.
As the inflation and deflation goes hand in hand but deflation will happen first and the prices of the common commodities, stock and gold will drop. Everyone will congratulate the government for making the move.
This column is penned down by Mr. Ankit Jain, CEO ,EBazar.Ninja, on the affect of banning of notes.He welcomes this as the positive move in the ecommerce industry too.