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Rs.500andRs.1000NotesBannedInIndiaEssay,Advantages,Disadvantages|GuidetoExchangeOldNotes

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Rs.500 and Rs.1000 Notes Banned In Indi

Essay, Advantages, Disadvantages | Guide
to Exchange Old Notes
09/11/2016 by asmita awasthi

Timesof
IndiaNews
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Contents [hide]

1 Ban on Rs. 500 and Rs. 1000 Notes In India Essay, Speech, Advantages, Disadvantages, Guide to Exchange
Notes
1.1 Why Government Banned Rs. 500 and 1000 Notes In India?
1.2 Advantages of Ban on Rs 500 and Rs. 1000 INR Notes in India
1.2.1 The Reduction in Black Money
1.2.2 Tackling Counterfeit Currency
1.2.3 Smuggling and Trafficking will get choked
1.3 DisadvantagesDemonetisation of Rs. 500 and Rs. 1000 INR Notes
1.3.1 Cost of replacing these notes
1.3.2 Impact on small businesses
1.3.3 Black money is still there
2 How to Exchange Old Notesof Rs 500 and Rs. 1000 ?
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3 Highlight About New Notes of Rs. 500 and Rs. 2000

3.1 Features of the New Rs 2000 Note
3.2 Features of the New Rs 500Note
3.3 Questions RelatedDenominations of Rs 500 and Rs 1000
3.4 Incoming search terms:

Ban on Rs. 500 and Rs. 1000 Notes In India Essay, Spee
Advantages, Disadvantages, Guide to Exchange Old Not
Why Government Banned Rs. 500 and 1000 Notes In India?

Rs 500 and Rs 1000 notes banned in India from midnight of 9th Novemberthis is the biggest headline

country today. There is a huge panic in the general masses regarding it. The people are running t

nearest banks and post offices and other available options to exchange all these notes they hav
themselves.
So what lead the government todenominations of Rs 500 and Rs 1000 in India ? or
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500 and 1000 INR Notes.The reason is to trace out all the unaccounted money or Black money.
30

TimesOfIndiaNews
CheckouttheLatestNewsFromIndia
&AroundtheWorld.ReadNow!Goto
timesofindia.indiatimes.com

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Black money is one of the major hurdles in the economic growth of the country. A large amount of m

not in the circulation as it is kept hidden from the view of the Income Tax Authorities to save the ta

paid on it. This leads to fewer amounts in the public exchequer which can be used for various develop
projects in the country.

These high value money notes are used in other public offences such as money laundering, racket

drugs and people trafficking. The RBI also adds another reason for this decision that there is a rise
money of higher denominations in India and the move will curb this problem.

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So the reasons are clear. These notes of denominations of Rs 500 and Rs 1000 which are being ban

India is to the tackle the biggest problem of Black Money and fake currency in India and to tac
problems associated with them such as trafficking which have an adverse impact on the economy.

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Ban on Rs. 500 and Rs. 1000 Notes In India Essay, Speech, Advantages, Disadvantages,
Guide to Exchange Old Notes

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Advantages of Ban on Rs 500 and Rs. 1000 INR Notes in India

Every decision has its own impact which can be measured both on the positive and negative sides. So
examine the positive impacts of this decision of the government

The Reduction in Black Money

The aim is to reduce black money and this can be achieved through this Ban on Rs. 500 and 1000 INR

The money in circulation has been restricted in this way. The people with black money have no option
bring out the undisclosed money with them as now this immediate decision has not given them the
think of any alternative so soon. So they have no options but to take one of the routes provided
government.

Tackling Counterfeit Currency

As per the data by RBI, in 2015-16 6.5 counterfeit notes were detected in the commercial banks out of

4 lakhs were in the Rs 500 and Rs 1000 Notes category. So all those who print counterfeit note
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printing machines now are at a hault now and the fake currency can be easily dealt now.

Read Also : Jokes On Ban on 500 Rs. and 1000 Rs. Notes

Smuggling and Trafficking will get choked

These activities which are associated and grow on this black money will get chocked and they can
easily perished due to lack of availability of funds.

The real estate sector will get more white: the real estate sector where black money is generated

accelerating rate will get curbed efficiently. This step will give this sector more credibility and transpa

The Benami transactions Bye Bye: these have already received a big blow as the new legislation
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provision
for seven-year imprisonment and fine, replacing the three-year jail term, or fine, or both.
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DisadvantagesDemonetisation of Rs. 500 and Rs. 1000 INR Notes

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This all does not only has only a happy side. There are some cons associated with Ban on Rs 500 and R
30 Notes too:
INR
1
Cost
of replacing these notes

There is a cost involved in the printing of these notes which varies according to the denominations o

notes for example cost of printing Rs 1000 notes is Rs 3. So a huge amount involved in printing these
will get wasted. To put in simple words 80% of the cash in India has become worthless.

Impact on small businesses

The small businesses strive on day to day cash transactions for payments etc. They will suffer a blow
short term till New Rs 2000 notes are in plenty supply in the economy.

Black money is still there

The major black money which is in the tax havens in the foreign banks and gold still remains unacc
and unaffected.
The time to switch over to the new notes of Rs 500 and Rs 2000 will cause chaos and pain for
duration of time.

How to Exchange Old Notesof Rs 500 and Rs. 1000 ?

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If you too have these notes but dont know How to Exchange Old Notes of 500 and 1000 with ban
then the following information is for you.
The notes can be exchanged for equal amounts in the 19 offices of the RBI, any bank branch
office.

The electronic mean such as internet banking, IMPS and NEFT can be used to make imm
payments.
The no frills accounts such as the Jan Dhan Yojna can be used for deposing these notes.

A person with no personal account of her own can avail of this exchange facility via a relative/

account with written permission. But while exchanging, one should provide the evidence of perm
given by the account holder and own valid identity proof.

The exchange can also be done through a third party provided one gives a written authorisation
with the bearer, who should also prove the identity.
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On withdrawals/exchanges through ATMs, the RBI said banks will take time to re-calibrate the

Once
Shares

the ATMs are functional, one can withdraw up to Rs 2,000 per card per day up to Novem

The limit will be raised to Rs 4,000 per day per card then onwards.
30

Even cash withdrawal through cheque/withdrawal slips is subject to a ceiling of Rs 10,000 in

within an overall limit of Rs 20,000 in a week (including withdrawals from ATMs) for the first for
30

up to November 24.

Higher value notes can be deposited/withdrawn through ATMs, cash deposit machines an
1

recycles.

Those who are outside the country can get their exchanges done by authorising in writing a

person in the country to deposit the notes into your bank account with the authority letter and i
proof such as Aadhaar card, driving license, voter ID card, passport, NREGA card, PAN card etc.

Even NRIs can also deposit the banned notes to NRO account. A visiting foreigner can purchas

equivalent to Rs 5,000 using these illegal notes at airport exchange counters within 72 hrs af
notification, provided you present proof of purchasing these notes.
In case of emergencies like hospitalisation, travel, lifesaving drugs, one can use the old notes to

hospitalisation at government hospitals, to purchase bus tickets at government bus stands for tr
state or state PSU buses, train tickets and air tickets within 72 hrs after the notification.
These were the steps for exchanging old notes of 500 Rs. and 1000 Rs with bank.

The scheme closes on 30th December until which you can exchange all your notes of these denominat
500 and 1000 INR Notes.

The scheme has a mixed effect on the public. Some take it as a welcome step towards combati

problem of black money other regard it as a nuisance only time will tell how effective it has been. T
exchange Rs 500 and Rs 1000 INR Notesfrom banks.
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Highlight About New Notes of Rs. 500 and Rs. 2000

Features of the New Rs 2000 Note

1. See through register with denominational numeral 2000 can be seen when the note is held against l

2. Latent image with denominational numeral 2000 which can be seen when the banknote is held
degree angle at the eye level
3. Denominational numeral 2000 in Devnagari
4. Portrait of Mahatma Gandhi in the centre
5. Micro letters RBI and 2000
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Features of the New Rs 500Note

1. See through register with denominational numeral 500can be seen when the note is held against lig
2. Latent image with denominational numeral 500which can be seen when the banknote is held at 45
angle at the eye level.
3. Denominational numeral 500in Devnagari.
4. Portrait of Mahatma Gandhi in the centre.
5. Micro letters RBI and 500

Questions RelatedDenominations of Rs 500 and Rs 1000

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Questions RelatedDenominations of Rs 500 and Rs 1000

How to Exchange 500 1000 rs notes in bank Get 2000 Rs notes Before 31st Dec 2016
Indian New Rs 2000 and Rs 500 Currency Notes Images HD
ATM Are Note Working People Standing In Lines Funny Images Pictures Comments Posts For FB
Rs. 500, 1000 Notes Funny Jokes SMS Messages Memes Quotes Status For Whatsapp
How to exchange your 500rs and 1000 rs note

500 Rs and 1000 Rs Notes Banned in India How to Change 500 & 1000 Rupees Old Notes/ Curre
How To Exchange Old Notes With Bank
PM Modi Full Speech On 500, 1000 Rs Note Ban Details Information Video
How to Change or exchange 500 rs Notes
How to Change Exchange 1000 INR Notes
2000 Rs New Note Exchange From banks
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Jokes
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in Hindi on The 500 and 1000 Rupees Ban In India By Pm Narendra Modi

Can i use 500 rs Notes in marketToday

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Can i use1000 rs Notes in marketToday

Free Download WhatsApp Funny Pics Images Photos On Black Money

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What To Do With Notes Of Rs. 500 And Rs 1000 (India banned)

Complete details on how to exchange old Rs 500, Rs 1000 notes
How to Exchange Old 500 Rs and 1000 Rs Notes in Different banks
What I can do With old Rs 500 and 1000 notes ?

Incoming search terms:

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Rs.500andRs.1000NotesBannedInIndiaEssay,Advantages,Disadvantages|GuidetoExchangeOldNotes

advantages of banning 500 100 notes (7)

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