Surgical strike on black money
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Prime Minister Narendra Modi’s “Surgical Strike” on black money has caused panic in the market with people making long queue in front of ATMs and petrol pumps.
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2. Citizens have until December 30th to deposit the discontinued banknotes in their bank accounts. They will receive the full value of deposited notes but will be limited to withdrawing Rs. 4000 per day from their accounts in cash.
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This document provides an overview of India's recent demonetization of Rs. 500 and Rs. 1000 banknotes. It discusses the current status of the withdrawn notes and exchange process. The key points are:
- PM Modi announced the withdrawal of the Rs. 500 and Rs. 1000 notes on November 8th, making them invalid as legal tender. Banks will exchange the old notes for new Rs. 500 and Rs. 2000 notes until December 30th.
- Cash withdrawals and transactions will face limits in the coming weeks to manage cash flow as new notes enter circulation. Electronic payments are unaffected.
- The goal is to curb black money, corruption, counterfeit currency, and terrorist funding by removing the higher
Demonetization
these are the six things which we are suppose to know about demonetization which has taken place in India in the month of November 2016. which our prime minister has done this to our nation.
Demonetisation bhupinder singh
Denomination is a proper description of a currency amount, usually for coins or banknotes. Denominations may also be used with other means of payment like gift cards. For example, five euros is the denomination of a five euro note.
DEMONETISATION IN INDIA AND ITS IMPACT
On 8 November 2016, the Government of India announced the demonetisation of all ₹500 (US$7.40) and ₹1,000 (US$15) banknotes of the Mahatma Gandhi Series.[2] The government claimed that the action would curtail the shadow economy and crack down on the use of illicit and counterfeit cash to fund illegal activity and terrorism
Reserve Bank of India
The document provides information on the Reserve Bank of India (RBI):
- RBI is India's central bank which controls monetary policy and was established in 1935. It is fully government owned since 1949.
- RBI's objectives include managing the monetary system, stabilizing currency value, promoting banking development, and maintaining currency demand-supply balance.
- Key functions of RBI include being the sole note-issuing bank, banker to the government and commercial banks, credit controller, and regulator of the financial system.
- The demonetization of Rs. 500 and 1000 notes in 2016 aimed to curb black money but also caused a short-term cash crunch that RBI addressed through measures like
Cancellation of High Denomination Notes
The Indian government decided to cancel the legal tender status of Rs. 500 and Rs. 1000 banknotes to curb black money, fake currency, and terrorist financing. People can deposit the old banknotes in their bank accounts until December 30, 2016. They can also exchange up to Rs. 4,000 of the old notes at bank branches or RBI offices until this date. The government will introduce new Rs. 500 and Rs. 2,000 banknotes on November 10, 2016. Various restrictions will be placed on cash withdrawals and transactions until December 30 to facilitate the currency exchange process.
Demonetisation
The document summarizes India's recent demonetization of Rs. 500 and Rs. 1000 currency notes on November 8th, 2016. It explains that these high-value notes will no longer be legal tender, except in specified organizations, and must be deposited or exchanged at banks by December 30th. It provides background on previous demonetizations in India in 1946 and 1978. While there will be short-term economic costs, the long-term benefits of reducing black money, corruption, and moving towards a cashless economy outweigh the disadvantages. The government needs to ensure a smooth transition.
MoF_reviewed_availability_distribution_Notes (1)
1. In the first four days since demonetization, about Rs. 3 lakh crores of old Rs. 500 and Rs. 1000 banknotes have been deposited in the banking system, while Rs. 50,000 crores has been withdrawn. Banks have handled around 18 crore transactions.
2. The government is coordinating with banks, RBI, and post offices to ensure adequate availability of all denomination notes nationwide. Instructions have been given to focus on distributing small denomination notes.
3. Some states like Assam and Arunachal Pradesh have made special arrangements like mobile banking vans to facilitate transactions in remote areas.
Presentation on Demonetization in India
this file is uploaded by Pramod Kumar from MIMT
this file is made on the situations of the demonetization. in this file describing in details of related to the demonetization
Demonetisation
On November 8, 2016 the Indian government announced that Rs. 500 and Rs. 1000 banknotes would no longer be legal tender. This process of withdrawing currency from circulation is known as demonetization. India has previously demonetized its currency in 1946 and 1978 to curb black money. The government's stated goals of the 2016 demonetization were to fight corruption, black money, fake currency, and move toward a cashless society. However, short-term drawbacks included overcrowding at banks as people exchanged their old notes and a shortage of available cash for citizens. Overall the advantages of demonetization are seen as outweighing the disadvantages in the long run.
demonetisation
Demonetisation has led to several changes in India. Old Rs. 500 and Rs. 1000 notes can no longer be used, except to deposit in banks until a certain date. These old notes also cannot be used at petrol pumps, airports or to pay government fees after a certain date. Toll collection on highways will resume, accepting the old currency if the toll is over Rs. 200. The government is pushing for digital and cashless transactions by waiving fees on card payments and cancelling service charges on debit cards. There is also a proposal to tax undisclosed income at 50% if reported by December 30th or 82.5% if found later. Withdrawal limits from banks have also been eased if deposits match amounts
Drawback effects of Demonetization
ITS about when demonetization creates how much negative effects on public .....please see it and give your views thank you
demonetisation
The document discusses India's demonetization of 500 and 1000 rupee notes in November 2016. It provides background on previous demonetizations in India in 1946 and 1978. The goals of the 2016 policy were reducing black money, counterfeiting, and moving toward a cashless economy. The short-term cons included bank lines and cash shortages, while the long-term pros were expected to be greater transparency, reduced corruption, and a more digitized economy. The impact on money supply and demand in different sectors is discussed. Overall the advantages of demonetization are seen as outweighing the short-term difficulties.
Demonetisation
Demonetisation - Meaning, Concept, Benefits, Scheme, Cashless economy, Cashless India, Effects on economy
Analysis of Indian demonetisation- All you need to know
The Central Government has declared that the bank notes of existing series of denomination of the value of five hundred rupees and one thousand rupees shall cease to be legal tender on and from the 9th November, 2016.
Demon etisation
The document discusses the demonetization that was introduced in India in November 2016. It provides background on what demonetization means, details of India removing Rs. 500 and Rs. 1000 notes from circulation, the effects this has had, and both advantages and challenges of demonetization. It notes that demonetization aims to counter terrorism, reduce black money, and increase tax revenue but faces challenges like economic consequences seen in other countries and a need for tax system simplification.
Demonetization and its impact in Indian Economy
The document discusses the impacts of India's 2016 demonetization policy which removed Rs 500 and Rs 1000 banknotes from circulation. It summarizes that demonetization aimed to curb black money, counterfeit currency, terrorist funding, and move towards a cashless economy. In the short term, it created liquidity issues and impacted daily wage workers, demand for goods, and GDP growth. However, it also strengthened transparency, promoted digital payments, and reduced illicit funding of activities like terrorism and corruption. Overall, the impacts were mixed and the long term effects on the economy are still unfolding.
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Analysis of Indian demonetisation- All you need to know
Analysis of Indian demonetisation- All you need to know
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Surgical strike on black money
- 1. Axe On Black Money
- 2. Prime Minister Narendra Modi’s “Surgical Strike” on black money has caused panic in the market with people making long queue in front of ATMs and petrol pumps.
- 3. The people rushed to ATMs after Modi addressed the nation informing that Rs 500 and Rs 1,000 currency notes would be “illegal” after the mid night of November 8.
- 5. The people who hold some amount of Rs 500 and Rs 1000 notes rushed to petrol pumps to fill fuel of Rs 100 or Rs 200 in order to get back remaining money in small denominations.
- 6. The petrol pump owners incidentally ran shortage of small notes as many handed over Rs 500 and Rs 1,000 notes.
- 7. In ATMs, the people wanted to draw an amount less than Rs 500 in order to get Rs 100 notes. A person requiring Rs 1,000 made at least three transactions thus making the queue bigger.
- 9. Banks will remain closed on November 9 while ATMs may remained non- functional for two days on November 9 and 10.
- 10. However, Mr.Modi said the Government will issues new Rs 500 and Rs 2,000 notes soon.
- 12. Prime Minister Mr.Modi suggested people: ** You can deposit old Rs 500 and Rs 1,000 notes in banks/post office accounts from November 10 till December 30, 2016, without any limit. ** There will be a limit on withdrawal from banks and post offices to Rs 10,000 a day, and Rs 20,000 a week. The limit will be raised in the coming days. ** You can exchange Rs 500/Rs 1,000 notes at any bank, post office or sub post office, showing ID proof, till November 24, 2016. The limit for this is Rs 4,000.
- 13. ** ATMs will not work on November 9 (Wednesday), and in some places on November 10. ** Withdrawals from ATMS will be limited to Rs 2,000/day per card. This will be raised to Rs 4,000 later ** For 72 hours, the following services will accept Rs 500/Rs 1,000 notes:
- 15. Government hospitals, Railway ticket booking counters, government buses and ticket counters at airports. Petrol, diesel and gas stations authorized by public sector oil companies.
- 16. Consumer cooperative stores are authorized by State or Central Government, milk booths are authorized by State Government and crematoria and burial grounds.
- 17. THANK YOU For More Information Please Visit: -http://www.tathya.in/ #BreakingNews, #OnlineBreakingNews, #OdishaNews, #UpcomingNews.