What To Do With Your Unused 500 & 1000 Currency Notes & How Sensex Reacted to the Announcement?

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In a stunt move by the government, Prime Minister Narendra Modi announced yesterday that old currency notes worth denominations of 500 and 1000 INR would stand invalid and illegal from today onwards. But for common people and rightful citizens of the country there is nothing to worry about as such. Government puts several plans in place for the convenience to common people of the country.

The NDA government took the bold step to bring a considerable reduction in the usage of black money in and outside the country. This move will also help the government to keep a tab on people who earned money by way of unfair means and don’t pay taxes on them.

Modi also stated in his 40-minute long speech, that these notes of high denominations (500 & 1000) were often imitated to supply fake ones – that promote anti-lawful activities such as kidnapping, hawala transaction, terrorism and illegal real estate construction which are rampant across the country.

Common People Shouldn’t Feel Panicky

First of all, you have to just stay calm and patient for the next 48-hours. Don’t need to feel tensed or rush here and there. ATM machines and banks would stay closed during these hours. After a couple of days, the ATMs would start to resume their services with a limit of Rs. 2000 rupees in a day.

From 24th of November onwards these machines will dispense currency notes worth the value of Rs. 4000 in a day with new currency notes of Rs. 500 and 1000 INR. Normal people can directly deposit their old currency notes of denominations of Rs. 500 and Rs. 1000 at their bank accounts from 11th November onwards.

Important Facts Regarding the Scheme

  • Banned Currency: Old Issued Notes of Rs. 500 & Rs. 1000.
  • ATM & Bank Closure: In order to fulfill people’s need the government decided to keep bank and ATMs closed for the next 48 hours
  • Applicability: This rule is applicable to every place all across India.
  • Exchange Dates: From 11 November onward you can exchange you old notes of high denominations (500 & 1000) with new ones at any bank or post office by carrying your identity card. Also, you can directly deposit these currency notes at your bank/ Post office accounts.
  • Important Date: You can exchange all your currency notes in 500 and 1000 denominations by 30th December 2016 with the new ones or smaller denominations at Post office, Banks and RBI.

Why Sensex Has Crashed Today?

Many people are still confused that if the government has taken a right measure than why did the sensex open today with a huge dip. Sensex started with a fall in the morning. At 10:30 am, the S&P BSE Sensex went down to 26581 while Nifty50 was trading at 8209 almost 335 points below where it was closed yesterday.

Well there is a no certain answer to it. Dipping of the Sensex has a lot to do with the unexpected victory of Donald Trump at the 44th US Presidential Election as well. Economists said this is a short term impact due to the big announcement on currency denominations made by Prime Minister Modi Yesterday night.

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