Since there is an increase in the fake note industry and black money, the Government of India has come up with its masterstroke move to get rid of black money in one easy move!
But, what exactly does black money define? This is nothing but the money that is undeclared to the tax authorities. It is primarily in cash and is stored in the form of currency notes by various businesses, political parties and individuals.
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People are baffled with the sudden decision of banning of the 500 and 1000 rupee notes, as they will be invalid hereon on and should hence be exchanged for the new 500 notes. Also, 2000 rupee notes will be shortly launched by the authorities and will be in circulation.
Now, check out details on how Indians can get rid of the fake money without losing on anything...
Since the banks and ATM machines are closed for 48 hours, people would be running short of liquid cash, as most of them have these notes that are banned.
But, fret not friends, you can easily use this money in these places and get your work done. Thankfully, the government has kept a few modes open, wherein people can use their money until the new notes are released.
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NOTE: One can get their currency exchanged in banks until 31st December 2016. However, there is a catch, as one needs to give in their documents before submitting their cash in the bank. (This is a big slap on the black money owners, as they cannot claim this money).
* People can use old notes in government hospitals for their medical bills and to buy medicines.
* These notes can be used in government-owned stores like Safal, etc., to buy everyday essentials.
* People can use it in petrol pumps to buy petrol, as they have a record of it.
* They can use it to purchase airtickets, rail tickets and even state-owned bus service tickets.
* Old currency notes can be exchanged at the airports.
* They can be used for burial costs, as this is something that most of the people need.
* Last but not the least, one of the easiest ways is to deposit the money in the ATMs that will help people save their hard-earned money. (We hope its not black money).
With this sudden move, though the entire system has literally shaken the people of India, we are glad that a move like this has been finally implemented to get rid of corruption for good!
Way to go, Modiji!!