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Published on : Wednesday, November 9, 2016
Prime Minister of India, Shri Narendra Modi announced demonetization of Rs 500 and 1000 currency notes as a strong step to fight against black money. Old high denomination (OHD) notes cannot be used for transacting business from 11th November as declared by the new rule. This created much stir (read panic) amongst the citizens as well as the tourists. Both international and domestic visitors faced the dilemma of what next.
Under this new scheme, the legal tender character of the existing bank notes in denominations of Rs 500 and Rs 1000 issued by the Reserve bank of India till November 8, 2016 (hereinafter referred to as Specified Bank Notes) stands withdrawn. In consequence, thereof, these bank notes cannot be used for transacting business and/or storage of value for future usage. These bank notes can be exchanged for value at any of the 19 offices of the Reserve Bank of India or at any of the bank branches or at any head post office or sub-post office. However, those who are travelling can use the specified bank notes for paying bus tickets at government bus stands, railway stations or air tickets. For those who are visiting from foreign countries can get their cash exchanged at the airports. The existing OHD notes could also be changed at respective bank accounts with valid ID proof.
This strong step towards checking corruption and terrorism has been criticised but majorly accepted by political leaders as well as the commoners. The rules and regulations and with what needs to be done next has been specified on the government website and through printed medium.
This huge step towards the path of fiscal reform and is sighted as one of the much needed boost for infrastructure development in this growth hungry economy.