Modi’s BIG Slap to Black Money Holders
On the evening of 8th November 2016, prime minister Narendra Modi announced the downfall of the 500 and 1000 rupees currency note throughout India. In the turn of such events, many people have been found to run to the nearest ATMs, petrol stations, metro station and many other places for exchanging their old currency notes. This big step taken by Modi’s government and has shaken the whole nation and turned it upside down. This decision taken by him is a slap on the people’s face who hide lacs and lacs of money under their beds and behind their walls. From this day onwards, a new era will take over.
PM Modi had given a golden opportunity providing people a four-month window starting from 1st June 2016 to disclose their unaccounted wealth by paying taxes and penalties of 45% on the total value declared. The four-month window ended on 30th September and those declaring their unaccounted incomes and assets were asked to pay taxes and penalties by 30th November max. After the end of golden moments, Modi saw a need of extreme actions to be taken and took charge to curb with national corruption.
Businessmen earning lacs and crores of money in black will be put to grounds and questioned for such their hideous actions. It is evident how so many people all over India has used Black Money to buy big houses, big cars, big TVs and what not! Well, no more can these money hungry people take pride of their Audis and Iphones. Such an unannounced event (and especially at such late hours) will help tackle banking situations and give honest white money holders a proper chance for exchanging their old currency notes. As for the Black Money owners… Well, we know they have lacs and lacs of money kept at their homes which will be nothing but a piece of paper from this day onwards.
Following is the summary of this important announcement made :
1. 500 rupees and 1000 rupees currency note banned from Midnight (12 AM – 9th Novemeber 2016).
2. ATMs wouldn’t work on 9th and 10th November. Also, the withdrawal limit is Rs. 2000 only.
3. All residents have option till 30th December 2016, to deposit their existing cash balance of 500 and 1000 rupees in their bank accounts.
4. ATM withdrawal is limited post 11th Nov to be 10,000 per day, but initial few days it would be 2000 Rs. only.
5. Emergency periods like hospitals and chemist, train ticket booking and airline ticket booking, petrol pumps may accept the old notes till 11th November.
6. No changes in online, card, cheque or any other plastic money transactions.
7. 9th November, banks wouldn’t be available for public banking services.
8. New notes of 500 rupees and 2000 rupees would bring in circulation, mostly from 31st March 2017.
Since many people in this world can never stop preaching bad, we can not also expect the bad to be completely erased from existence. Similar is the case with Corruption. Until the corrupt are removed, corruption can not be removed. Our PM has shown great aggression in taking actions to fight corruption. Let’s hope for a better tomorrow, because hope is the only thing that keeps all good people going 🙂