9/11 And the Historical Step Against Black Money

9/11 And Historical Step Against Black Money 

What happened yesterday’s night was totally unexpected.  The date was 9/11 and everybody was busy watching news about American presidential elections. But suddenly PM Narendra Modi caught the attention. He addressed the entire nation on the television. What the Prime Minister said was hard to digest but in reality it is some action against the black money holders. He announced to discontinue the currency of 500 and 1000 Indian Rupee. Besides he also said about the new notes of 500 and arrival of 2000 Rs note.

So from today onward 1000 Rs will not consider as Indian currency.  The entire old 500 and 1000 Rs note has been discontinued since last night.  That was all about the action taken by the central government.

Now we need to know why this demonetization of currency has been implemented.   And the answer is not hard to tell as we are all aware about the black money situation in our country. There have been constant rise in the unregistered money from various sources and this leads to tax evasion. So ultimately it is the common people who suffer. In India Black money counts more than billions and so you can understand how much illegal money is hidden in this country.

You must be thinking how this banning currency actually works so we want to tell you that 500 and 1000 are the biggest currency notes in India. So, if these notes are demonetized lot many people holding black money will be suffering very badly.

In his speech Prime Minister also mentioned few important things that should be taken seriously as it affects every common people:

• ·       Discontinuation of Rs 500 and Rs 1000 notes.
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• ·       Old 500 notes will be replaced by new series 500 Rs notes.

• ·       ATM will be closed on 9^th and 10^th November all over the country.
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• ·       2000 Rs note will be launched very soon replacing the 1000 Rs note.
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• ·       Old 500 and 1000 Rs notes can be replaced in nearby banks and post office and don’t forget to carry your ID card with you.
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That was all the prime minister said but the question arises does it really going to help in controlling the black money?

The moment people got to know about this situation everybody started panicking as they don’t know how to react at this situation.  This is definitely going to be a nightmare for all those businessman, traders and real estate personal.

Let’s hope we all get rid of the black money.