A Dream of Corruption Free India

November 10, 2016 Adriyana Solu 0 Comments

A strong pace of Corruption free India. A ton of applause decision taken PM Narender Modi and their team
1. Old INR 500 and 1,000 Banknotes have banned to be legal tenders for transactions. For those notes of 500 and 1000 notes that is in circular form can be deposited in your respective bank branch and post offices by December 30.
2. Government planned, there is no limit on the deposit amount but those above Rs 2.5 lakh could attract tax and a 200% penalty in case of income mismatch or disputed source of money.
3. A sum of Rs 4,000 can be exchanged over the counter at any bank branch or post office with a valid identity proof such as Aadhaar card, driving licence, voter card, PAN card and passport also etc.
4. You can withdraw up to Rs 10,000 a day but no more Rs 20,000 in a week with the help of help ATM or withdrawal slip or a cheque up to November 24, It is possible to review this after couples of week.
5. Banks working hours has been increased by two hours on November 10 and 11. They will also be open for business over the weekend.
6. No restriction on non-cash payments like electronic fund transfers, cheques, demand drafts and debit or credit cards.
7. Some ATMs will begin operations on Thursday but withdrawals will be limited to Rs 2,000 a day till November 18 and Rs 4,000 a day thereafter.
8. New set of currency notes of Rs 500 and Rs 1000 will be available from 11th, November 2016.
9. Old Indian Currency will be accepted notes of Rs 500, Rs 1,000 till 11th, November 2016  at any emergency service like hospitals, their pharmacies, and crematoriums. They can also be used to buy air, bus, rail and Metro tickets and fuel during the period.
10. Cash deposits above Rs 2.5 lakh would be penalise or have to show income source of legal document if unable to produce the document you'll have to 200% as penalty
11. The RBI sources says it is a crackdown on blocked money, black money and counterfeit currency.
12. It would help to build strong Indian economy in terms of bank laundering, , and choke the flow of fake high-value banknotes militant groups use to fund attacks against India.
13. The decision is also an attempt by Prime Minister Narendra Modi to fulfil his election promise of curbing tax evasion and bringing return back black money.
14 The decision to high-value notes comes just over a month after the government raised nearly $10 billion through a tax amnesty scheme.
15. India has struggled to curb corruption and slush funds in the economy, or “black money”, especially in the real estate sector and other sector also.
16. It is probably estimated loss of the country's 1-2% of GDP every year.
17. This action will enforce to turn black to white money that will helpful to grow GDP.