India bans 500 & 1000-rupee note to manage the fake currency issue
Fake currencies are the major reason for destroying a country’s economy and several countries often do, what India has done recently.
Well, the Prime Minister of India, Narendra Modi, announced on the evening of 8th November about the ban of ‘500 and 1000 rupee notes’.
As per as reports, Modi called a cabinet meeting around 6PM of 8th November before addressing the people of the country about this ban and release of new notes.
Some news agencies have suggested that prime minister was planning for this move for 2 years and finally, he announced the historical ban.
Seeing the history of India, no any other prime minister has yet banned currency notes on this much short notice.
This move has been praised by the whole country but sadly few politicians are opposing and raising questions on PM Modi’s intention of banning notes.
The prime minister office has also cleared that from 11th November, new currency notes would start circulating and people can exchange their notes from the nearest bank.
However, to tackle the black marketers, government has also come up with several ‘conditions’ like if any person buys train tickets or air tickets worth more than Rs 10000 ($150) and cancels later, then the price of the ticket would be only returned by cheque method (No Cash Return) only, so that black money doesn’t get changed in white money.
The government has cleared that no any common person, who has nothing to do with black money, would suffer and the action would be taken against those who try to convert their bad money into good.
