Demonetisation : 10 days in effect , here 10 things to know !


    Let me give you a round up of all the significant events involved in the Prime Minister’s Narendra Modi’s Demonetisation Move !

    Firstly , it came as a surprise decision by PM Modi on November 7 , saying that the existing Rs 500 and Rs 1000 currency notes will no longer be a legal tender and will not be in effect from 12 AM , that is from November 8 across the nation.

    And has asked the civilians to deposit their old currencies and exchange them with newly launched Rs 500 and Rs 2000 notes which are hard to counterfeit. The places to visit this winter are definitely Post Offices , Banks and ATMs.

    So lets begin with a round up of the demonetisation event :

    1.       Banks will only serve to their privileged customers and not the customers from the other bank on Saturdays. The only exemption are the senior citizens!

    2.       The Supreme Court on Friday (yesterday) predicted that “there may be riots” due to this demonetisation move and have warned the Central Government.
    Not only this the SC has refused to stay all the pleas against  demonetisation in all the High Courts and Lower Courts , saying ,”how can we shut the doors on people’s face when the problem is of such a magnitude?”

    3.       The exchange limit which was extended to Rs 4,500 recently was pushed back to its original limit of Rs . 2,000. But the families of the couples can withdraw cash upto Rs.2,50,000.

    4.       The withdrawal limit of new currency notes from the bank has been increased to Rs 2,500 from Rs.2,000. Even this limit applies to the recaliberated ATMs only.

    5.       To ensure ease of our kisans , the government has given a green signal to them to withdraw cash upto Rs.25,000 per week against their kisan credit card or crop loan , so that they can witness a smooth rabi sowing season.

    6.       Traditional traders that run a vegetable mandi etc are eligible to withdraw Rs. 50,000 per week to ease up their wages. Even all the governmental employees upto Group C can withdraw their salaries in advance.

    7.       To meet the increase in the exchange demand of the new currency notes , banks has started applying an inedible ink on the index fingers of their customers in the metro cities. And only in the way EC has demanded them in view of by election polls.

    8.       The exemption deadline where the old currency notes can be used at the pharmacies , petrol pumps and other utility services is extended till midnight of November 24.

    9.       The Parliament saw some exchange of heated arguments in the session , where Ghulam Nabi Azad linked the Modi’s Demonetisation move with the Uri Attack. And the two Chief Ministers of Delhi Arvind Kejriwal and West Bengal Mamata Banerjee , both of them have tie up to fight against Modi’s demonetisation move by taking up a rally to the President Pranab Mukherjee and the RBI.

    10.   Though the cash seizures have been increased at an alarming rate , but to deposit the cash in the new accounts , the PAN has become mandatory , otherwise the new bank customer cannot withdraw or exchange their old currency notes.