Withdrawl of Currency notes to Unearth Black Money

Today it was in the news that from 01/04/2014 Currency notes  will be completely withdrawn from the circulation, which were issued before 2005. It has its own implication for the economy, two of them which are most important are to unearth the black money in India and to check the counterfeited currency. another important objective may be to stop the use of black money in forthcoming Lok Sabha Elections in the year 2014, because any person who will exchange the currency note of 500 and 1000 denomination more than ten has to show his identity and residence proof to the bank.

The main problem which is likely to be faced by the commercial bank will be the chaos of public in the bank seeking exchange of would be withdrawl  notes, because the Indian economy is very vast in nature and still in rural areas majority of the population is not having access to the banks and are illiterate so within three months of time will be they able to exchange the Notes, though RBI has asked the Banks to exchange the note till further order but then also these notes are not going to be accepted as medium of exchange since 01/04/2014

HOW TO IDENTIFY THE CURRENCY NOTE ISSUED BEFORE 2005

Reverse the currency note and at the bottome of the note in middle you will find year printed on it if it is not rush to the bank for exchange.

Good Luck

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2 Comments on "Withdrawl of Currency notes to Unearth Black Money"

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Nice article…. keep going… 🙂

Create Wealth to Create Jobs Our current Personal Income Tax slabs are : > Up to Rs 2.0 Lakhs………………….. NIL > 2.1 Lakh – 5.0 Lakh……………….. 10 % > 5.1 Lakh – 10.0 Lakh………………. 20 % > More than Rs 10 lakh……………….. 30 % That means , the more you earn , the more tax you pay ! How does this wrong tax regime hurt our economy ? This regime , > Punishes honest people > Penalizes wealth creation > Encourages creation of ” Black Money ” > Provides incentive for tax evasion > Diverts resources into unproductive assts such… Read more »
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