Modiji’s sudden announcement of banning Rs 500 and Rs 1000 notes has shaken the nation.
No one expected that such a stern decision would be taken and that too in such a short time frame. Common man is facing difficulty because all of a sudden, they aren’t able to arrange money, since all banks and ATMs were closed today.
Moreover, Rs 500 and Rs 1000 notes aren’t acceptable as legal counterfeit from today; where to get so many Rs 50 and Rs 100 notes from?
From tomorrow, you can start exchanging your old notes in banks or at post offices by showing your ID card. This process is definitely going to be very chaotic as people are going to flock there. Moreover, even the per day exchange limit has been set to Rs 4000. This is done because Govt. doesn’t have enough cash to cater the need of all individuals. Once Banks will have adequate cash then Per day limit will surely be increased.
Government has pointed out that everyone has 50 days (10th November to 30th of December) to get the currency exchanged, but many people pointed out that they don’t have 50 days but just 37 days to get it exchanged. This is because there are 6 Bank holidays in November and 7 bank holidays in the month of December.
However, considering the problem of common man, Modiji has done something very good. RBI has received instructions from the Central Government to keep all banks open on the 12th and 13th of November i.e. Saturday and Sunday.
Extra counters would be set up and this is surely going to ease the process! Although he has taken such a decision, he made sure to provide an alternative too..
We appreciate this decision of Modiji!
