Prime Minister had taken a bold decision of closure of 500 & 1000 Indian rupee notes.
There are pros and cons of demonetization of Indian currency. But whenever such orders are passed the common man is in trouble.
There are many advantages of demonetization of 500 and 1000 Indian rupee notes.
Now we have to see the pros and cons of demonetization. I know that all India is fighting the situation but we all want to be aware about this.
Main Disadvantages of Demonetisation of 500 and 1000 rupee notes
- There is Hugh rush to the banks from last many days and normal work can be hampered.
- Government had not alter in ATM's so there are big problems in currency Exchange.
- Biggest Disadvantage of Demonetization will be with tourist who have only old notes and no connections in the area.
- Common man who has only 500 and 1000 Currency notes will be in trouble for their daily livelihood for next some days.
- Many People who has event like marriage and other having only old 500 and 1000 rupee notes will be in Big problem. They are really facing the high demonetisation disadvantages in India.
- Some people had not Information of where to exchange the Old currency notes.
- There are raids by Income Tax, Sales Tax and excise which can create problem for Business.
- If there is a Hard earned money which is beyond the limit of 2.5 lacs can indulge you in problem. this may be a biggest Disadvantages of Demonetisation of 500 and 1000 rupee notes.
- At some Places Banks are unable to handle the pressure of Public and the currency notes are out of stock.
- There will be problem of Change with 2000 rupee note. These were the some limitations of demonetization 500 and 1000 rupee note.
Now See the Steps Taken By Government for Benefit of common man after demonetisation of 500 and 1000 rupee notes.
- All National Highway tolls will be free till 2nd December. Government is ready to bear the loss with the citizen.
- There will be Free treatment under Rs 500 in AIIMS.
Above were the big announcement by the Government of India as they are also understanding the pain of common man.
Imp : Government will track all the deposits above 2.5 lacs in saving and 12.5 Lakh in Current bank accounts. Be careful. penalty upto 200% after Tax.
More Disadvantages of demonetisation of 500 and 1000 rupee note may be seen in Future but till now its a great decision.
Advantages of demonetization of Indian Rupee Notes
500 and 1000 rupee notes Discontinued in India
GST rates In India