Friday, 18 November 2016

Indian demonetization policy and steps 2016


On 8th of December 2016, Govt of India had taken a historical Decision of Demonetisation of 500 and 1000 rupee note. 
This Decision will be remembered forever of NoteBandi. 

New 2000 and 500 rupee note had introduced.

What do you think how India is reacting on this. what are the problems of Demonetization Indian are facing. What are the Indian Demonetization Policy and steps by Government.

There are many advantages and disadvantages of demonetisation in India 2016. Here we are describing the Indian Demonetisation Policy and Steps.

Indian Demonetisation Policy is that the old 500 and 1000 currency notes are closed and not be a Legal tender from 9th of November 2016. No one can accept this as currency of India except the places allowed by the government. 

Government is preparing the same from a long Time. Earlier from 2014 they helped everyone to open The bank Accounts with JAN DHAN Yojna. People without Identity card can also open the Bank accounts. Then there is a large support on making Aadhar Card. 
Government also announced a self Black Money declaration Scheme till 30th September 2016. This will be a great policy of demonetisation by Indian Government.

Now Whats are the Indian government demonetization policy and steps to make it successful 

  • First policy on demonetisation is that On all Petrol Pumps old 500 and 1000 notes will be accepted.

  • Govt had announced that all Tolls in India will be free till 24th November 2016.
  • From 18th November All petrol pumps will be treat Like ATM's and up to Rs. 2000 will be withdraw through Debit and credit Cards.
  • Old Currency Notes will be Exchanged from Banks and Post offices till 30th December.
  • Earlier There was a exchange Limit of rupees 4000 , Then 4500 and now only Rs 2000 will be Exchanged. This demonetisation policy is made due to excess Crowd out of Banks. 
  • There is no limit of depositing the cash to Banks. No need to worried before depositing your white Income or savings.
  • While you can withdraw up to 24000 only from Banks.
  • Another Demonetisation Policy is that you can Use these notes for Railway Tickets, Aeroplane Tickets and Government Hospitals.
  • Another Demonetisation Benefit is provided to Marriage Families. They can withdraw upto 2.5 Lakh from Their Account.

  • There are mobile ATM's to solve the cash Problem. 
  • Another Demonetisation policy and step is that No questions will be asked on deposit of 2,50,000 in savings account.
  • A big demonetization Policy is against those who deposited more than 2.5 lakh in Savings account and 12.5 lakh on current account. All deposits will be shared with Income Tax department. You may asked for the origin of Money.
  • After 30th December all old Big currency notes will be a Piece of Paper. But if You have some genuine money than it will be deposited to some branch with all KYC papers.
Above were the Important steps on Demonetisation announced by Indian Government. we understood there must be some disadvantages of demonetisation but the benefits of demonetization in more than that.

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  1. Great step by Modiji but the queues outside the banks are still long.


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