RBI discontinues Rs 500 and Rs 1000 currency; How is this going to impact people? - chaprama | Insights from the world of Technology and Lifestyle

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Tuesday, November 8, 2016

RBI discontinues Rs 500 and Rs 1000 currency; How is this going to impact people?






Prime Minister of India has taken a bold decision today by discontinuing Rs500 and Rs1000 notes effective from 09 November 2016. This is a big blow for people who have accumulated black money or unaccounted money.

Now how this is going to affect people?

India holds 70% populations in middle class or lower who have countable number of such currency notes in their pocket or home. They can visit the nearby bank and exchange with the new currency notes released by the RBI by showing their identity card. But  people who have accumulated tonnes of money underground now have to pour all the money in the garbage. They now can neither exchange them in the bank or utilize them in public.

How is this going to impact the Nation?

With tonnes of black money being poured as waste, RBI will now account that money and can utilise that money for the nation. The Government is in idea to make accountable each and every transaction made to purchase anything. Unaccountable transactions are common in Real estate, Gold, Silver etc. Now RBI has put a check for all these and wanted to make all these accountable with this new system.

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