Yes!!!

Notes of Rs. 500 and Rs. 1000 are ban in India from 8th November midnight. This decision is taken to prevent black money and stop corruption. H V Shivaram Bangalore, India Black money refers to funds earned on the black market, on which income and other taxes has not been paid. This  is the main source of corruption,crime, etc.

The solution to black money and corruption is a simple one – decide the time period of 30 to 40 days to exchange their notes from banks and after that period these notes will be invalid. For that people has to deposit their money into their bank accounts or post office accounts.

Those who have their money in bank account have nothing to worry but who have stored black money at their homes they need to deposit money in banks otherwise, it will be invalid.

Advertisement

----------------------------------------------------------------------------------------

Higher amount transaction can be done through bank or credit/debit cards to keep all transactions transparent and honest.

People can exchange their old notes through bank account or post office account from 10th November, 2016 to 30th December, 2016. From 31st December,2016 onward people has to submit notes in RBI specified offices till 31st march, 2017.

RBI issuing new notes of Rs. 500 and Rs. 2000.

The Rs. 2000 currency is designed keeping in mind to eradicate the black money issues using nano technology, every Rs. 2000 currency note is embedded with a NGC which is Nano GPS Chip.

NGC doesn’t need any power source. It acts as a signal reflector. When satellite sends signal requesting the location of NGC it will send the precise location with serial number of the currency. This way every NGC currency can be tracked and located even if it is far away from bank. This can’t be remove without damaging the currency.

With this simple act we have a great opportunity to build a strong nation which will be corruption and black money free.

 

To report this post you need to login first.