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Here Is Everything You Need To Know About Modi’s Master Move

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By now, all of you must have read the news of the Rs 500 and 1,000  notes being scrapped and, if you haven’t, come out of that rock you have been living under! From social media conversations to heated debates in the local train, every Indian has been impacted by the Prime Minister’s brave announcement last night. At around 8 pm, he literally sent the whole nation into a frenzy. In the history of bans, this one shocked the most. From November 8, midnight onward, denominations of all Rs 500 and 1000 notes in your possession have been termed worthless.

 

 

This was done in an attempt to curb corruption and the production of black money, which has increased at an alarming rate over the last 5 years. The money that also funds illegal practices and, above all, terrorism. With a deadline of some 4 hours, there was hardly anything anyone could have done to save their moolah. People with loads of cash sitting at home had a sleepless night, and those who had been faithful to the law did a little dance. As predicted, the share market crashed and businesses suffered major losses overnight. On the one hand, the Indian economy will suffer, but on the other, these corrupt practices will hopefully come to an end — or at least, this is a step towards doing that.

But with ATMs and banks shut today, here is everything you need to know from the government’s side:

1. Banks will function normally from tomorrow, that is November 10. You can deposit your Rs 500 and 1,000 notes in any bank or post office.

2. There will be a limit to withdrawing money for a while. Rs 10,000 per day and Rs 20,000 per week is what officials are saying, for now.

3. Till November 24, you can exchange old notes worth up to Rs 4000. This amount will increase post that.

4. Notes can be exchanged from November 10 – December 30, after which every exchange will need a valid government ID till March 2017.

5. Most ATMs will start working from tomorrow, barring a few. There are notices put up outside every ATM and bank for your convenience.

6. For now, you are allowed to withdraw a sum of Rs 2,000 using your card, which will later increase to Rs 4,000.

7. There is no change in online transaction methods. No restriction on your debit or credit cards.

8. The following places will accept the old notes till midnight November 11:

  • Government hospitals and chemists
  • Railway stations, airports, and government run buses
  • Milk booths
  • Cremation and burial grounds
  • Petrol pumps
  • Government-backed general stores

9. The new notes will also be out tomorrow and they will be in the denominations of Rs 500 and Rs 2,000.

10. The new notes, of the value of Rs 2,000, will have Nano GPS chips embedded in them, which will make it easier for officials to track the money and curtail illegal transactions.

11. There are separate guidelines for people who have taken these currencies overseas and foreigners who have purchased them. Currently, airports are exchanging them for those who are leaving and entering the Indian borders.

All this basically means that our government has taken a drastic step that sure is risky, but can be effective. While the government has announced the guidelines, here are a few more things you need to know, just to make your life easy!

1. Do not panic, as the situation can be handled. Well, unless you have bags of cash under your bed, then you are in trouble. So smile and go about your day!

2. The price of gold is sky rocketing and now is clearly the right time to invest in it. Jewellers are having a hard time, for sure.

3. This is a step towards making India more digital-friendly and by encouraging more electronic transactions. Shop all you want from your cards girls, no restrictions there!

4. Educate your house help, drivers, sweepers, and anyone who may be ignorant about this change. Call that friend who is vacationing in the mountains and give them a mini attack. (hehe)

5. Don’t try to fool anyone, and by that I mean the beggars, by giving them your notes and causing them trouble. It’s time to work on this together.

6. PayTM is the God-sent angel we were all waiting for.

7. Get ready to wait in long lines to exchange your money. But with those kickass new sneakers on, you can totally rock the whole ‘queue’ look, right?

8. Follow PM Modi and RBI on twitter, if you are not already, and stay updated.

This is a major blow for the upper class and to those who thought carrying notes of Rs 100 was too downmarket. The common woman and man will face problems, no denying that, but a few days of chaos will be worth it when, one day, our nation will be corruption-free. In fact, many people are rejoicing at this decision and coming up with their own quirky ideas to deal with the situation. I wonder how the police force will take bribes now! Then again, they are still happier than people on the other side of the globe. (Trump, seriously?)

A mission that everyone was so tight-lipped about will only work if the bigger officials empty their pockets too. The banks are fully equipped to cater to every customer that knocks on their door tomorrow. With RBI officials training them, they are going to be supportive and patient with your doubts. In times like these, we’re really going to miss the presence of Mr Goswami and his opinions.

As we hope for the best and wait for what happens next, Twitter, as usual, is bursting with amusement! And to lighten the mood, take a look at these tweets and find positivity in every situation.

 

 

 

 

 

 

 

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Hauterfly's Lifestyle writer and resident Potterhead. In love with boxes, diaries, food, and conversations. Always in a state of fernweh. (Don't know what that means? Search the site for more!)

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