Effects of Demonetizing Indian Banknotes

Indian bank notes haven been in circulation since many years now and the latest addition to the family has been the banknotes of India of the denomination rupees 2000 and rupees 5 hundred rupees. Did you ever imagine that 2000 rupees Indian banknotes would be issued in your lifetime? It has been almost a month since Indian bank notes of the denomination rupees 1000 and 500 were demonetized to curb black money. This news came as a shock for many as they did not know what to do with the hoards and hoards of Indian banknotes that they had with them. Buy many were rejoicing as the common man was fed up with the kind of black money that the rich were accumulating.

One of the biggest problems that people have to face now is the big queues they have to wait in for withdrawing cash from the ATM or from the bank centres. The Government has also imposed a limit to the maximum amount of Indian bank notes that can be withdrawn at one point in time. This means that once you run out of cash, you have to once again stand in long queues. The growing frustration is easily notable, but the citizens of India have rather been very cooperative considering the drastic step that Prime Minister Narendra Modi has taken. Demonetization of Indian bank notes will have some repercussions indeed, but all of it is definitely for the better. For many years, corruption and black money has been hindering the progress of our country and a stern step was needed to be taken.

There were rumours that the new 2000 rupees Banknotes of India come with GPS tracking system that would allow the government to exactly track where your notes are.  The news looked so authentic with innovatively invented terminologies that it looked very real. With the advent of internet and social media platforms, spreading rumours is not at all a difficult task. Always verify information with trusted sources before you share it with others on the internet.

 

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