BIG BANNED THEORY – Why 500 and 1000 notes are banned?

BIG BANNED THEORY – Why 500 and 1000 notes are banned?

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big-banned-theory-500 and 1000 notes are banned-nextisbest
big-banned-theory-500 and 1000 notes are banned-nextisbest

Two big news are trending in the last 24 hours and hope it’s now pretty obvious.

1) PM Modi took a remarkable decision in Indian history against corruption: 500 and 1000 notes are banned from 8th Nov 2016 midnight.
2) Donald Trump became the 45th President of oldest democracy on 9th Nov 2016.

Here I am going to talk about the BIG BANNED THEORY (Indian news) because that is directly connected to the citizen of India. Though this is a good news it is also a panic situation for most of the people.

As I always used to tell the motive behind writing my story. Definitely, few question crossed my mind and that’s how this story came up:

1) This is a joke: How can be the biggest denomination wipe out overnight?
2) Is really something happened to the 500 and 1000 notes
3) Is it another rumor?
4) Why 500 and 1000 notes are banned?
5) My opinion
6) If it’s true what to do or not to do?

Here the story begins how this news came to me:

I came from office and it was a pretty regular day. I was expecting a visitor at my place. As soon as he entered the house he advised in very concerned voice to deposit the 500 and 1000 notes in the bank.

I laughed and said “If even PM Modi will come and say this I am not going to believe”

This cannot be more than a rumor. Finally, I proved my point and ended the discussion.

The news was so big that my mind didn’t even think that THIS IS A POSSIBLE EVENT.

I went for a walk after dinner and forgot the discussion because that was lame for me. I bought some stuff from a shop and gave 500 note which was the only note I had in the pocket. I didn’t realize but 4 other customers bought something and all were giving 500 and 1000 notes.

When I came back home I got a message on WhatsApp mentioning the same news. Then all the corners started to connect and I did some research.

This was really a big and strategic news. I never heard of something like this before.

This didn’t happen after 1978: When 5000 and 10000 notes were banned. Former PM Morarji Desai took this decision on 16th January 1978. All banks and other financial bodies were closed like today.

morarji desai - nextisbest
morarji desai – nextisbest

Why 500 and 1000 notes are banned?

The answer is very simple. This will give the real power to the Indian economy and remove the corruption.

Though we saw a lot of chaos but it’s not the right time to play the political game but to support the country.

My Opinion:

If I will read the newspaper or ask any economist I will get a very mixed answer which will not bring any conclusion so I decided to speak to the people on the street and service class.

I am not against or biased towards the rich people. I have seen many people who earned honestly and seen the riches.

I spoke to the tea shop guy where I use to go everyday. If you want to see the true picture of politics these are the best places 🙂

He said he rarely see the 500 or 1000 noted once in 10 days so it really doesn’t matter. He was happy for the change.

Then I spoke to paratha wala and got the same response. Even I read a lot of articles of The Hindu, Economic Times and hardly found any negative comments.

So who are the people against this change? I will leave you with this question so please share your view in the comment section.

In my office, no one was worried as they got the salary in the account and had 500-1000 change in the pocket. So easy and comfortable. Though we faced some problem at small shops but we can do this much for the country.

As the facts say a human being can live for 40 days without food and 3 days without water. So no life and death situation.

If we can tolerate corruption I think we can tolerate anything.

I am personally pretty positive for this change and hoping this to be new independence for India.

If it’s true what to do or not to do?

Just read the below pointers and take a deep breath, you will feel good

Do I need to panic? Don’t panic as govt gave 50 days to deposit all the 500-1000 notes in the bank or post offices. By 31st Dec 2016 go to any nearest branch.

How much can I withdraw? You can exchange 4000 INR in a day and after 14th Nov it’s 4500 INR.

Which ID card I should carry? Exchange cash by showing any ID proof (Aadhar Card, Passport, Driving Licence, Pancard, Ration Card, Voter Id, Any Govt ID)

When will bank be start functioning? From 11th Nov 2016, all the banks will be fully functional until 8 PM. 12th and 13th Nov 2016 (Sat and Sun) no holiday for banks. Another big step by govt.

How much cash deposit is safe? You can deposit upto 2.5 L without question but need to declare the earning. A small amount like 30-40K will have no issues. Always confirm about the norms at banks.

What will be the withdrawing limits? You can withdraw 10000 in a day from bank and 20000 maximum in a week for now. You can always use your debit card and credit card at shops.

ATM withdraw limit? You can withdraw upto 2000 per card per day from ATM. The limit will be increasing soon.

Can I help someone in this situation? Also, help the needy in the bank to deposit their money in the account and don’t support any rumor. Check with bank officials in case of any doubt.

Will I get the full value on currency conversion? In the exchange of 500 and 1000 notes you will get the full value from the bank so don’t run after people offering less amount for conversion.

Can I visit any bank for conversion? You can go to any branch of any bank. Just carry a valid ID proof.

Can I still use 500 and 1000 notes in emergency? You can use the 500 and 1000 notes at the petrol pump, hospitals, Govt bus tickets, railway tickets counters within 72 hours of notification.

How can a foreign tourist handle 500 and 1000 ban? Please read this article

When can I get new 500 and 2000 notes? New 500 and 2000 notes will circulate from 10th Nov 2016 in the market but be patient.

new 500 and 2000 notes - nextisbest
new 500 and 2000 notes – nextisbest

You can also leave a comment here and I can try to get the best answer for you.

My Advice:

IT is going to watch all the deposits closely so please carry a source of income properly. RBI will share the daily reports with authorities.

But if you are clean, this whole article doesn’t matter much to you 🙂 Just take the piece of advice and enjoy the corruption free India.