In what is considered as a historic move for India, the Indian Government along with RBI has announced that the existing ₹500 and ₹1000 notes would no longer be considered as legal currency but would just be a piece of paper without any monetary value. This move comes from the government to curb corruption and black money. Government has issued guidance to all Indian citizens to deposit the ₹500 and ₹1000 in their bank accounts by 30th December 2016. There would be new notes of ₹500 and ₹2000 issued.

 

While this is a bold move against black money and to improve the economy, many honest tax payers and citizens from India and especially the tourists have been at an inconvenience as almost all the stores have stopped accepting such notes and banks and ATMs are closed and there would be a limit on future withdrawal amout so people cannot withdraw cash for their needs. Also the some of the local vendors who do not have bank accounts have nowhere to keep these hard earned notes and hence their business could be at a risk of complete loss.

So what is your opinion about this move from Government to demonetize the ₹500 and ₹1000 notes. Is it really going to help improve the economy or will the introduction of new ₹2000 notes lead to an increase in generation of black money in future...

 

In what is considered as a historic move for India, the Indian Government along with RBI has announced that the existing ₹500 and ₹1000 notes would no longer be considered as legal currency but would just be a piece of paper without any monetary value. This move comes from the government to curb corruption and black money. Government has issued guidance to all Indian citizens to deposit the ₹500 and ₹1000 in their bank accounts by 30th December 2016. There would be new notes of ₹500 and ₹2000 issued.

 

While this is a bold move against black money and to improve the economy, many honest tax payers and citizens from India and especially the tourists have been at an inconvenience as almost all the stores have stopped accepting such notes and banks and ATMs are closed and there would be a limit on future withdrawal amout so people cannot withdraw cash for their needs. Also the some of the local vendors who do not have bank accounts have nowhere to keep these hard earned notes and hence their business could be at a risk of complete loss.

So what is your opinion about this move from Government to demonetize the ₹500 and ₹1000 notes. Is it really going to help improve the economy or will the introduction of new ₹2000 notes lead to an increase in generation of black money in future...