Rs 500 and Rs 1000 notes are banned in India on 8th october midnight. People of India were shocked or suprised due to this decision which was taken by PM Modi. Some people were suprised due to this decision because this will help the Income tax department in many ways like when people will go to exchange 500rs and 1000rs they have to show there income proof and all the required documents and the black money in India will be curbed. But some people like some politicians, businessmen etc those who keep black money are shocked because now if they want their money then they have to show their documents of proof that from where this money came.
Pros of banning Rs 1000 and Rs 500
- Massive decline in Black money
- Almost end of fake currency racket
- Obstacle for terrorism
- Reduce in Corruption
Cons of banning Rs 1000 and Rs 500
- Loss to common people
- Inconvenience to people
Introduction to new Rs 2000 and Rs 500 notes
The Reserve Bank of India is introducing its new notes of Rs 2000 and Rs 500 as the part of Mahatma Gandhi new series. The new note of Rs 2000 has motif of magalyaan on the back depecting the country’s first venture in the interplanetary space.The note also has other designs. Size of the note is 66mm*166mm. Portrait of Mahatma Gandhi is in the center in the new notes of Rs 2000 and Rs 500
What to do of your Rs 1000 & Rs 500 notes
There are many ways through which you can transfer your money to bank account easily.
Method 1. To transfer from Mobikwik
- First download mobikwik app
- Login or signup
- Click on menu and then click on Cash Deposit
- Click on generate order id
- You can deposit Rs 500 and Rs 1000 notes at Mobikwik Cash Deposit Center
- Your deposited cash to Mobikwik Cash Deposit Center will be deposited in your Mobikwik wallet and then you can transfer it in your bank account.
Note- This service is available in Jaipur, Mumbai and Surat only.
Method 2. How to credit Rs 500 and Rs 1000 notes to bank a/c
You can credit Rs 500 and Rs 1000 notes to bank account from the bank in which your account is there.
Just go to the bank with Adhaar Card and other documents to credit the money in your bank account.
How to Exchange old Rs 500 and Rs 1000 notes to new Rs2000 and Rs500 notes
You can also exchange the old Rs 500 and Rs 1000 notes to new Rs 2000 and Rs 500 notes from the bank. You can exchange the notes till 31st December 2016. You can just exchange 4000rs per day. You just have to take the Adhaar Card and old notes to exchange notes.
It’s the idea of PM Modi. It will be very successful. But because of ban of Rs 500 and Rs 1000 notes there will be decline of points of Indian Economy but the introduction of Rs 2000 notes and new Rs 500 notes , decline in black money will help in increasing the economy at a very fast rate after few months. I advice you to support it.