Tuesday, 8 November 2016

Rupee notes of 500 and 1000 values are not legal tender anymore

In a drastic move, the Prime Minister had said in his address to the nation has said that the 500 Rupee notes and 1000 Rupee notes are just pieces of paper. For next two days banks and ATMs will remain closed. After that persons with accounts can deposit their notes declaring where they got it from. But most small businesses in in India depend on just cash currency. They do not go through banks and electronic transactions.
And the really poor persons do not have bank accounts, where will they go.
People will certainly become uneasy over these moves. From now on people will use silver coins as currency and store their wealth in gold. And this "storage mode" will stop businesses from functioning as cash is frozen.  

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