Indian prime Minister Narendra Modi has taken a bold step to counter black money and duplicate currency note in India. He announced, “No 500-1000 rupee notes will be counted as a legal tender in India from 9th November, 2016.”
Some key notes: –
You can use Rs. 500-1000 rupee notes at petrol pumps or can exchange them in the nearest bank or post office till 31st December 2016.
Rs. 500 and Rs.1000 notes will not be considered as a legal currency to pay in exchange for services or products.
You can cash out up to Rs.2000 per day from ATMs.
Government will launch new Rs.500 and Rs.200 notes till 31st March, 2017.
Benefits of the decision
Strong punch against black money. Now, black money holders will dig out their non-announced money for exchange.
It will destroy the duplicate currency making industry.
Also, Illegal funding, Hawala, and extortion industry will reach to the lowest peak.
His decision has shocked the nation. It looks difficult for RBI, neither available Rs.100 and Rs.50 notes can meet the country’s need now it is easy to produce new Rs.50 or Rs.100 notes. So, definitely it will create issues in daily life. There are lots of questions in common people’s mind like how to pay electricity bills, how to pay auto, cab bills, how to buy food items, how to do shopping etc.
Definitely, this will affect common people’s life. But, it is not very difficult to deal with this issue. Below are the best possible ways to manage your daily life smoothly without getting affected: –
Avoid ATM cash, use Plastic Money to pay electricity, taxes, installments, rent etc bills
In India, there are 40 crore people using internet daily. Out of these 40 crore people, only 20% people use internet services for paying bills online. Believe me, it is simple, safe, and secure. Use plastic money and pay money online via net banking, debit card, or mobile applications like Freecharge, Paytm. Online wallets are best options because they offer catchy discounts and offers on every transactions. Alos, you can purchase movie tickets online. So, go for plastic money instead wasting time in a queue outside ATM.
The rest who are not aware of the internet or not using the internet regularly should connect to the technology for dealing with the problem. Ask your bank service provider to upgrade your internet banking services and learn how to use it. You will not need big cash in your pockets to deal with this problem. Also, if regular internet users will use online systems and gateways then rest People will not face drastic situations like low or limited cash.
Prefer online shopping, pay via debit/credit card for offline shopping
If you have questions regarding shopping like cloth purchasing, shoes purchasing then online shopping is the best alternative. Do online payment instead selecting cash on delivery system. It will help you to lower your cash stress.
Also, if you are referring offline shopping then you have an alternative available to deal with cash system. Use your credit/debit card and pay at any store/mall. Almost, every store offer credit/debit transaction services.
Also, you will find banners outside local shops that will shout “Online wallet payment is available at our store” in few days.
Use mobile applications to hire taxi or Rikshaw
Mobile applications like Uber, OLA etc offers online booking facilities.You will find various payment media like cash, online wallet, or net banking etc. Go for net banking or mobile applications. It will help you to manage cash in the pockets without seeking for ATM services to withdraw more money.
Ask employers to pay salary in the bank account
If you are the one who is receiving direct cash salary then you should demand your employer to pay salary in the bank account. Otherwise, you will need to take 500-1000 rupee notes from the employer and need to visit the nearest post office with ID proof to get valid legal tenders.
People who are working on daily wages should connect to technology. Go to your nearest bank account, learn the complete procedure, use online wallet, ask people/contractor/employers to transfer money in the account. This is a must necessary thing to deal with the current circumstance till 31st March, 2017.
For local shoppers/dealers/employers
Create Accounts On Online Wallets
If you are a local shop owner, dealer, or a contractor then you cannot keep a credit/debit card machine with yourself. But, you can create accounts on online wallets like Oxigen, Paytm, PayPal, InstaMojo and other application to receive money for sold products or goods.
It is very necessary because no one will have enough Rs.100 or Rs.50 notes in hands. To maintain your sales and compete online industry, you will need to update your system. Otherwise, people will prefer online stores or big malls for purchasing items above Rs.100 or more.
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