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How Will Currency Change Give You Better Life?

The Indian government has taken the decision to demonetize the high-value currency notes and from 9th November 2016, banknotes of Rs. 500 and 1000 are banned from using any cash transaction. You can use them for the limited period of time in the transaction with government authorized offices, government hospitals, pharmacies, dairies etc. 

It's the better decision than punishing the corrupt people who have hoard the black money. From last few years, the incidence of fake currency in the Indian economy in higher denomination notes has increased. For the normal person and even for illiterate, the fake currency notes look similar to the genuine notes. Some antisocial elements try to use these notes for the anti-national and illegal activities like terrorism, Naxalism etc. that may affect the entire society.

As India is a cash-based economy, the circulation of fake Indian currency notes continues to be a menace. It's also possible that the black money in the form of these notes will hamper our economic growth. So after proper planning this decision has taken by the Indian government to demonetize the old banknotes for any purpose.

What is the actual scheme?

The legal tender character of the existing banknotes in the denominations of Rs. 500 & 1000 issued by the Reserve Bank of India (RBI) until midnight of November 8, 2016, stands withdrawn. In consequence thereof, these old banknotes can't be used for transacting business and store of value for future usage. The government has said to exchange them or to deposit in respective banks and post offices for the same value of Indian currency.

Due to high traffic, the limit has been set primarily to exchange so as to avail this facility by every people. Only Rs. 4000 can be exchanged in respective banks or the post offices. Due to lack of supply of banknotes sometimes you may have to be patient because it's necessary to take this decision in order to punish all black money hoarders. Hon. PM of India, Mr. Narendra Modi has said that it may be dreadful for most of the people, but the span of 50 days has been given for this purpose till December 30, 2016.

This may lead to suffering the normal person living in India, but if you want to make our nation clean then you have to bear this for the great cause behind. There is a problem that the normal person makes the transaction through the cash and hence he has been affected the most, but all the government channels working on the surgical level to provide with normal circulation of currency again. You can use wire transfer, IMPS, NEFT, RTGS etc. for your transactions. Use Net-banking, mobile transfer, UPI for the cashless transactions.

Important: 

Please go to any bank or post office to exchange your old banknotes but do not mess with any person working there as they all are working for your help, so please cooperate them. If you have any problem regarding this process contact respective authorities concerned by the government or call the police for your help.

Please carry the print out with valid details of the following form when you will go to the bank or post office. It may be needed for you for the exchange of notes.




It has been not completed yet. When you will exchange or withdraw cash from the banks/ post offices or from ATMs it will be original, but it will circulate in normal use then you must aware of its original identity. I have posted the images of new currency notes of Rs. 500 & 2000 and these images have provided with some extra information about the new high denomination notes. Please refer them (thanks to RBI) and if you have any problem then immediately contact the government authorities or mail at publicquery@rbi.org.in

Samples of new high denomination bank notes:

1) Rs. 500/- ( Rupees Five Hundred Only)




2) Rs. 2000/- (Rupees Two Thousand only)







Check all details thoroughly otherwise contact RBI


[ Disclaimer: The author has tried the best to provide all information correctly but in case the information differ from valid source, we are not responsible and you won't be able to file any infringement case against us]
(Image courtesy and details: RBI (Reserve Bank Of India)
Last Update: November 12, 2016



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