Government’s surgical strike against black money

By | November 8, 2016
Summary of the important announcement :
1. Black money issue,  500 rupees and 1000 rupees banned from Midnight.
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2. ATM’s wouldn’t wouldn’t work on 9th and 10th November. Rather the withdrawal limit is Rs.  2000 only.
3. All Residents have option till 30th December 2016, to deposit their existing cash balance of 500 and 1000 rupees in their bank accounts.
4. ATM withdrawal is limited post 11th Nov to 10000 per day, but initial few days it would be 2000 Rs.  Only.
5. Emergency periods like hospitals and chemist,  train ticket booking and airline ticket booking,  petrol pumps may accept the old notes to 11th November.
6. No changes in online,  card, cheque or any other plastic money transactions.
7. 9th November,  banks wouldn’t be available for public banking services.
8. New notes of 500 rupees and 2000 rupees would bring in circulation, mostly from 31st March 2017.
9. This one is not clear,  but old notes can be exchanged with rbi till 31st March 2017. I guess post 30th December.

 

6 thoughts on “Government’s surgical strike against black money

  1. adil wadia

    the hardest hit will be HDFC and financial institutions with lending to the real estate developers. real estate developers are already battered on stock prices. Banks and HDFC have not reported these borrowers as NPA because the current book value of collateral is high covering the loans as security. The current book values of the collateral with the banks and financial institutions are going to take a mark to market hit triggering NPA and loan recalls. Expect violent moves in these stocks…

  2. Pradip

    It’s right decision….but how market reacts tomorrow..???

  3. Ravikumar S

    To wipe out black money and bribe we need some harsh steps to be taken. I hope it will reflect in our market

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