A systematic approach followed by the government: The Demonetization scheme of scrapping the notes of 500 and 1000 was not all sudden. There was complete strategical planning behind this bold step of the government. Although common people couldn’t find that but if someone observed the scenario closely, he or she must get the idea of this technical step. Steps followed by the government are mentioned below:
- Opened bank account for all under the scheme “Jan Dhan Yojana”.
- Mandatorily linked the bank accounts with the Aadhar cards.
- Treaty from other countries to share real-time information.
- Launched “Income Disclosure Scheme” for self-declaration of undisclosed money.
- Linked bank servers with the Income tax departments to track the non-pan cash transactions.
- Extension of Income Disclosure Scheme.
- Lastly, ban on 500 and 1000rs notes.
step some years back.
Don’t worry; your hard money is safe: how?
There is nothing to get panic about the good and real money earned by honesty. A premium has been given to the honest people. There is no bar on depositing 2,50,000 in a persons’ bank account in the given time frame of 50 days. The window is open till 30th December to exchange or deposit old banned notes.
Manage yourself for one week and get your exchange from any bank or post office to complete the tasks of routine work. This is how you can get the exchange of your money and save your hard money.
Table: Showing Complete procedure for changing currency till 30th December
Possible success rate of this scheme:
Initially, the scheme has fifty days window to exchange your old notes or deposit your saved currency, and there is hardly any vision to expand this more. After the declaration of the demonetization scheme, there is only two options for general people have left, either to change money or let it waste. The possible success rate is quite high due to limited choices. Till now, 3 lac crores has been deposited in the bank accounts and also, squeezing rate of old money is also high.
Keep patience and support this innovative action to improve the economy of the country.
