Skip to main content

Posts

Showing posts from November, 2016

India Takes Down Fake Currency

Prime Minister of India's address to the nation on 8th Nov'16 at 20:00 hrs came as a rude shock to many when in his address he made a revelation to the entire nation that the existing highest currency denominations in India which is INR 500 and INR 1000 would no longer be a legal tender starting midnight. What that implied was that these notes could no longer be used for any financial transaction and would have to be exchanged from the banks or post offices with the new currency notes of equal value. In four hours these major currency bills would become valueless. This was huge and nobody had a clue. While he did clarify his action as another step in the fight against black money menace that had been impacting the country's economy adversely.

   PM's address to the nation 8th June'16 BackgroundIf we step back a little. This huge announcement only came a month after the amnesty scheme called IDS 2016 (Income Declaration Scheme) ended on 30th Sep'16. This was anoth…