The government took care of the sector that could have gotten hit by this short time hit, as the notes of Rs. 500 and Rs. 1000 can be accepted in the public sectors like, the Petrol Pumps, Hospital bills, and transport expenditure till November 11th 2016. Although no relaxation to the real estate sector has been provided, but it can be hurt the worst as most of the transaction are done in this sector in bundles of notes.
Rs. 14 lakh crore or $217 billion, 15.7 billion notes of Rs 500 and 6.3 billion notes of Rs 1,000 in circulation in India. About 22 billion of notes of the nation are been damped in to the blackhole where they are of no use.
Notably, the cheaper notes that cost less to the government to make per piece are made illegal whereas the costly one’s are still in use, for example, the 1000 note it required only 0.32 per cent of its face value to produce but a Rs 100 note requires 1.8 per cent of its face value. A Rs 50 note 3.6 per cent and a Rs 10 note 9.6 per cent to print.
Banks will be open on Sunday and Saturday; says government
Cash deposit above 2.5 lakhs will be penalized,if found any discrepancies !
Money withdrawal fastens as 500 and 1000 rupee note gets Discarded
