Updated By: LatestGKGS Desk
Impact of 500 and 1000 note black money ban on Economy growth
Impact of 500 and 1000 note ban on economy, rural sector
After the ban of Rs.500 and Rs.1000 note, mixed reactions are found from the people some are liking the decision and some are against it.
The ban of Rs.500 and Rs.1000 denomination note would impact different sectors of the society.
The black money hoarders would be in a big trouble as they have only two options either to declare their money and pay the tax as well as income or burn the hoarded file.
It would be a great impact to fake notes as till now militants operating against India were using fake notes of Rs.500 at the current exchange rates
Therefore, withdrawing the entire series of notes from the country and introducing the new ones would vanish the fake notes completely.
This 500 and 1000 note ban would impact the domestic or household sector as the small business man like grocery shops, maids etc. would not be able to stand in long queues to exchange the money.
