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9 Steps of PM Modi’s Black Money Surgical Strike | Rs 500 & 1000 to be illegal Now

9 Steps of PM Modi’s Black Money Surgical Strike

Narendra Modi drops the bomb on black money after Diwali!!! Please have a look… the Biggest Step taken by the government for removal of black money from country. On this page we have provided 9 Steps of PM Modi’s Black Money Surgical Strike, so all the peoples are advised to scroll down the page and read it carefully.  Do you know? Prime Minister Narendra Modi’s has recently announced to scrap the existing denominations of Rs 500 and Rs 1,000 notes to be illegal now. Now new currency issued by the order of Narendra Modi as given in this image.

9 Steps of PM Modi's Black Money Surgical Strike

9 Steps of PM Modi’s Black Money Surgical Strike

We the team members of provide latest updates regarding Prime Minister Narendra Modi’s Black Money Surgical Strike on this web page.

How Supreme Court Monitored On Black Money?

A special cabinet meeting constituted by Supreme Court-Monitored Special Investigation Team (SIT) to implement the initiative given by the Narendra Modi to expose on Black Money.

9 Steps of PM Modi's Black Money Surgical Strike

Revenue Secretary Hasmukh Adhia has said “It is like a surgical strike on black money,” Transactions will be done continuously through debit and credit cards, cheques and demand drafts as usual. Yes, Government hospitals will be accepted old ₹500 and ₹1,000 notes till 72 hours. In the same way, rail government bus ticket counters, airline as well as milk booths, petrol pumps, consumer cooperative societies, crematoriums and burial grounds, and foreign currency exchange facilities at airports will accept these notes for the next 72 hours.

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Newest Yojana launched- Jan Dhan Yojana

On August 28, 2014 Jan Dhan Yojana was followed by the launch of the Pradhan Mantri Jan Dhan Yojaya (PMJDY). Prime Minister Narendra Modi has made to make sure that the scheme was victorious. This scheme helps in the present as well as future conditions.

Do you know that Rs 500 and Rs 1000 currency quantity notes have been banned now; transactions from banks will obtain importance. The opening of accounts will help the rural villagers in the remote areas.

People would face many problems where the bank accounts not been opened. But in today’s circumstances, at least for those who have bank accounts. Till date, 25.45 crore accounts have been opened so far and Rs 45,302.48 crore has been deposited in these accounts.

  • In the public sector banks a total of 20.28 crore accounts have been opened where as 11.39 crore accounts in the rural areas while 8.90 accounts in the urban areas.
  • In the Regional Rural Banks a total of 4.30 crore accounts have been opened – 3.70 crore in the rural areas and 0.60 crore in the urban areas.
  • Private Banks, a total of 0.86 crore banks have been opened – 0.53 crore in the rural areas and 0.34 crore accounts in the urban areas.

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Procedure to Exchange Old Currency (Rs. 500 and 1000)

  • Candidates who want to replace the old currency with the new one, have to approach nearest post office or Bank from 10th Nov. to 30th Dec. 2016
  • Peoples must have carried a valid ID proof with them such as PAN card/ voter ID/ Passport size photograph/ adhaar card and other important document.
  • People, who couldn’t exchange their old currency due to some official reasons or any other, till 30th Dec. 2016, can exchange their old currency by Reserve Bank of India (RBI) by providing a declaration.
  • Old currency notes should be exchanged in banks /head post offices/ sub-post office within 30th Dec. 2016,
  • This extension is also valid till 31st Mar. 2017.

Remember This: Only Rs. 4000 can be exchanged per day by a person

9 Steps of PM Modi's Black Money Surgical Strike

New Automatic Information Exchange Agreements to expose Tax Havens:

Ravi Shankar Prasad, the Union Minister takes a bold decision which should be agreed by all. “We should join hands to check the menace of black money.

Prime Minister Narendra Modi Government discusses an Automatic Information Exchange Agreement with Switzerland. To require Capital Gains Tax, government of India has renegotiated Double Tax Avoidance Agreement (DTAA) with Mauritius. Various other agreements are also being discussed by the government of India with other tax havens.

From 2017, Organization of OECD countries have agreed to share information on foreign account holders with their home countries, OECD means Organization of Economic Cooperation and Development.

Foreign money disclosed by the Imposition of Tax Act, 2015:

  • The government of India has launched this scheme to bring back black money hided in foreign countries as well as tax havens. The scheme ended on 30 September, 2015.
  • ‘Peoples have only 50 days that is 10th Nov. 2016 to 30th Dec. 2016 to deposit notes of Rs. 500 and Rs. 1000 in any bank or post office. Respite for people for the initial 72 hours.
  • People can deposit from 10th Nov. to 30th Dec.2016 in banks and post offices
  • The government hospitals will be accepted old Rs. 500 and Rs. 1000 notes till 11th Nov. 2016 midnight. Prime Minister Narendra Modi said notes of Rs. 2000 and Rs. 500 will be circulated soon.

9 Steps of PM Modi's Black Money Surgical Strike

 Check- Income Disclosure Scheme, 2016

On June 1,The IDS scheme have opened, gave a chance to black money holders to come clean by declaring the assets till 30th Sept. 2016 but they have to pay a tax and penalty of 45 per cent on it.

We feel proud of Prime Minister Narendra Modi ji’s surgical strike against black money and corruption. Now Rs 500 and Rs 1000 rupee note will not be accepted, it will help in eliminating corruption.

On behalf of our web- portal, I praise to the Prime minister and Central government for taking tough but timely and path-flouting actions.

Narendra Modi, Government of India wanted to capture the entire parallel economy flowing in the system of Rs 7 lakh crore in India. The government was upset with the production of Income Disclosure Scheme scheme.

Penalty will be charged on Real Estate Transactions in case of Cash exceeding Rs 20,000

Prime Minister Narendra Modi noted that the economy will be rises by 30 per cent between the years 2011 to 2016. Due to this the currency notes in circulation rises by 40 per cent. To compare, the circulation of ₹500 currency notes it is much rises by 76 per cent and ₹1,000 notes by 109 per cent.

Withdrawals from bank accounts will be limited to Rs. 10,000 a day and Rs. 20,000 a week.

Prime Minimster Narendra Modi has compelled a fine of twenty per cent on all the money in cash more than Rs 20,000 to purchase as well as sell a property. The aim of this decision is to collect black money in real estate operations.

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Tax will be charged on Cash Sales exceeding Rs 2 lakhs:

  • This is the important step taken by the government to ensure high value cash transactions and create an inspection trail was to impose the total of tax collection at a nominal rate of 1 per cent on cash purchases.
  • Notes of ₹500 and ₹1,000 not valid from midnight November 8, 2016,” said Modi in a late-evening address to the nation, evoking strong reactions from the man on the street to his political opponents

Do you know? Benami Transaction Prohibition Amendment Bill

In the month of August, the Parliament has approved the important transaction that is Benami Transactions (Prohibition) Amendment Act, 2016 (BTP Amendment Act). It came into existence from 1st Nov. 2016.

This notification recently published by the Income Tax department, stated that by it comes after the BTP Benami Transactions (Prohibition) Amendment Act, the existing Benami Transactions (Prohibition) Act, 1988 as it will renamed as Prohibition of Benami Property Transactions Act, 1988 (PBPT Act).

Finally this will help in eradication of poverty from India:

9 Steps of PM Modi's Black Money Surgical Strike

Prime Minister Narendra said “Black money and corruption are the biggest obstacles in eradicating poverty,” in an address to the nation after a Cabinet meeting. Narendra Modi also linked the decision to the fight against terrorism as well as corruption. The Governor of Reserve Bank of India said that despite the high number of fake currency, the security features of the currency have not been violated and he also said that the Reserve Bank of India has ramped up production of the new series of notes.

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