disadvantages of banning Rs 500 and Rs 1000

Top 10 disadvantages of banning Rs 500 and Rs 1000 notes

Honourable Prime Minister Sri Narendra Modi has banned all existing Rs 1000 and Rs 500 notes with an intention of removing the root of black money in India. Majority of the nation is happy with this move and the middle class (Majority of Population) will vote for Narendra Modi for the next 100 years. We compiled a list of top 10 disadvantages of banning Rs 500 and Rs 1000 notes.

You come back home with tons of change if you need cash

You can only withdraw Rs 20,000/- currency per week

Have to stand in queues for hours together to exchange your existing notes

Businesses suffer since they do not have liquid cash to make critical transactions

Existing business transaction will be halted due to this sudden development

Increase in distributing of Rs 1000 and Rs 500 fake notes

New opportunity for brokers to make some money by exchanging currency

Good opportunity for politicians to convert their black money to white by giving loans to innocent villagers

Rs 2000/- notes will make it easy for people to store it, thereby in future more black money can be stored safely

Tax payers’ existing money is being used to print new money.

Definitely this is a good movement but there are cons too. These points are based out of my experience. This article is not written to criticize the exiting government or the new move by PM.

Top 10 disadvantages of banning Rs 500 and Rs 1000 notes
1 Comment

1 Comment

  1. Abhishek Tanwar

    November 14, 2016 at 4:25 pm

    These are not the disadvantages at all but the pain and sacrifice. And good things never happen without these two.
    And have some guts to be on one side, either criticise it or support it. Don’t say that there is no intention to criticise something after writing a brief criticising article.

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