In a move to curb down on black money modi govermment pulls out Rs 500 & Rs 1000 currency notes from circulation, effective mid night of Nov 08,2016. After this decision of Modi’s govt. Peoples who have huge cash money, they are in worry that how they can handle these available cash. This decision will become helpful for poor and middle class people who wants start their business in future. So here we present some Idea where you can manage your huge cash in genuine way.
By this action taken by modi govt all black money holders are getting worry to use their money but this action may be helpful for poor and middle class people of India. There are some loopholes exists, which we discuss later in this article. Many media news saying that new currency coming with NGC (Neno GPS chip ) which can detect by satelite even the currency are puts below the ground up to 120 meter. It will helpful for goverment to detect black money holders in future. But some of experts are saying that this techniqe is not physible in India at present time. You can read experts view from here.
Here not to worry for middle class peoples who have some currency of Rs 500 & Rs 1000. because here are some ways to optimize or convert their money and overcome this situation.
- Accepted in hospitals, drug stores and also accepted at fuelling stations till 12th Novemeber 2016 .
- Can depostis old notes in bank OR post office by 31st Decemebr 2016.
- You can exchange in cash up to Rs 4000/- from any bank / post office of India by producing valid ID proof till 24 Nov 2016.
- You can exchange in cash up to Rs 10000/- from any bank / post office of India by producing valid ID proof till 31 Nov 2016.
- After 31st December we can exchange from RBI offices by producing legal document till 31st of March 2017 .
Beside these official ways few more ways to utilize old currency like a Indian jugad where you can manage your huge cash in easy way without lossing your money. Because every decision have some pros and cons. hence we can optimize availabe huge cash money in our ways that called Indian Jugad where we can invest or use our available huge cash other than banks. Here are some ways by which we can take benefits from drawbacks.
1. By Deposit in Family members account :
As limits on deposits in banks by individual we can deposit huge cash in our family members and friends account by giving them some share of that money.
2. By Purchase of fuel :
Till 12th of novemebr we can use our money by purchasing fuel in large amount from fueling station and sell them later.
3. By Showing income as Agricultrul income :
We can showour income by making fake bills in previous date of our Agricultural crops from local dealers of Dhan Mandi (Grain Market).
4. By showing sell of personal belongings like Jewellery :
Go to known jewellers and ask them to make fake bills of your Jewellery or Gold in back date.
5. By Manage Real estate Property :
By showing sell or purchase of our real state property in back date.
In this way people can utilize or use their money in to white money by using these jugads or We can say benifites of loopholes in current currency system. Also these ideas will be benificial to handle huge cash after discontinued of Rs 500 & Rs 1000 currency notes by Modi Government to overcome black money and to help poor and middle class peoples.
Disclaimer: The views expressed here are solely those of the author in his private capacity and do not in any way represent the views of the Techsarjan team OR G Technologies.