You need money in a hurry. You rush to the ATM to withdraw money and fill your wallet. This is when you get a nasty shock….there is a long queue in front of the ATM. It’s going to take you a couple of hours, to withdraw money. You have a few 500 and 1,000 rupee notes lying at home, which you want to exchange at the bank. Unfortunately the queue at the bank branch is equally long. The Prime Minister Narendra Modi, scrapped 500 and 1,000 rupee notes, effective midnight November 8th 2016.
Banks were shut the next day. ATM’s were shut for a couple of days. On Friday, people rushed to the ATM’s, only to find many of them shut. Several ATM’s had run out of cash. Worse….limits were imposed on how much money, you could withdraw at bank branches.
Yes….the Government is doing its best, to make sure you don’t suffer, when you need money. Just sit back and relax. Worried about how to handle money? Just leave a missed call on IndianMoney.com financial education helpline 02261816111 or just post a request on IndianMoney.com website. IndianMoney.com offers Free, Unbiased and on-call financial advice on Insurance, Mutual Funds, Real Estate, Loans, Bank Accounts and capital markets.
Mr. C S Sudheer is the founder and CEO of IndianMoney.com – India’s largest Financial Education Company. He started his career with ICICI Prudential Life Insurance and later on worked with Howden India. After his brief stint in Howden India, he moved on and incorporated Suvision Holdings Pvt Ltd which is the sole promoter of IndianMoney.com. He aims to build a nation that is financially literate with investment savvy citizens.
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