While everything about banks (long queues to slow service, to empty ATMs) is being talked about, post the demonetization of Rs. 500 and Rs. 1000 notes, they are one of the most important institutions of our country.
They carry the earnings of hardship, our jewel of happiness and our promise of the future.
The government of India has taken a bold step by announcing the demonetization of big denomination currencies in a courageous bid to curb black money in the country. Prime Minister Narendra Modi made announcement on 8th November, 2016 at around 8:15 pm IST, declaring 500/1000 invalid from the midnight of the day. Although, short term inconvenience is being seen for the common people with long queues, to exchange now defunct notes and get the new ones, its long-term results could be very progressive. It has given jitters to people stocking up black money for years through illegal ways.The change would lead to an economy learning to work less on cash payments and move towards cashless payments. It shall also make irresponsible citizens learn the importance of paying taxes on their income. It would reduce real estate prices, help curbing the corruption and make the economy clean of black money.
One thing is clear; our financial system cannot run without banks. They are the fuel to keep economy running swiftly on its wheels. Next one month is expected to be a challenging for the banking sector and the economy. Things would take some time to settle but shall prove to be beneficial in many years to come. In these days, if you have any doubt and confusion in understating the demonetisation process,reachout to BankingComplaint.com and receive guidance on next steps from the industry experts. For those who wish not to disclose their financial issues with others, the portal provides the facility to ask the queries in private from the industry experts.
Our expert will try their best to guide you how you can transact during this period without getting in trouble in near future.
