Second Amendment To License And Rental Agreement: Fill & Download for Free

The following are a few promising fields that have opened up for CAs. Please remember that the CA qualification can be compared to an MBBS qualification and further specialisation is required akin to an MD specialisation to exploit the opportunities.GST Audit and Tax advisory services : Many entitities have to file their annual returns under GST with reconciliation as of 31st December of every year. Audit report either of a CA or CMA is required. This is one of the nascent areas recently opened up for practise along with GST advisory services.Valuation of Financial Assets : Valuation of Financial Instruments under IND AS and other valuations as required under the Companies Act 20123 requiring a valuers certificate. Practicing CAs are eligible subject to eligibility conditions as prescribed by Central GovernmentInsolvency Professional : A Chartered Accountant,who has enrolled as a member of ICAI and has ten years of experience [Regulation 5(c)(iv) of the IBBI (Insolvency Professionals) Regulations, 2016], Successfully completed the National Insolvency Programme, as may be approved by the IBBI [Regulation 5(c)(i) of the IBBI (Insolvency Professionals) Regulations, 2016], or Successfully completed the Graduate Insolvency Programme, as may approved by the IBBI [Regulation 5(c)(ii) of the IBBI (Insolvency Professionals) Regulations, 2016].And Has passed the Limited Insolvency Examination within twelve months before the date of his application for enrolment with the insolvency professional agency [Regulation 5(a) of the IBBI (Insolvency Professionals) Regulations, 2016].And Has completed a pre-registration educational course, as may be prescribed by the IBBI, from an IPA after his enrolment as professional member. [Regulation 5(b) of the IBBI (Insolvency Professionals) Regulations, 2016].IT (Laws) and Compliance: Information technology has changed the way the world works. Things that used to take days are now completed within hours and minutes. A single person can now run an entire business thanks to IT. Information Technology is a technical domain that runs parallel to all modern industries and helps in making them more efficient. IT laws and regulations, and compliances under these laws have become extremely important especially under increased cyber threats and information distribution concerns. There are also areas like e-waste regulations and compliances regarding the same. Why do you need to know about it? IT has updated the entire process. Gone are the days when CAs were thought of in the same vein as a “munshi”. Today's CAs have access to an entire new world. CAs are now expected to recommend the best practices to management and reduce costs to aid savings while focusing on improving profits. They must also advice their clients on compliances under various information technology laws, such as data protection, having the right paperwork in place for online businesses and even policy issues at times. If you are looking to expand your expertise in a new area, then IT laws is definitely a great option. You can, for example, gain expertise in e-commerce & fintech regulations. You could also get a well-known certification in cyber law for increased credibility in this field. Also fields like Data analytics and Cyber security assurance are fields where a CA could thrive and use his logical and analytical skills.Labour and Employment laws compliance and advisory: All the laws regarding labour and employment come under the broad category of 'Employment Law'. It is responsible for protecting the rights of the labour force and with the help of amendments and judicial clarifications in the Industrial and labour laws, balance the interests of employers and employees. India is expected to rapidly reform its labour laws, and a lot has already been changing, to make India a competitive place to do business since its labour laws are often considered backdated and unfriendly to new age businesses. Still, India has hundreds of labour legislations that are complex to understand and follow. Labour laws enumerate the various rights and obligations of the employees and employers. It covers a range of issues from employment contracts, payment, procedures, settlement of dispute, statutory compliances, maternity benefits, leaves and holidays, workplace injury and compensation, gratuity and provident fund related issues, registrations and maintenance of various statutory registers and such other aspects. Why do you need to know about it? CAs are often expected by clients to take care of all the compliances. Clients automatically come to CAs for employment related compliances as well. There are definitely specialized firms that handle only employment law compliances. However, most SMEs and traditional business folks find it more comfortable to deal with their existing CA rather than roping in a new services provider. As a CA, with the necessary knowledge about labour laws and procedure, you can create an additional area of practice and revenue stream by taking care of these compliances and even advising clients on the same. Some of the areas to explore here are: Policy drafting - Various workplace policies such as whistle blower policy, conflict of interest policy, CSR policy, anti-sexual harassment policy etc. - you can make a suite of policies and provide the same to your clients with customization as required. Labour law audit - offer a labour law audit to your clients. Most of them are stuck at various degrees of non-compliance and have no idea Offer registration services - there are many registrations required under labour laws for both manufacturing and white-collar offices. Most of the time SMEs have no idea about these and big companies are happy to outsource what they consider to be drudge work. Maintaining various records, registers and displays - India has a plethora of labour laws under which many records, registers and displays are supposed to be maintained. You can help your clients to become compliant with these laws.Contract Management and Advisory: Commercial contracts include joint venture agreements, terms and conditions for services, vendor agreements, purchase and supply agreements, service level agreements, franchise agreements, shareholders' agreements and lease and rental agreements amongst others. Many business agreements are quite simple and does not require massive amount of legal knowledge to either draft or negotiate. A smart person, with minimal experience, can easily work with a good template and churn out a decent business contract in a large majority of business situations. While one could go to a law firm for expensive contract drafting services, which is often justified when stakes are high, for day-to-day matters simple standard form templates do just fine.Bigger accounting firms usually collaborate with legal teams to make templates for all the necessary contracts a company might need, from employment and founder agreements to vendor agreements. These need to be updated regularly keeping the latest laws and changing business scenarios in mind. Chartered Accountants are asked to advise on contractual matters once in a while because of their vast knowledge of compliances and regulations, but primarily because not every contract is worth hiring lawyers. To improve skills on contract drafting and even negotiation, one has to undergo a contract drafting and negotiation course or have an LLB degree as an added qualification. Clients often look at their CA as a friend, philosopher and guide. If you are able to advice clients on their contracts, or explain to them about the merits or demerits of a clause, it will only increase your value as a trusted business advisor.Government Procurement and Tendering :Organisations, institutes and governments send out formal structured invitations called ‘Request for Tender’ to prospective suppliers or publish in the newspapers or designated notice boards to submit a bid to supply particular products and/or services. There is an elaborate bidding process. Government being a big spender, clients can make a lot of money from a tender if they get it. However, the complexity of this bureaucratic process requires them often to get some expert help. As a CA you can be very useful to any supplier looking to secure a government contract. You already have much of the prerequisite knowledge regarding compliances, conditions and regulations to help in this process. However, a specific knowledge regarding how government contracting works, laws, regulations and important judgment related to tender and bidding process is necessary. The Government has come out with a lot of strategies to help SMEs especially to ensure that they get a good part of the government contracts available. Many tenders are reserved for SMEs and small companies. These SMEs, many of which may already be your client, may not have gotten started with government contracts. As a CA, you can open that door for them, guide them and as a result, help them to grow. You can learn more about managing government tenders from our certificate course on Government contracts, tender management and regulations. A lot of businesses can do better only if they have a more knowledgeable person guiding them through the process. As bigger consulting firms hardly ever consult smaller businesses, you can fill the void and manage the tender applications for these smaller suppliers.Due diligence: Due diligence refers to a comprehensive set of steps taken by a prospective buyer to appraise and get an accurate understanding of the assets, liabilities and commercial potential of the deemed product. Due diligence is very important as it enables you to understand and fully grasp the positive as well as negative outcomes of getting involved or investing in something. CAs have always been involved in financial and tax due diligence, which is part of every M&A, investment deal and any large finance round. However, CAs are not always comfortable with conducting a legal due diligence, nor is it appropriate for CAs to give legal opinion. However, with a lot of growth (and deals) coming from the startup market, there is a need of professionals who have a broader understanding of things and possibility of hiring multiple professionals is limited. Clients in this market prefer a professional who can look into all the sides. This gives CAs an opportunity to be more competitive if they understand the legal due diligence process apart from financial and tax due diligence.Chartered Accountants are very well aware of due diligence with years of experience starting right from articleship. If you want to succeed and advance in your career, you have to be very good with your due diligence. You need to be thorough and detail oriented. Every CA has had enough exposure to due diligence and yet you see some being better at it than others. Due diligence is a very hands on process and requires a lot of time and effort, but it also opens you up to bigger things since it is so obviously needed. A CA having additional knowledge on legal side due diligence can be very impressive.Intellectual Property :As IP is becoming increasingly important to a large number of businesses, in booming sectors like media, technology and pharma, the CAs who work with them are increasingly facing IP related issues. The work varies from valuation of intellectual property to licensing and assignment deals. Building and enforcing internal standards for managing IP portfolio is also a major area of work where CAs have natural proclivities and these fit nicely into existing responsibilities. CAs can benefit a lot by learning more about IP laws, regulations, IP contracts and best practices in the market related to IP. CAs can now file trademark and copyright .Corporate Governance :Corporate Governance refers to the system of rules, regulations and practices by which a company is directed and controlled. It basically involves balancing the interests of the company, its' investors, the shareholders, the workers, the suppliers, the vendors, government and the community. Good, stable and a well thought out corporate governance system is responsible for the smooth operation of any company. It identifies the rights and responsibilities among all of it's' participants. In fact, listed companies which are known to have amazing corporate governance receives a premium in the marketplace as investors consider the risk of investing in such companies to be much lower. Especially foreign investment flows mostly to only such companies, which makes every listed company very interested in corporate governance. CAs being the quintessential business advisors, can play a big role in corporate governance. In fact, many of the most prized independent directors, and even executive directors are well known CAs. Chartered Accountants need to apply fine principles of Corporate Governance when called upon. You have the potential to do a lot in this field. You can provide specialized guidance in designing the code of conduct, risk management framework and all the regulations associated with them. You can also work on things like whistleblowing policy and implementation, sexual harassment policy and implementation, conflict of interest policy etc. Managing finance of the company is another major area of work for CAs, but they can sometimes fall short on knowledge in certain specialized areas such as negotiation of term sheet for investment (for angel or VC investment), FDI or ECB regulations, or maybe corporate insolvency resolution. Corporate Governance is one of the more important tasks that come across an accountancy firm desk and it is not just plain corporate compliance. There is a strategic angle to corporate governance. So update your skills to match the demand.Special Economic Zone Laws :Special Economic Zones (SEZ), which are specially designated zones where export oriented units function under relatively easy laws and regulations have been attracting massive amount of Foreign Direct Investment and number of announced SEZs stand over 500 already. Out of these, according to the government, as of December 2017, 222 were operating. SEZ is serious business as most of export oriented manufacturing, services and trade is quickly shifting to various SEZs. Interestingly, SEZs have unique rules, regulations and compliances. This is an excellent area of practice to target.Corporate Social Responsibility : Corporate Social Responsibility refers to the role that corporations are expected to play in meeting the agenda of sustainable development by providing a balanced approach towards economic progress, social progress and environmental stewardship. Even though CSR in India tends to focus on what is done after the profits have been made, as per the Companies Act of 2013, India became the first country in the world to mandate and quantify CSR expenditure. It effectively requires certain big companies to give a minimum of two percent of its profit to charity.There has been a considerable increase in the CSR spending by companies. CAs are often called on to audit CSR projects, and even handle CSR committees that companies are required to set up. Shortlisting, approving and coordinating CSR projects also require qualified professionals with financial acumen. Concepts like “inclusive growth” and “responsible enterprise” are actually being used to bring about better corporate governance. You can make a positive change in the society by spearheading or advising on effective CSR projects.Foreign Direct Investment : Foreign Direct Investment refers to an investment or buying equity interest in a company by a foreign entity or investor or acquiring business assets of one country by an entity based out of another. FDI is a critical part of India's economic growth and is a major non-debt source of capital for India Inc. Foreign companies look forward to investing in India because of the lower cost of resources and wages as well as special investment privileges that the Government of India offers. Many accounting firms as well as independent accountants have already jumped on this bandwagon over the last 2 decades as FDI juggernaut has so far been unstoppable. FDI related work usually pays very well. If you have the knowledge about the regulations, compliances, documentation, usual negotiation points and restrictions about FDI in different sectors,External Commercial Borrowings : External Commercial Borrowing basically refers to a loan availed by an Indian entity from a non-resident lender. These loans are mostly provided by foreign commercial banks or financial institutions. ECB is one of the prominent forms of foreign funding. The Indian Government has a very comprehensive policy regarding ECB that regulates the flow and puts the necessary restrictions, interest rate ceilings, maturity period, ceiling on total amount borrowed et cetera. ECBs provide the opportunity to borrow a significantly large amount of money with a possibly longer terms and lower interest rates. As a CA with a substantial knowledge of corporate law and the regulations surrounding ECB, you can help corporations raise ECBs from internationally recognised sources like banks, international markets, etc. These deals help secure a substantial cash reserve which can be used to help the company jump leagues ahead of the competition if used well. There is tons of work for CAs to do in this, including project viability reports, RBI compliances, general advisory and preparation of documents.Foreign Contribution Regulation Act : Non-profit organisations and NGOs are supported by funds received from foreign donors/initiatives/groups. Just like companies, NGOs and not-for-profit societies, trusts and foundations also need a CA. Especially in this area, a CA with precise knowledge of the regulations and conditions, as well as experience of dealing with the government is critical. This is a good and undervalued niche with good potentials wherever there are many NGOs. As a CA, one can help clients to register under the required government regulations and follow all the prerequisite conditions in case they would like to continue to receive foreign contributionFinancial and Technological laws (Fintech):he fintech market is relatively new to India. It started as small mobile payments initially and has since grown into a vibrant and diverse market. Fintech generally refers to companies that use technology to provide financial services. Fintech-specific laws have still not been placed in the country although RBI has certain regulations in place. SEBI has formed a panel to oversee fintech's impact on the market. From cryptocurrencies changing how banking is done around the world to creating new asset classes, blockchain technology making headlines every day, digital goods in games like Second Life becoming a billion dollar economy, fintech is probably the fastest growing sunrise industry today. Many professionals would love to get a piece of this pie except that they have no idea how to. As India doesn't have up-to-date fintech laws, it is in the perfect situation. This has made India the hotspot for the global fintech market. Every major and minor player is coming to India also because of its massive market which is extremely cash heavy. Currently there are no major restrictions or prohibitions to the fintech market although stricter norm are rumoured to be put in place soon. This gives every CA a unique opportunity as a man with the know-how. You can utilise the pre-existing knowledge of corporate laws, acquire fintech specific knowledge and make good money by helping out the burgeoning bandwagon of companies starting up in this space or looking to enter the Indian marketplace.Mergers and Acquisitions (M &A): ergers and acquisitions - the inorganic processes through which businesses attempt to achieve exponential growth, new market entries, vertical expansion and a lot more - have always been a special area of interest of lawyers, bankers and CAs. As the stakes involved are usually very high, this work pays extremely well. M&A has been a tough practice to break into where the big 5 have a stranglehold. However, in India the M&A industry is growing quite fast, with ever expanding and formalizing economy combined with the national push towards a digital India working its way with the startup culture. There is a lot more M&A work than ever. However, trained professionals are few. You have to understand that the startup boom of the last few years have created a new window of opportunity in the M&A market in India which never ever existed, and it seems that the window is growing bigger with the startup ecosystem maturing. There are fewer frivolous startups, but funding and acquiring activity is really frenetic. Apart from full acquisitions, acquihires are quite in vogue. As a CA, you are already likely to have quite a bit of knowledge on the subject matter. However, M&A are complicated processes that require a lot of legwork, and new practices are always evolving in this high speed high stakes market. Most of the big companies in the world, employ one of the Big Four alongside their legal firm to handle and oversee M&A. However, currently, a lot more than just fortune 500 companies have started to engage in M&A deals. In fact, M&A is quite hot right now in private companies' space, apart from mid-cap and small cap. Even SMEs are looking and M&A with technology companies leading the pack. Not all acquirers are comfortable with paying big firm fees. If you have a look at some of the most successful companies in the last decade, they have grown from small startups in somebody's basement to multinational conglomerates by always expanding. Even relatively smaller startups are always considering acquisitions and acquihires. As a CA, you have a clear opportunity to help yourself and your firm by learning as much as you can about M&A. Accountancy firms generate a lot of revenue through M&A.Import Export Laws : India's import and export processes are regulated under the Foreign Trade Act of 1992 and the EXIM (Export Import) Policy. These laws regulate both the processes while simultaneously categorising and classifying all the goods involved. As import-export dynamics dictate a significant part of the national finances, these laws are very judiciously implemented and enforced. Import-Export is one of the most profitable commercial avenues that exist in the world now. A lot of this money-making operation depends on the knowledge of the people that undertake them about trade barriers, taxation rules, customs regulations, et cetera. These laws are changed internationally on a regular basis depending on financial stability or diplomatic relationships. As a CA, if you are well-versed in import and export laws of the country and can make the effort to learn about others, you can find yourself a very good position as counsel to companies and organisations that are involved in this business.Startup Advisory : There is a lot of opportunity for this market to grow in coming years, and CAs who specialize in startup related work have a great demand in the market. At the lower end the work is very simple and competition is steep, but as one goes to the higher end of the market, work is sophisticated, competition is few and pay is good. Focusing solely on venture funded companies is probably a bad idea, though they can make excellent clients too. Those who are new in this area should start with sustainable but small startups working hard to claw their way up the value chain. Long term bets are likely to pay off better at this point of time in the startup market. Also, noticing new and important trends are important. At the moment, machine learning, blockchain and AR/VR are the major trends in the startup world. The next trend could be adaptive security architectures, or voice command solutions. There are many possibilities, but a startup advisor has to identify trends early so that they can be at the right place and the right time.Risk Management Professional ( CRO) : Organisations with a dynamic business environment require a professional with expertise to map the risks and lay out strategies to manage risk. A CA with a risk management certification gets an edge since he has the knowhow to better handle emerging situations and isolate risk factors and handle the outcomes in a better and planned manner

Many cities have regulations on rental agreements so that property owners cannot treat a house as if it were a hotel in a residential zone. Where I live the zoning regulation was not changed, but the city ordinance on rentals was amended by a special use provision to allow rentals of less than 30 days that had to be at least three night in length. This allowed short term rentals(STR’s)to be licensed anywhere in the city.The city went from no STR’s to over 1200 of them in about two years. We are a resort town with a lot of gated communities that have golf courses and rely on winter tourism for much of the revenue to those communities and some tax revenue to the city.The existence of STR’s became a very hot topic when party houses became notorious for loud, drunken weekends for months on end. We had two of these behind our house and one across the street for a long time. The fines for noise violations were on the order of $50 and they were almost impossible to levy since the police would not respond to many complaints and the city code enforcement officers were not working at 2:00 AM.After months of arguments, pleadings, testimony, and all the other things that lead to a city council decision, our council changed the special use provision to no longer allow STR’s in R1 and R2 zoning. Eighteen months after the changes went into effect, the licenses for about 200 STR’s would expire and not be renewed. There was a provision to allow STR’s to continue in R1 and R2 if the owner is present when rooms are rented for short term stays.The city also changed the noise violation rules and increased the fines to thousands of dollars for the first occurrence in a short term rental. One of the houses near me had a loud party one night and a code compliance officer showed up. They said they would go inside and stop the loud music. They did for about 15 minutes. The officer drove by the house about 30 minutes after his first stop and knocked on the door again. He had a police officer with him.This time he gave everyone in the party(eight people) a warning notice and a copy of the $5000 fine he would send to the property owner in Washington state the next morning. He told them if he came back for another noise complaint everyone in the house would get a $5000 fine and the owner would get a second fine for $10,000. They stopped laughing at the man one of them had said was not a real cop.The city lost about 200 licensees but gained over 100 in the other districts where STR’s are still legal. The net effect is that we have more than 1100 of these properties. The long term effect of the current pandemic remains to be seen. A number of properties are now on the market and prices are going up here. BTW, in the first year of the new penalties, the city levied almost $300,000 in noise fines for STR’s.There are a lot of municipal codes in play that affect how cities regulate short term rentals. Zoning is one and very important. But music, trash, parking violations, and having huge parties without a permit are also ways cities regulate these properties. Some cities have outlawed them completely via their zoning code.A number of lawsuits around the country have seen the courts uphold “the right of a city to establish residential zoning ordinances to protect residential areas from factors that compromise the residential character of a neighborhood, such as increased noise and traffic.” Court Upholds Denial of Short-Term RentalsThe California Supreme Court held that a Home Owner Association can restrict a home owner’s right to lease his or her property and levy fees for short term rental properties since STR’s cost the HOA more than full time residents in several ways. “Short-term renters use the common facilities more intensely; they take more staff time in giving directions and information and enforcing the rules; and they are less careful in using the common facilities because they are not concerned with the long-term consequences of abuse."The court also agreed with the HOA's defense that Watts' claims must be dismissed because of the doctrine of "unclean hands." Under it, if litigants have acted wrongly—and thus have come to court with "unclean hands"—their claim can be dismissed. Because of Watts' failure to pay fees, his unreasonable challenges to the HOA's rules and fees, and his aggressive behavior, the trial court found denial of his claim was proper. The appellate court affirmed that decision because Watts failed to challenge it in briefs submitted to the higher court.” California Court OKs Short-Term Rental Restrictions, Related Fees.

This is the boldest move by Modi government so far. Congress government could have never dared to do this.Before coming to the effects of the demonetizion, let me put some light where it all started.Jan Dhan Yojana:The first challenge for the government was to bring the mass to proper financial network. 70% of the population of India lives in rural and this is the most unorganized financial segment due to local money lender, low literacy and limited access to technology. Nearly 147.1 million accounts were created under the scheme and out of which more than 70% are active now. The share of zero-balance accounts has come down to 28.88% of the total accounts; the number was 58% in March 2015.More on JDYAadhaar card (Unique Identification Authority of India):This was the second building step. Though Voter ID, Driving License and PAN card were mostly used for verification, these weren’t self-sufficient and were lacking the modern digital touch. So an unique identification ID was the call of hour. On 7 January 2000, security analyst K. Subrahmanyam, submitted a report to Prime Minister Atal Bihari Vajpayee on improvement of national security by a unique identification ID for the citizens. After various alterations and suggestions, Aadhaar was the final output with biometric and demographic details of the citizens. In its database, it also has the retina scan, important bodymarks and other such details. Now more than 100 crore citizens have their own aadhaar in India. The detailed timeline can be found hereIn March, the Aadhaar-linked DigiLocker service was launched, using which Aadhaar-holders can scan and save their documents on the cloud and can share it with the government officials whenever required without any need to carry them.UPI (Unified Payment Interface):This is the most important step before the bold move. The future is based on cashless and electronics transactions. UPI is the single interface and unique ID for all the bank accounts which is linked to the 12-digit aadhaar no of the citizen. And both inbound (bank accounts etc.) and outbound (e-commerce etc.) applications can be developed using UPI. This will help in recording all the transactions and mitigating corruption.Why only 500 and 1000 rupee notes were banned?Most of the black money are saved in 500s and 1000s only. In this connection, it may be noted that while the total number of bank notes in circulation rose by 40% between 2011 and 2016, the increase in number of notes of Rs.500/- denomination was 76% and for Rs.1,000/- denomination was 109% during this period.More than 90% of the cash transactions are done by 500s and 1000s. Decommissioning of 500s and 1000s and infusion of new notes will put an end to the stacked black money.The plan was not that impulsive actually. In the last two years, the Government has taken a number of steps to curb the menace of black money in the economy including setting up of a Special Investigation Team (SIT); enacting a law regarding undisclosed foreign income and assets; amending the Double Taxation Avoidance Agreement between India and Mauritius and India and Cyprus; reaching an understanding with Switzerland for getting information on Bank accounts held by Indians with HSBC; encouraging the use of non-cash and digital payments; amending the Benami Transactions Act; and implementing the Income Declaration Scheme 2016.Swiss Money: According to White Paper on Black Money in India report, published in May 2012, Swiss National Bank estimates that the total amount of deposits in all Swiss banks, at the end of 2010, by citizens of India were INR 92.95 billion. The Swiss Ministry of External Affairs has confirmed these figures upon request for information by the Indian Ministry of External Affairs. This amount is about 700 fold less than the alleged $1.4 trillion in some media reports. Government tried to get the info of all swiss bank account holders and tried to get the money back to India. Though it wasn’t successful much, but Indian money in Swiss banks dipped by 33% to Rs. 8,392 crore. In February 2015, Indian Express released the list of 1195 Indians account holders and their balances for the year 2006-07 in HSBC's Geneva branch. The list was obtained by French newspaper Le Monde and included the names of several prominent businessmen, diamond traders and politiciansBlack money disclosure scheme:In the biggest-ever black money disclosure, at least Rs 65,250 crore of undisclosed assets were declared in the one-time compliance window, yielding the government Rs 29,362 crore in taxes.A big blow was expected for the remaining black money holders who still were trying to get away with. On 8th November 2016 Indian Government in a sudden move declared Indian notes of Rs 500 and Rs 1000 as untenable currency till further notice to fight against terrorism and corruption in the Government.Connecting the dots:Jan dhan yojana will ensure that the poor people are not affected by such move. They just need to go to the bank and get those exchanged which wouldn’t have been possible and streamlined without a bank account.Aadhaar ID and UPI will ensure all the transactions are linked and recorded to avoid someone trying to trick the system.The D-Day:The execution was extremely well planned.Declared in the evening – So that no one can either withdraw or deposit in the bank the same day.Short duration – (till midnight)- Less time for the culprits to plan and execute.Closure of bank the next one/two days: No hard cash transaction, but ensuring NEFT and RTGS transaction being feasible. If it would have to be declared on a Friday evening, it wouldn’t have been possible. There is no issues with electronic transactions, as these are recorded.The Transition:Where to exchange/ deposit Rs 500 and Rs 1000 notes?From November 10 till December 30 one can deposit the old notes at your nearest bank or post office accounts without any limit. But withdrawals from banks are capped at Rs 10,000 per day and Rs 20,000 per week. This limit will be increased in the coming days.One can also exchange Rs 500 and Rs 1000 notes for lower denomination at banks, head post offices and sub-post offices. However, the exchange limit has been capped at Rs 4,000, and you can exchange till November 24. One must produce a valid government identity cards like PAN, Aadhaar and Election Card.Banks will remain closed on November 9 allowing them time to cope with the new directive.There is no restriction of any kind on non-cash payments by cheques, DDs, debit or credit cards and electronic fund transfer. After December 30, one can not exchange 500 and 1000 notes at any banks, but will have submit a declaration at RBI office for the exchange till 31 March 2017.What are the restrictions on ATM withdrawals?ATMs will not work on November 9 and in some places on November 10. But from November 11, you can withdraw money and ATMs will stop dispensing the existing Rs 500 and 1000 notes. For the first few days, these withdrawals are being restricted to Rs 2,000 per card per day, and will later be increased to Rs 4,000 per card per day.Where can one still use my Rs 500, Rs 1000 notes?Till November 11, the following government-authorised places and institutions will continue to accept Rs 500 and Rs 1000 notes for payment:hospitalsRailway, airline, bus ticket booking countersPetrol, diesel and gas stations authorised by public sector oil companiesConsumer co-operative storesMilk boothsCrematoriums and burial groundsHow to control black money holders in channeling money to others’ account or other means ?Cash deposits above Rs 2.5 lakh threshold under the 50-day window could attract tax plus a 200 per cent penalty in case of income mismatch.Any mismatch with income declared by the account holder will be treated as a case of tax evasion.On people resorting to buying of jewelry have to provide the PAN number. Action will be taken against those jewelers who fail to take PAN numbers from such buyers. When the cash deposits of the jewelers would be scrutinised against the sales made, whether they have taken the PAN number of the buyer or not will also be checked.Where can one get the new currency notes?RBI will issue new currency notes of Rs 500 and 2000 from November 10 onwards. These notes will have new design.What’s Next:2000 Denomination:High value denomination will decrease the per unit printing cost. A 10 rupee note has a printing cost of 9.6% of its face value whereas 1000 rupee note has only 0.317% of its face value. In other words, for a given amount of money, it costs the RBI 30% less to print it in the form of Rs.1,000 notes than in Rs.10 notes.Cashless: RBI was on a printing spree till date. It had nearly lost control over the currency in the market as a high percentage of it is stored as black money. This move will revamp the scenario and will give RBI a fresh start to control the market. RBI can narrow down the cash flow to the market by focusing and promoting more cashless transaction. The UPI just ensured the readiness of such eco-system.E-Wallet: This will give a huge push to e-wallets like PayTM etc. As UPI is not in full-fledged now and most of the people don’t have their virtual UPI address yet. PayTM has already penetrated well into Tier-II cities and even small retail stores. It’s providing a huge number of options (like Movies, Flight ticket, Train ticket, Bill payment etc.). So market share of PayTM is expected to increase at a high rate in next few days.Terrorism and Corruption: Terrorism will reduce drastically as the black money was their major source of funding. This will also put an end to the bribe and corruption system in India.Indian Economy: Indian economy is now at a transformation stage. There is a slight chance of things going wrong also, but if executed perfectly this will give a huge push to the economy. The rupee value of dollar may come lower than 60 and the tax collection and GDP may rise significantly.Edit1: Here is how it went, after one month of the surgical strike: (From the delivered speech by Mr. Arun Jaitley)On an average, there are 4.5 crore petrol/diesel buyers in India and 1800 crores of sell per day. In first month after demonetization, the digital cash payment has increased from 20% to 40%. Cash requirement has decreased by 360 crore per day. To increase cashless payment, government has taken following initiatives:I. Petrol/diesel cheaper for those who pay by digital mode, to get 0.75% discountII. 10% discount on digital payments for RFID or FASTags procured through digital payments at toll plazas across all national highwaysIII. 5% discount on digital payment mode for railway facilities like catering, accommodation, retiring roomsIV. Insurance cover worth Rs 10 lakh for those who book Railway tickets through digital modeV. Buying general, life insurance policies from PSU insurers' websites and premium to get 10% and 8% discount respectivelyVI. People buying monthly seasonal tickets in the Suburban railway networks through digital payment mode , to get 0.5% discount. This is effective from Jan 1, 2017, starting from the Mumbai suburban railwaysVII. Govt will support regional rural banks and cooperative banks through NABARD to issue 'Rupay Kisan Card’ to 4.32 crore Kisan Credit Card holdersVIII. Govt to expedite digital switch-over; Two Point of Sale (PoS) machines each for one lakh villages with a population of less than 10,000. The exercise will be supported through financial inclusion fundIX. State-run banks to ensure that merchants should not be required to pay more than Rs 100/month as monthly rental for PoS terminals/micro ATMsX. Govt depts, PSUs to ensure that transaction, merchant discount rate (MDR) charges are not borne by customers for public dealings.Link to VideoThis is my first post on Quora. It’s turned out out bit lengthy, but covering the entire aspects was my motive. I’ll update the post if I will come across any relevant info.Thank you for your patience.