‚Çπ500, 1000 notes no longer valid.
Narendra Modi has turned way more ahead of our expectations. So far, the expectation was that the centre would take up a strong tax enforcement campaign after the income declaration scheme ended but no one expected the bolt seen in some quarters as a midnight booster creating panic while delivering forty minutes speech late midnight. The reason behind the decisive war is black money and corruption, giving limelight to terrorism as well but it was a surgical strike of a different kind according to Modi sarkar. The idea of announcing such a surprising step has literally shaken the roots of economy. How well planned it was to announce in the middle of the night where you have approximately three hours to dump your black money? Nearly impossible! It was a very smart move to avoid illegal financial activities within a specific time span. Of course it created chaos inside the medical stores, petrol pumps and ATM’s but if we set our perspectives for long term change, it is causing no such harms. There is already a wide section between the rich and the poor and therefore it was very important to take a step towards such an issue related to poverty.
Have you ever ran your thought into the fact that if the circulation of notes of ‚Çπ500 and ‚Çπ1000 is 76% and 109% and the total GDP rose from 20.7% to 23.2% then only 2.5% increase in GDP in seven years makes zero sense. It is obvious that the money is going somewhere but where? Have you ever thought about how these terrorists gets their money? Sources says that the enemies across the border have their operations using fake currency notes. This is the main reason why modi is creating such a fuss! To protect his country and country’s economy only. The banks will come up with freshly designed notes of ‚Çπ500 and ‚Çπ2000,if internet rumors are to be believed the new ‚Çπ2000 note will have a GPS tracker chip embedded in it. On the other side, there were serpentine queues at ATM’s and Petrol Pumps at cities across country as anxious people rushed to get ‚Çπ100 denomination notes and get rid of their 500 and 1000 rupee bills soon after the speech which created problems but banks are closed for a day and ATM’s for two days which will not create any trouble. People criticized his actions by posting a number of memes for instance, “500 kii change dedo please. Modi ji, warning to de dete. Badi jaldi bataya hai” and “suddenly I’m poor”.
Either PM Modi can operate for a household economy or overall economy. He will prioritize the economy wholly. People who had less proportion of money or even money with high denomination are suffering but it is a matter of two days only. ‚Ä™After 31st December‚Ä¨ 2016¬†you can still deposit old notes with valid ID proof up to ‚Ä™March 31 2017.‚Ä¨ This will help you with your money. Think about the future. Think about the terrorists who were spending their illegal money in our country and also, the other politicians who were having a lot of black money under their bank accounts. All of the money is sealed, wasted and ready to get dumped now. Indians right now are literally sobbing with their notes but it is a good move which will bring in some black money. “In some” not “in bulk” because bulk of it is invested in participatory notes, real estate and in banks in tax havens but we can only hope that things might turn good and make it a “game changer” against black money.
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