How many of us are stunned by the decision made by our Prime Minister Narendra Modi “Banning of 500 & 1000 notes- a great step”? Yes, many of us and these are the people who are completely unaware of the reason and the hereafter effect.
Decision made by our Prime Minister Narendra Modi has stunned many in a single night. Nobody has taken such a big step till now against corruption in India. People remained without hints even that too in politics about this drastic and a major step.
News of the discontinuation of 500 and 1000 rupee note was out on 9 November 2016 on Tuesday. Revelation of such news was announced in the emergency address speech by Narendra modi.
Panicking is not going to help. Instead following the government guidelines and rules can be very much useful. Every citizen of India is allowed to withdraw 10,000 rupees per day from bank or ATM but 30,000 per week which seems less. Deposit 500 and 1000 rupee notes to the nearby banks and post offices. No need of worrying and run punching on the government.
Strict banning of 500 and 1000 rupee notes is going to result in finding of the 1.25 lakh crores black money. Indian government believes that through this they will be able to hit black markets down. Furthermore, fraud and the circulation of the black money will not take place.
Instead of 500 and 1000 rupee notes, circulation of 2000 rupee notes by RBI will take place. This turns out to be our regular currency in India. Still wondering about the other changes discussed in the speech. Let us look at it.
Sab ka sarkaar, sab ka vikas
Only motto is governance and progress for all. Focus point is empowerment of the poor especially farmers.
Corruption and black money
Deeply rooted in the country and obstacle to the success, their removal is necessary. We stand among the fastest growing economies but no less in the global corruption rankings.
Terror attacks targets innocent but who are funding them? Our enemies sponsor them by using fake currency.
People go around making trolls on the decision made by our Prime Minister Narendra Modi. But according to IMF and World Bank, India is now an economic star. This issue might go in an easy way but what if the government cannot handle the proper circulation of the money then it can turn into chaos. This decision is obviously a major stroke for all of us as well as on Indian economy but we have to wait to see how it tuns out to be.