Recently PM Modi announced that notes of Rs. 500 and Rs. 1000 will cease to be a legal tender from the midnight of 9/11. This created a shock wave across the length and breadth of India where different opinions can be heard of from different people.
For the first time in the history of Independent India, honest citizens have been rewarded for being honest.
Most interestingly, majority of ordinary Indians supported this move of the GoI against black money holders and tax evaders. Majority of undeclared money in India is stored in denomitions of Rs. 500 and Rs. 1000 notes, so the government’s decision to ban these notes created a head ache for those people.
There’s also an issue which many of you may not have noticed. Some political parties have openly criticized the Government for creating problem in the life of ordinary Indians, which is quite contrary to the media reports published in various NEWS channels. People seem to be happy with this bold step of the Government. This clearly exposes the ideological difference between these parties and ordinary Indian population.
This bold step of the government has got its own benefits. The huge amount of unaccounted cash being accumulated out of the system is being ultimately pumped into the system. Some may use their black money to buy jewellery, but ultimately the jewellers have to deposit that money in the bank, so it’s ultimately coming back into the system. The main aim of the Government is to bring the unaccounted cash back to the system. It can be said that the Government will suceed in its endeavour provided it can manage the long queues at banks and ATMs.
STORICO 