When PM Modi announced that Rs with the denomination of 500/- and
1000/- would cease to be the legal tender from 9th of Nov, the whole country
was stunned. This decision caused sensation in the whole country. Social Media
was flooded with messages and information. People started counting the trash
they had accumulated for years legally or illegally.
Rumours became
rife. Some tried to invest their dying currency in gold. Some contacted their
near and dear ones in this miserable hour. People could get only Rs 4000/ of
old denomination exchanged with the new one. Big lines became the order of the
day.
Instead of
getting shorter, these queues were getting longer with every passing day. The
last date for the whole process was 30th of December. The persons could deposit
the old cash worth Rs 2.5 lac till the said date.
The main
objective of this move was to curb the black money, corruption and fake money
menace. All the people but those who were indulged in malpractices welcomed the
move. The whole opposition shook hand against this move under one pretence or
the other. They called this decision a draconian law and wanted the govt to
roll back it. Tirades were made to target the decision. Govt also carried out
counter attacks.
The new
currency which replaced the old one is of denomination of 500/- and 2000/-.
Though the people faced a lot of inconvenience owing to shortage of funds, they
did not criticize the govt for the move. Even they lauded the Modi govt for
this big move. Prime Minister also addressed the people many times telling the
people that it was a mahayajna (महायज्ञ ) and they must offer their
own ahuti ( आहुति ) in it.
He further said
he was aware the hardships they were suffering from but he sought only 50 days
for setting the things right. He jibed at the chief political leaders who have
stashed big amount of money and now joined hand to force govt to take the
decision back.
The most
interesting thing regarding the demonetisation is that people are devising
various unique methods for transforming their black money in to white one. Some
of these methods are as follows –
- Depositing money in the accounts of their poor relatives and friends.
- Enticing the people with some percentage of money for exchange.
- Asking their employees to stand in the long queues in front of Banks and ATMs for getting money exchanged.
- Hiring labors for some Rupees ranging from Rs 500/- to 700/- for becoming the part of long queues in front of banks/ ATMs.
- Converting black money in to gold.
- Paying a few months salaries in advance.
- Paying back loans forcibly.
- Using their influence / links with bank employees and so on.
Impact of
Demonetization on Indian Society/ Economy –
We shall see a
great impact of this move of the Central Govt on Indian Society and Economy.
The first impact shall be that people will have lower expenditure power. With
that they will not be able to purchase luxurious things.
There shall be
no ostentatious expenditures on marriages and other ceremonies. So the society
will grow lesser materialistic and people more prudent. With the fake money
destroyed, Indian economy will see a big boom and the so far booming real
estate sector shall fall on the ground.
The things shall
be cheaper. Indian Currency shall get respect at the international market.
There shall be a great check on the terror-related funding and therefore on
terrorist activities. Corruption shall be down to a great extent as people will
stop the tendency of accumulating money using wrong means.
It will abridge
the gap between the haves and the have nots. However, there may be some
difficulties for a couple of months. But this inconvenience shall be temporary
and for short-term
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