Did you know that the Rs.500 and Rs.1000 notes can be used to pay your electricity bills and taxes until November 11th?
What outcomes will happen due to this banning of these currency notes? And according to you how far do you think this move will eradicate the black money?
Yes, I am aware that some of the government offices accept the older version of the currency after the announcement of banning the 500’s and 1000’s by our Prime Minister Mr Narendra Modi. With a limited knowledge about the economy of the country, I feel that it was a very good move by our Indian government against corruption. Even though the corrupts in India have many ways to hide their stolen treasure from the citizens of India, this action of banning the high-value currency notes will control the transaction of running black money which is widely used for illegal uses like weapon deals, election freebies, betting, gambling, etc. By this action, those scenarios could be minimised to a certain level and this was not a quantum jump; it was started hardly a year back with the mandatory of aadhar, pan card for each and every transaction made by us, recently the ration card should be registered with aadhar number. Just think if the government wishes to track the individual’s income and expense anywhere, anytime. The reason why I mentioned tracking was, if anyone has transaction beyond their limit the government can backtrack them and their illegal income status. And it was said that a lot of black money is being circulated by the terrorists because it leads to the inflation of the country. The value of money lowers tremendously. But these actions make a considerable size of the wall to cross over to joyful corrupts in the society.
- – NAVEEN DURAI MANIKANDAN J. R., I-YEAR, MBA