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500 and 1000 Currency Ban : Revolution 2016

500 and 1000 Currency Ban : Revolution 2016
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500 and 1000 Currency Ban : Revolution 2016

An Indian pedestrian walks out of The Reserve Bank of India (RBI) building in Mumbai on April 29, 2008. India's central bank held key interest rates steady but hiked the percentage of cash banks must hold in reserve to 8.25 percent to curb inflation riding at over three-year highs.It was the second time the Reserve Bank of India had announced an increase in the cash reserve ratio (CRR) in two weeks as it seeks to suck out excess liquidity in the banking system and fight inflation now at 7.33 percent. AFP PHOTO Sajjad HUSSAIN

 

India was once called ‘ Sone ki chidiya’ ie ‘Golden Bird’. But then the British slavery happened and everything was a downward spiral since. Even after independence, which was believed to lift India back to its glory, is still work incomplete even after 69 years of independence. India has surely progressed by leaps and bounds but the share of problems has dragged the situation backward. The world’s fastest growing economy of 2016 has innumerable problems to tackle. And without those problems solved, India cannot be back to its helm. The nation has been marred continuously due to terrorism, black money, corruption and unemployment. Resolving these major issues have been the numer uno priority for all the leaders. And so is for the current Prime Minister, Mr. Modi.

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But unlike his predecessors, Mr. Modi has been more proactive and stern against these social evils. Terrorism is being delt with in numerous ways and this time its black money and corruption which came under fire of the NDA government. In a bid to eradicate black money and corruption (which is a resultant of the former and vice versa), the NDA govt. had many tricks up their sleeves. After two years of small attacks, couple of days ago came the scheme which has turned out to be a nightmare for the corrupt. Mr. Modi declared that the currency notes of Rs.500 and Rs.1000 would no longer be a legal tender after 12:00 am of November 9th of 2016. It was a bold move and a move which is sure to yield results. Not just denomination of these two currency notes, the govt. also introduced a new Rs.2000 note which would be available in the banks and ATMs soon. Moreover, removing the Rs.500 and Rs.1000 currency which account to 80% of the cash based transactions, the black money holders won’t be able to use it or turn it to the bank since huge amount of deposits are always suspicious. This is called checkmate! All those who had black money can’t even turn it into white now.

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The Income Declaration Scheme, which ended a few months ago, was the last step to redemption. Those whose eyes opened are safe and those with a blind eye are now stuck with nothing to do.  Another bird killed with this scheme is the issue of circulation of fake currency. The fake currency market or the parallel economy is the largest threat to the Indian economy. Now with maximum notes of Rs.500/1000 illegal, the government has made sure that the fake currency circulators have been incurred heavy loss. All the fake currency would now be just a waste sheet. Moreover, these fake currency were being exported to the terrorists which gave rise to many other problems. According to exports, Pakistan fake currency racket cannot copy the new note which has many security options in it.  Due to the new notes and denomination of the old 500/1000 ones, even the terrorists won’t be able to use them! What an idea sirji !

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It can be said that this is one of the bravest decision ever taken by any government around the globe. A superb initiative to lift India. Modiji ne ek hi pathar se char chidiya maar diye – terrorism, black money, corruption aur slumbering economy. There would be a few days of unrest. People are coming out in large numbers to change and exchange their old currencies with the new ones because they also believe that this scheme can bring a new dawn in India. Surely, there is a lot of inconvenience for all, but it is a masterstroke which would surely beneficial for all the generations coming up. It is something to be remembered and cherished. The stock market has fallen, there is choas among the people, but guys please calm down, urge your near and dear ones to calm down. This is just for a few days, be patient and observe how you will notice the change. Let’s support the change and be a part of it because it is a historical moment and something which we would proudly tell our children and grandchildren!

 

Raman Krishnan

Madrista with a habit of playing guitar, football, sketching, writing and reading novels.

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