Our Prime Minister Narendra Modi on November 8 announced the withdrawal of currency notes of Rs. 500 & 1000 as per government decision, which can be described as one of the boldest decision ever taken in Indian History. This bold move aims to weed out black money from our society and also with a futuristic supervision to wipe off corruption from our entire country. Implementation of this scheme clearly made a trap to black money holders and a vault to the circulation fake currency notes.
Counter Strike against a Strike
When the entire country seemed to be stricken by black money and fake currency notes, our PM made a counter strike by devaluing those currencies. This movement can be considered as one of the most appreciable decision by our Government. A recent study shows that India’s black money economy is about Rs. 30 lakh crore which is 20% of total GDP.
Horizon to Bank Deposits
This is the most favorable time for all banks to experience a huge spike in deposit amounts. People and businessmen with legally earned money will rush to the bank for depositing old currencies to their respective account, which will result in the increase of bank deposits.
Lock to Non-Tax Payers
Non-tax payers are well trapped with an introduction of new scheme as all the transactions presently can only be made through the bank.
Empowering NonCash Transactions
Payments through Debit/Credit cards will now arise to a new level so that cash transactions can be slowly replaced by cashless transactions.
The historic and revolutionary movement of massive currency ban by our Prime Minister Narendra Modi received a mixed review from peoples. Even though many practical difficulties were witnessed, the movement seemed to be appreciated by many officials including global support. Black money and counterfeit notes were playing a neat game in the entire country for a long time but the sudden strike caused a burning heat on black money holders and non-taxpayers. This bold move is a battle against the undeclared income, corruption, black money and fake currencies.
A government with this movement aims to build an economic system with clean and clear financial background. There is no doubt in the fact that this move will cause some inconvenience to peoples for few days but will surely benefit our economy in long term basis. As a proud citizen of India, it’s our duty to support this historic movement aiming for the wellness of our country. Let us join our hands together to wipe off black money and fake currencies from our entire country and build up a corruption free heavenly India.