This article is trying to answer most of the questions raised in last 5 days following the ban on Rs.500/- and Rs. 1000/- currency.
As per economist, India will benefit a lot with this historic movement and in no time will become a developed Country. Not only help check corruption but also bring down the prices of commodities, construction, etc, while ensuring that the government earns adequate tax revenue.
This measure will help to generate employment, infrastructure development, powerful economy, and many facilities for senior citizens, children/women. Medicare facilities, housing needs will be fulfilled, can overcome the poverty, reduce corruption, no tax, low price for goods, terror attacks can be stopped due to no funding to terror groups through cash.
This movement has already added a big brick to your dreams/bright future/happiness.
Doubts raised by citizens are:
Based on which ruling/bases/Act/backing such ban was imposed?
In January 1978, the Indian government had demonetized Rs 1,000, Rs 5,000 and Rs 10,000 notes in a bid to counter black money in the economy. The move was enacted under the High Denomination Bank Note (Demonetization) Act, 1978. It was termed as “an Act to provide in the public interest for the demonetization of certain high denomination bank notes and for matters connected therewith or incidental thereto.” Based on this, the present ban is imposed.
Why this declaration is done ahead of UP election?
Better because the parties including the party in the chair could not give or take bribes for winning the elections.
Why Rs. 500/- and Rs.1000/- notes banned?
Indian almost 70% people below poverty line whose daily expense is not more than Rs. 50/- approx (Poverty survey says). High denomination notes are mostly used for bribe resulting in black money.
How will it help in rural/village area?
Villagers will now open the bank account as all transactions have to be through banking system due to which bank will see growth in village resulting in huge employment in rural areas.
What is the short run benefit?
Circulation of black money and fraud transactions will stop. Also, people have recently witnessed, no-violence in Jammu and Kashmir following the ban on Rs. 500/- and Rs. 1000/- notes where the Kashmir youth use to hit Indian jawans with stone and use to steal their weapons and belonging against bribe from terrorist which has stopped. These agitations in Kashmir are staged by separatists like Syed Geelani, Yasin Malik Sheikh Yaqoob and so on.
Ministry of Home Affairs reports says that Crore of rupees has been smuggled to Jammu and Kashmir in gas cylinders. Post the ban these separatists have no currency to bribe terrorist to harass our army men and nation.
Where is swiss bank black money when will Government bring that?
Citizens should stop doubting the Government who is at least trying to bring some change, unlike past 60 years governments who were busy doing scams. IT department has able to track most of the black money lying in swiss bank and have sent notices to them to either pay penalty/tax as this money is in a proper banking system. As that money is in the swiss bank which is in circulation unlike the money stocked by Indian can’t be recalled directly but will have to come indirectly for practice.
What are long term benefits?
No hawala transactions, no fake money from Pakistan, no bribes. Black money increases prices of properties, land, houses, jewelry etc and hard earned money is loose its value; this trend will stop immediately. Kidnapping and ransom will stop. Terrorism supported by cash transaction will stop. One cannot buy high-value property in cash showing very fewer registry prices. Prices of all things will come down. Salaried people will get more cash in hand. The purchasing power of Society will increase. Demand will boost, so will production and industrialization and ultimately more employment opportunity for youth. Surplus revenue to the Government for effective health/education/infrastructure/security/social works. Cheaper and easy loans from banks, the interest rate will come down. The tendency of society will changes from scarcity to quantity. Spare money for a political system for clean politics. Prices of land/ property will come down. No need to export beef to cover up trade deficit. Sufficient funds for research and development. Society will be free from “Bad elements”.
How will fake currency note stop?
Circulation of Fake Currency will stop because fake currency printing for fewer value notes will not be viable.
Which all tax will be waived off?
As per economist, with this revolution, all the tax could be waived off. And to protect the interest of Indian traders one Anti-dumping Tax should be levied on foreign goods eg: China so that they won’t be able to give rice, electronics, etc at a lower price and our farmers will get the best price for their goods.
The benefit of the banking system?
Employment will increase, transparency will increase, legal transactions will take place, Government will get money from the bank to use and provide facilities to its citizens. At present, people keep money in bank for which bank give interest/rent for your money at up to 8% and same money bank give to our youth’s at 14-16% for buying their house, education, happiness which they keep repaying to the bank for over 20-25 years and are left with very less life span to enjoy that property, If citizen does not stock money and deposit in banks, banks will get all cash easily and can provide that money to youth of our Country at 2% interest rate which he or she will repay in 5-6 years and can enjoy the life.
Why the babus should get the pension?
Sources say 3,17,000 babus will get pension sitting at home, it’s better to make them sit at home instead of playing with our money, bribing for scams and stocking our hard earned money in form of black money.
Will Poverty issue resolve?
Yes, this movement will resolve poverty issue as all will have a bank account and the money will be circulated and people will get access to money and will not get cheated, each and every transaction will be transparent, poor people will not be forced to do bad jobs against bribe.
Why Rs. 2000/- note even it is of high denomination?
When all the high-value denomination notes are banned there should be some provision to keep the daily transaction/trade going on. Hope people don’t stock Rs. 2000/- note, as we have to remember it’s a provision which could be withdrawn once the need it over, not sure, as we are aware high-value currency results in black money and that present Government is unstoppable and is in full swing to take away all black money and give us a corrupt free nation.
People are fainting in long queues at ATM and Bank?
In such scenario, people should not get panic, avoid rumors and follow the valid Government instructions. 50 days time is given; most of the population now has bank accounts, debit cards following the Jana Dhan Yojana. Also, banks are supporting, make use of online shopping, help each other, share your knowledge and awareness about this positive movement towards developed India to your nears and dears ones and the less privileged people.
Youth at the banks should help the elders, women’s as a responsible citizen. Have you heard any Jawans’ mother suffering in the queue? No, because they have hard earned money and no extra money to stock as they have given everything to the nation.
The death of old ladies in the queue in Mulund ATM was reported in TOI and day later TOI published an apology that this news was fake as there is not such ATM. TOI have huge followers hence not accepted to do such big mistakes in today’s digital world where the news spread like wind and your words will never come back even if u apology in a smallest of most ignored Coolum.
Why was the announcement done in evening leaving no time for people?
Even 24 hours were enough for corrupts to spread their black money to poor leaving the poor to suffer the tax consequences.
Who are affected in the long run?
Terrorists, Maoists, and Culprits.
Last but not the least for those who are of the view that Mr. Modi has anything to lose, no family, no much youth year to live/enjoy please remember he has life treats. The separatist/terrorist/oppositions obliviously want to kill him but remember his life is the most expensive one today as he is in a PM position he is the strongest man in India today, he can very well sit and enjoy his retirement life at this strong position, roam around the world and what not. The position which none of us have in India, so he is in more loss than anyone else but still he cares for us, Indian citizens now just have to give him an opportunity to serve us.