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PRIME Minister Narendra Modi’s announcement on Tuesday to scrap Rs 500 and Rs 1,000 notes from midnight received praise from activists and intellectuals, some describing it as ‘a surgical strike’ to end black money regime. Activists said the real estate, where black money reigns, will be put in place.
The decision, however, led to confusion and panic among people, especially regarding the decision to keep ATMs shut at some places for two days. “It is a surgical strike by Prime Minister on black money,” said Gaurav Bora, a stock broker. City-based RTI activist Vivek Velankar said,”It is a very bold move by the government. This is certainly a decisive step against the serious problem of unaccounted money. But one also needs to wait and watch how this move affects the economy in coming days.”
The Prime Minister in his announcement said Rs 500 and Rs 1,000 notes can be exchanged within next 50 days. “Simple way is to deposit these notes in your saving account and withdraw as per your requirement. Exchange of notes can be done by showing your identity cards.”
Activist Maruti Bhapkar said the Prime Minister’s decision should be supported by all. “Those who have hundreds of notes of Rs 500 and Rs 1,000 stacked illegally in their houses will be making a beeline to banks and post offices from tomorrow. They might send their children and relatives to deposit. The government officials should keep a watch on them,” he said.
Another activist, Domnic Lobo, who runs a school in Sangvi, said, “It is a historical decision. It will end the evil era of black money.”
Citizens said the decision of the government to keep banks and ATM shut on Novemeber 9 and at some places on November 10 should have been avoided. “It will bring entire country to a standstill,” said Shridhar Chalkha, a resident.