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Rs 500 & Rs 1000 Currency Notes Now Illegal: People React To Govt’s Decision

In a move that has rattled the nation, Prime Minister Narendra Modi on Tuesday abolished Rs 500 and Rs 1,000 notes effective midnight. The move, aimed at tackling fake notes and the black money economy, is expected to have a huge impact on the economy, equivalent to a substantial withdrawal of money or a significant hike in the interest rates.

  1. R
    Nov 10, 2016 at 8:09 am
    realy correct action for modi
    1. Thomas Kuruvilla
      Nov 10, 2016 at 2:02 pm
      I am all for India, and for curbing corruption and black money. But there are some questions that need to be answered. lt;br/gt;1. There is no question that this decision will bring out the cash stores of few lower-higher middle cl (clerical/ B and C grade government employees and service providers, doctors, engineers, lawyers, some teachers, police officials, judges etc.) which is the only cl that keeps cash in the denomination of 500 and 1000 notes. This is good, but is it good enough recovery of black currency?lt;br/gt;The A cl: the big businessmen, politicians, lawmakers, etc . who actually run the show are hardly expected to have kept the black money (in case they had it) in cash at home. Billions worth of land, property and businesses, rights, shares and gold is where the real black money is stashed. I fail to understand how this currency change will affect that. Is there going to be some action on the financial and political macho men whose black money is the real black money we all refer to when we speak of black money? How will this currency change affect that black money?lt;br/gt;2. Secondly, how will the “making of black money” stop by changing notes? Anyone who asked for a 500 bribe (almost every service office) will ask for the same again, and collect it, buy gold and land with it.. How is the change in notes going to stop that?lt;br/gt;3. What about someone collecting the same black money again with the same sources but with a new denomination? Or is this shock therapy going to continue in repeats?lt;br/gt;4. If a foreign country prints a certain denomination of ours, we change it. Does that mean this can repeat if any other enemy country prints the new denomination again? lt;br/gt;5. Why doesn’t the govt make it compulsory for everyone to declare their total ets, earning sources etc. and allow everyone access to it, without exceptions, and then uniformly punish those who cannot explain? lt;br/gt;6. How come no one among the elected representatives has declared a single black rupee yet, from any party? So many heads of capitation colleges, businesses, mafia kings and such are elected, are they expected to come out with all the black money invested everywhere?lt;br/gt;7. The black money stashed away in foreign banks is far bigger a financial burden than that within the country stored in cash. Why is there no surgical strike on that, confiscating it by making a new law?lt;br/gt;If anyone can answer these stupid questions I ask, I will be happy. I repeat, I am a financial innocent (read ), and do not understand anything. I congratulate the PM for bold decisions and dedication to end black money. Just curious how things work.