In what is considered as a historic move for India, the Indian Government along with RBI has announced that the existing ₹500 and ₹1000 notes would no longer be considered as legal currency but would just be a piece of paper without any monetary value. This move comes from the government to curb corruption and black money. Government has issued guidance to all Indian citizens to deposit the ₹500 and ₹1000 in their bank accounts by 30th December 2016. There would be new notes of ₹500 and ₹2000 issued.
While this is a bold move against black money and to improve the economy, many honest tax payers and citizens from India and especially the tourists have been at an inconvenience as almost all the stores have stopped accepting such notes and banks and ATMs are closed and there would be a limit on future withdrawal amout so people cannot withdraw cash for their needs. Also the some of the local vendors who do not have bank accounts have nowhere to keep these hard earned notes and hence their business could be at a risk of complete loss.
So what is your opinion about this move from Government to demonetize the ₹500 and ₹1000 notes. Is it really going to help improve the economy or will the introduction of new ₹2000 notes lead to an increase in generation of black money in future...
Pro Side (17)
Good move
The Black money would reduce along with an improvement in economic condition.
Con Side (6)
Bad move
The honest tax payers are affected and ₹2000 notes would lead to more Black money in future.
Am one of the people who got affected by this worst decision . Though this decision sounds good for many , it comes worse as time goes . Black money holders had already found as many possible ways to convert that into white . One such way is , getting a demand draft for 49000 without proof which has 3months validity and gets the 49k exchanged to white cash in month or two . One big thing is no one is going to give u change for 2k easily expecting nothing return. Further when someone has 50 crores black money with 1000 inr denominations , when it takes two rooms to store that amount , it takes just a single room for storage saving them from many issues . May be the 2k note is the biggest worst decision by Modi . There were chances that he might be having issues to store his blackmoney in large amounts in smaller 500 n 1k denominations . so perhaps it might be move for his own purpose(this may sound silly, but this is right from one end) . Modi announced he was a tea seller in the beginning which is completely fake as of many sources . I suspect his decision is a future fraudster and might be bigger hidden cause behind this decision .
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