By YKA Staff:
It has been over a week since ₹500 and₹1000 notes were declared as illegal tender by PM Modi. The surprise move is aimed at fighting rampant corruption in India, directly targeting those with large sums of black money, most likely in ₹500 and ₹1000 notes.
While thousands have lauded it, there is a lot to be said about how the move is an ill-planned one. News continues to pile in about the difficulties faced by many people who don’t have access to banks or ATMs or even official id-proofs. Alarmingly, over 30 people have also lost their lives, what with hospitals refusing old notes, elderly people collapsing in long queues and housewives with only cash savings committing suicide.
At YKA, we’ve been flooded with mixed opinions about the PM’s move to get rid of black money by putting Rs 500 and Rs 1000 notes out of circulation. In light of this, we asked you:
And this what you had to say:
Ojaswa Pathak: This is a revolutionary move by the Prime Minister. Irrespective of the short term public inconvenience, it will have long term implications for the best interest of the nation. #Modi2019
In reply to above, Mohammed Fazil: Not a long term implication bro, for a while may be for a couple of months, those hawala networks or counterfeit currency makers go blind but soon they will be back…. This Act is too STUPID unless followed by a powerful action… I hope that such an action will come in force. So just bearing all these hurdles in that hope.
Ashrith Ashrith: They should pass a rule that all commercial establishments right from the petty shops to malls should accept paytm or other cash wallets… malls are accepting credit cards … should start accepting cash wallets …
Gaurav Gangwal: Really appreciating efforts by govt. Now people are fearing to keep black money. Most business men are saying now they will earn less but whatsoever will be in white
Govinda Verma: Easily deposited old currency in the bank. No trouble at all for me. But this demonetisation is a big worry and trouble for less educated people.. so taking it as my national duty i am helping troubled people around me as much as i can to convert their old currency
Aanchal Agrawal: It didn’t affect me at all. My life is just as it was one week back 🙂
Jatin Makwana: Govt’s another stupid decision
Muhammad Aashif Iqbal Khan: Worst
Regina R: Bad
Bijendra Kumar Srivastava: I am fully in support of this move of demonetization… The hardship is for few days. The real pain is to politicians, doctors, engineers ,contractors, big farmers & top bureaucrats.
Jitender Kohli: The difficulties none to ignore or deny but one has to admit this change is necessitated for national security and development. The deaths pointed are painful but can’t only be connected with demonetization. Are we not finding such heart breaking news in accidents, lining-up for tickets in cinema or rail or bus or in office or factory? Can we connect all these with those? The guarding Jawans are being targeted by Pakistani Rangers and Army, can we seek Pakistan mercy or react to protect nation? This demonetization has flushed the fake currency to gutter and stopped channel of financial feeding to terrorists. I am a common person living among middle-class section of society which is facing the brunt of terrorism, corrupt practices around, fake secular leaders looming around and the some of media supporting them.
We know the poorer among poorer are the main to bear the brunt in each change. It may be flood, fire, drought or any nature calamity or 70 year ruling of so-called secular governing. At last someone has taken a step to corner fake money and separatists hawala channels, we had to bear some difficulties if we wish to change the scenario. The government is improving the changeover of the currency and found decreasing lines in Jammu city. These lines shall start decreasing elsewhere too.
I am not countering your versions, you are right to some extent when you ignore the national interests connected with removal of fake currency and separatists fund feeding.
Anubhav Shankar: The recent demonetisation scheme by the present government indicates a strong resolve to fight the menace of black money and fake currency. This has had a domino effect in curbing the nefarious intentions of all those seeking to bleed India financially and economically. The present scheme rather than tracking black money seeks to make it work for the country by restricting some pathways to stash/hide it. However, the execution does seem to leave a lot to be desired and raises questions like- if it is known that terrorist organizations use currency of higher denominations, why introduce Rs.2000/- notes at all, isn’t it detrimental in the long run?
With all being said it is a vital starting point and a step which needed to be done. However, in my opinion it cannot be a permanent solution as taking money out of circulation abruptly can send the economy into a shock. Also, I would like to see the law making it impossible for the defaulters to escape imprisonment and close loopholes by bringing religious institutions into tax ambit as they remain the most fertile sources of converting black money to white. Also, the understanding of black money needs to be broadened as pointed out by noted economist Prabhat Patnaik.