Bye Bye 2016…….Bye Bye Blackmoney

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On 8th November 2016 Our Prime minister Shree Narender Modi declared the notes of 500 and 1000 are no more considered as a legal tender. The aim of this huge policy was to wash the stock of “black money” out of the economy. It’s a bold move by the Government and can be called as the surgical strike of the Government on Black Money.

Some days back, a very popular sarcasm was revolving around twitter, Facebook and other social sited —– ‘India prepared for Hillary and Trump, Modi came out of syllabus.’  Very true too!!!  This decision wasn’t just a click of fingers but a daring voice by the prime minister against all the countrymen involved in the gang of unaccounted money holders.

As the coin has two sides, this bold n powerful weapon of NAMO government on this major problem of our country too has negative and positive corners.

Initially there will be heavy deflation as people who have earned money through illegal means such as smuggling, corruption would be afraid to declare the money as they might be given notices of penalty or and prosecution by Government/Income Tax on the legitimacy of their income.This will reduce the total currency circulation in the economy – leading to deflation. Deflation increases the value of money that we have because the total money supply goes down but the commodities and things available in the market have not gone down.

Some of the pros of this move are:

  • It will help the government to fight Black money, corruption etc.
  • Arms smuggling and terrorist related activities will be blocked due to lack of funding.
  • Counterfeit currencies are being used for financing terrorism which is being run by the enemy outside/within India.
  • The money which is named for the country and is there with the people will be out and that huge sum will lead to development in every sector of economy.
  • The major problems of our nation like poverty, unemployment, corruption can also be treated very well. It may not end but some fall in its percentage is likely to be seen and would improve the economic status of the country
  • This decision will help institutionalize the Real Estate Sector bringing more transparency in the Indian Real Estate Industry. This step would give the Indian Real Estate Sector more credibility making it more attractive to the foreign as well as domestic investors.

Government has taken a bold move which enables them to fight counterfeit currency/terrorist funding activities.

Cons of this move:

  • Inconvenience to common peoplewho will start running to the nearby bank to exchange the 500 and 1000 currency notes. A large number of population is standing in a crew to get their money deposited of to get it exchanged with the new currency. Somewhere its leading to a mess around the nation.
  • Uncertainty in confidence on government move. It is making people running to the Banks rather than necessity of currency.
  • Very difficult for more than 60%the population who are not well versed with the card/online transactions.
  • This move deeply impacts the unorganized working sections of society like drivers, maids, cooks, electricians, plumbers. Anybody who provides services in the informal sector and depends on monthly or bi-monthly cash payments.
  • The big fish will be left out whose black money is in the form of foreign currency, gold and stashed away in tax havens.
  • Everyday new notifications are being issued to the confusion of the people

But as an Indian citizen what it is felt that ‘It’s better to have a poor wallet rather than leaving our country poor with rich and corrupt people with hefty Bank Balances’.

If CHANGE IS GOOD, THEN CHANGE FOR GOOD BY LEAVING THE WORST!!

Every change causes inconvenience.

THAT IS HOW WE TAKE IT FOR OUR COUNTRY. LETS FIGHT AGAINST CORRUPTION AND UNACCOUNTED WEALTH & STAND WITH OUR PRIME MINISTER

This inconvenience of sometime will lead to a bright and a strong future of the youth and the country. A bit of patience is the need of the hour.

A humble request to all the people is —the decision has been taken which no one can stop it now. Thus instead of criticizing, let’s all support it and fight for the country together.

Let’s all increase the confidence of our Prime Minister by letting him know that we all support every such decision done is the favour of our country and not just the sake of comfort of a handful of  countrymen.

It’s no long that our country will change its tag from ‘DEVOLOPING’ to ‘THE DEVOLOPED’

Let’s wave BYE BYE BLACKMONEY with 2016

&

Welcome 2017 as a year of Development and Betterment of the Nation.

Ms. Radhika Aggarwal, A Student of 11th Class - Commerce Stream

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