National - - Nov 11,2016
Narendra Modi, Prime Minister of India has stunned the country with yet another ‘surgical strike’, but this time to curb the effects of black money.
On Tuesday, the PM announced the discontinuation of Rs 500 and Rs 1000 notes, which was quickly implemented as the day ended. This decision has stirred the public since all types of cash transactions are hampered in the country. Criticism for the government has spiked overnight, with the matter gaining serious international attention.
Behind all this chaos, the true reason for this measure is not being clearly seen by the people of India. Several leaders, industrialists and experts from the banking sector have acknowledged this action with a warm heart. Moreover, they have also assured total commitment for assisting in this ‘bold’ transition. State Bank of India chairperson, Arundhati Bhattacharya said that, she will ensure the ATMs are stocked at the earliest so that the operation is carried out in a smooth manner. She also added, full efforts would be involved in order to avoid any type of inconvenience to the customers.
The positives from demonetisation of currency notes include slashing down of parallel economy and enhancing all legal forms of payment. This will for sure help in boosting the condition of formal economy in the country. The attack is a boon for loyal tax payers and surely a lesson for people who hoard money, so as to run from tax payment.
Black money has been a prime issue and has pinched Indian economy since the past 30 years. This stern measure by PM Narendra Modi looks promising with an aim to discard unofficial money from all sectors.
With the new currency notes ready to be circulated, the coming months would surely give a clear vision as to how this demonetisation has worked for India.