With the cease of 500 and 1000 Rs note as a legal tender from midnight Tuesday ,Prime minister Shri narendra modi takes the entire nation into surprise.
The two highest denominations of bank notes used as cash in India, Rs 500 and Rs 1,000, cannot be used for any transaction from 9th November.
New notes of Rs 500 and Rs 2,000 will be introduced for circulation from 10 November, 2016. Rs 2,000 notes will be monitored and regulated by RBI.
The new note 500 will feature the Red Fort and the 2000 note will feature Mangalyan. These notes will be available from November 10.
In his speech he addresses the nation stating “India is becoming an integral part of global economy and it is just not we who are saying this but the World bank says India becoming a ‘bright spot’In the last two and a half years.”
This is a huge step taken to curb corruption and fight against black money bringing back to India.As promised to the nation Modi highlights that the “the tumour of corruption could not be fought through tried ,tested and failed methods and it is high time to employ new methods to our enemies.”
In reference to the going on cross border terror ,the prime minister says that the terrorists had been funded by forged currency notes since a long time.He also added ” In a country’s history of development there comes a moment where powerful and decisive decisions are needed.”
Narayan Murthy ,founder of Infosys supporting Modi s decision says” I am happy that the Prime Minister and the Finance Minister they have decided to demonetise Rs 500 and Rs 1000 notes and they have given several ways whereby genuine people can indeed go back to banks, go back to RBI, and get their notes exchanged. The honest people will indeed be fully supported but the dishonest will have to suffer absolutely that is the right thing.”
The PM decision says that the decision has been taken to uproot out black money and fake notes at the grass root level.He also said that this was a necessary step to stop terrorists and “drug cartels”in their tracks.He claimed that this will result in the reduction of inflation as conspicious consumption will come down.
Needless to say that “This decision will strongly help us unearth the unaccounted money counterfeit currency ” as said by the President Pranav Mukherjee.
However ,the Congress communication chief ,Randeep Surjewala criticizes this decision stating that this will affect the small traders,businessmen and the common man.This is an attempt to hide the governments failure not to fulfill its election promise in 2014.
Manish Tewari also questioned on the issuing of 2000 notes in place of 1000 notes saying”Will this not encourage black market hoarders?
While everyone is praising the government’s ban on Rs 500 and Rs 1,000 notes, it is expected to hit many sectors such as real estate and jewellery, where cash transactions and, thus, use of black money is widespread.
But this decision has jolted global stock markets and this has led Indian investors to lose nearly Rs 6 lakh crore in trade in the first 15 minutes of trade on BSE, according to an ET Markets report.
In the first 15 minutes, the combined market capitalisation of BSE stocks had fallen by Rs 57,3827.36 crore to Rs 105 lakh crore from Rs 111 lakh crore at the end of the previous session.
Inspite of these efforts The PM says that that there are temporary hardships to be faced by honest citizens .But our PM has a strong belief that we as in ordinary citizens are always ready to make sacrifices and face difficulties for the benifit of the nation.He has full confidence that the nation would support him and stand up for this MAHAYAGNA.