Modi Govt. repeats Janata Party's move to demonetize (stop using a particular currency) Rs 500 and 1000. Undoubtedly it's a surgical strike of different kind to curb black money. The reasons are quite obvious
a. declaring a "decisive war" against black money (--THE TIMES OF INDIA)
b. stamp out menace (something that is likely to cause harm) of terror funding
c. a parallel shadow economy corrodes (if a metal corrodes, it is slowly damaged) and eat into the vitals of the country's economy. It generates inflation which adversely (spreading a negative or harmful effect) affects poor and middle class families. It deprives government of its legitimate (allowed by law) revenues (income that Govt. receives) which could have been used for welfare and development activities.
From the midnight of November 8, Rs 500 and Rs 1000 will not be a legal tender, these will be just worthless piece of paper. In his 40 minutes address hon'ble PM said this has been done to combat graft (the act of getting money though dishonest use of political power) and terror funding.He said that despite several steps taken by his Govt. over the last two and-a-half years, India's global ranking on corruption had moved only to 76th position from 100th earlier.
Anticipation (a feeling of something that is going to happen in near future) built up after the declaration. There were serpentine (curving and twisting like a snake) queues at ATM kiosk (a small building where food, chocolate, newspaper are sold). Though hospitals and chemist shops were asked to accept the high currency notes. RBI (Reserve Bank Of India) was put in the loop six months ago to accomplish this. Apart from the PM and FM, only two senior officers each in finance ministry and RBI were in the loop. Around six months ago government asked RBI to print more notes of RS 50 and RS 100. Freshly designed notes of Rs 500 and Rs 2000 with chips in them will be introduced on November 10.
---- Kudos Modiji (LIKE)
FOR MORE INFO: http://timesofindia.indiatimes.com/Rs-500-and-Rs-1000-notes-scrapped-A-financial-crisis-for-parties-ahead-of-polls/articleshow/55323287.cms
Have a glance at the new notes --
http://www.newsx.com/national/45849-with-new-notes-of-rs-500-and-rs-2000-in-the-pipeline-we-take-a-look-at-the-difference
No comments:
Post a Comment