As you are aware, our honourable Prime Minister Mr. Narendra Modi has announced demonetisation of old notes of Rs.500 and Rs.1000. This is a very radical and revolutionary step taken by our Prime Minister. No ordinary leader can even think of such tough steps to deal with the plague of black money. This has long term benefits for all countrymen -
Black money hoarders will have a tough time. Now they will be left with no option other than depositing the money in their bank account or burning the stashed notes.Fake notes circuit will be dismantled immediately.Illegal election funding of political parties will stopBank deposits will spike. Since banks will have more money to dispense, loan rates will come down.Inflation will be come down drastically.Jewellery and real estate prices will come down, since people will have no black money to invest in such assets.
But, size of this operation is so huge that this move is doing to have an impact on our day to day life. In short term, this move is going to be very painful for all of us. Since old note of Rs.500 and Rs.1000 are not valid anymore, everyone is struggling to get hold of new currency from ATM or bank. Because of which, there are long queues outside banks and ATMs everywhere.
This is the moment, when we have to support each other. This is the time that we should stand united. This is the moment when we should tell our leader Mr. Modi that we are with him in this fight against corruption and black money. Please take care of following -
Do not rush at all. You have time until December 30, 2016, to exchange your notes and deposit your money. In fact, even after December 30, 2016, these old notes can be exchanged from the RBI offices till March 31, 2016.Your money is safe, if you have earned money legally. Do not worry at all.Try to do all transaction in cheque or through debit/credit cards.Help fellow citizens and people of lower strata like maids, drivers etc in procuring the bare minimum cash to survive for the time being.Do not deposit others black money in your bank account. A lot of people are also accepting and depositing the cash balances of their friends and relatives blindly in their own account without proper documents. This can lead you invariably towards scrutiny on source of generating cash without proper KYC and correct source.
We believe, this cash shortage in the system will continue to be there for atleast next 15-20 days. We request all our readers to support this big reform by our prime minister in all they way you can. Together we can create a better society for ourselves and coming generations. Jai Hind!
PS: We do not support any political party.