It has been 50 days since Rs 500 and Rs 1000 notes announced as illegal tender in India. On 8th November 2016, the 14th PM of India, Narendra Modi, announced that no more Rs 500 and Rs 1000 notes will be printed and anybody having these notes must exchange it in the bank before 30th of December 2016. After 30th of December 2016 to 31st March 2017, the notes will be exchanged only at RBI offices with valid proofs. Post the given time, the 500 and 1000 currency note will remain just a piece of paper.
When it all first announced on 8th November 2016 at around 8:00 PM Indian standard time, it caused chaos all over the nation. The sudden announcement took toll over people's usual life which led to enormous rush at ATMs, petrol pump or wherever they can find place to spent their 500, 1000 notes. Only at selected places, like petrol pump, public utility bill offices, government hospitals
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| A long queue at IndusInd bank to get their notes exchanged |
As they say, with good comes the bad. With demonetization, the inevitable word-wars between political parties shrewd up.. Many political parties, mainly, Congress, AAP (Aam aadmi party) and TMC (Trinamool congress) opposes the proposition of banning notes. According to them, the initiative taken to stop the corruption and black money circulation within the country is totally an undirected shot and instead of relieving the nation from corruption, it will even cause more. The AAP leader and Delhi CM, Arvind Kejriwal told media that Modi has already converts most of his and mates black money into white.
Many leaders from opposition party started the nationwide strike to abolish the new currency system and rules of withdrawing and depositing money in ATMs or Banks. Narendra modi, teaming up with RBI laid down the following rules regarding withdrawing and depositing of old Rs 500 & Rs 1000 currency notes:
1. Only up to Rs 2000 can be withdrawn from one card from an ATM per day
2. Only up to Rs 4000 can be exchanged from bank per day.
3. Only up to Rs 10000 can be withdrawn from one account per week.
4. Post 30th December, people who couldn't get their notes replaced needs to show proper reason for not exchanging the currency by the given time at the RBI offices only.
The limitations on withdrawing and depositing of money in ATMs and bank creates widespread havoc. The usual life of middle class businessman hits the most. Many people ran out of money and patience. Those small scale businesses like grocery supply, distributors etc. affected badly as they had to transact money everyday.Taking advantage of public sufferings, Opposition party totally lashes out on Modi and his BJP (Bhartiya Janta Party) mates..
Rahul Gandhi, Congress leader, says in an interview that,"because of demonetization, poor people are suffering whereas the riches are benefiting." he further added,"The country is now divided into poor and rich and t get back to normalcy, it will take 6-7 months more." Modi, on the other hand doesn't seems to bother to answer the every accusations implied on him. In a public rally Modi said,"I am just asking for 50 days to get everything back on track.. New notes are being printed at the highest capacity of printing machine and the officials are also working day in day out to make sure that every ATM contains enough of new 500 rs and 2000 rs notes as well as 100 rs notes..
By the latest development, RBI issued the notice that no old currency will get replaced in bank now. Only those, who weren't in India from 8th November to 30th December and NRIs, can exchange their notes at RBI offices. The withdrawal limit from ATM raised to Rs 4,500. However, withdrawal from bank remains the same Rs 24,000 per week. Rs 50,000 is the depositing and withdrawing limit for small traders. They can avail the benefit only after showing valid PAN proof. Those who barred themselves from paying taxes, thanks to voids in system, needs to declare their unaccounted money before 31st of march 2017. After the deadline, heavy fine and punishment will be charged on guilty ones.
It has been 50 days since the announcement and I, personally, am very much positive about the result and appreciates the effort from all the people who are working together to make India a corruption free nation. Many major corruptions and scams weeded out of the system and due to that a huge amount of black money restores into the system. With the new currency in flow, the economy will be benefited in a long run and new schemes to up-grow the poor financially is under progress.
For me, what Modi did was absolute and I am totally in favor of it.. Tell me what you guys think in comments below..
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