MODI’S BIG BLOW ON BLACK MONEY

MODI’S BIG BLOW ON BLACK MONEY

News:

• Rs 500, Rs 1000 notes are banned and Rs 2000 notes are introduced from 12 AM 9th November 2016.

• Citizens have 50 days from November 10th to December 30 to return notes and Banks and Post offices.

Views:

• Prime Minister of India, Modi :  India takes a historic step to fight corruption, black money, terrorism and counterfeited currency. 

• Union Finance Minister, Arun Jaitley: A lot of black money will be forced into the banking system with the demonetization move.

• Former Attorney General of India and eminent lawyer, Soli Sorabjee: A bold and innovative move. However taxpayers nothing to worry about.

The Muse:

• Demonetization in Indian history: 
• The first was when Rs 1,000, Rs 5,000, and Rs 10,000 notes were taken out of circulation in January 1946, a year and a half before the country won independence from British.

• It was on 16 January 1978 that the country was told that the janata party coalition, which had assumed office a year earlier, has decided to scrap Rs 1,000. Rs 5,000, Rs 10.000 notes.

• History tells, nothing great resulted with the two previous demonetization steps in independent India in last 69 years.

• Former Finance Minister and senior Congress leader, P. Chidambaram: I don’t understand why Rs 2000 notes have been introduced when Rs 500 and Rs1000 have been demonetized.

• All India Bank Employees Association general secretary CH Venkatachalam:"Everyone knows that black money is mostly in foreign currency, in foreign banks, in gold or in properties and less in cash. Hence, this steps alone is not going to help in unearthing black money".