Demonetization Rally: Actions and Reactions

This very bold step taken by Mr. Narendra Modi for demonetization of Rs. 500 and Rs. 1000 notes just had one thing in mind, and that is to curb corruption and bring back the black money. At the time of elections going on for the chair of Prime Minister, Narendra Modi made several promises, and one of them that I can remember at this time is his words regarding the bringing back of black money. Well, it is evident now that he is a man of keeping his promises.

Recent happenings On this Demonetization Issue

The secrecy with which this demonetization of Rs. 500 and Rs. 1000 notes have been carried out is highly appreciable. There were several petitions taken to the Supreme Court,requesting a stay in the demonetization, of which the most highlighted name was of Mr. Kapil Sibal. The court has asked the Central Government to submit an affidavit regarding the details of every move taken by it in order to ease the various inconvenient issues faced by the common man. There has been a raid by Income Tax in Nagpur, at the home and office of Ashish Agrawal, which is claimed to be the biggest raid, in which 13000 crore cash has been recovered. There are around 33 deaths in the country during this period, and they are claimed to be linked directly or indirectly with this demonetization policy. There has been a total deposit of Rs. 1,14,139 crore in the SBI bank, in just the last 7 days. All these deposits will be examined for any Income Tax raid.

Narendra Modi Vs the Black Money

The demagnetization is definitely going to be one of the most historical reforms taken by any Prime Minister till now. The implementation of this move certainly requires guts, as it is a very bold move indeed. The Attorney General, Mr. Mukul Rohatgi has said that the estimated value of the black money size is around Rs. 15-16 lakh crore. The Center expects the total deposit by the people to be around Rs. 10-11 lakh crore in banks, following the announcement of demonetization of Rs. 500 and Rs. 1000 notes. The remaining Rs. 4-5 lakh crore are being used in the Northeastern states as well as Jammu and Kashmir, in order to fuel trouble for India. Steps will be taken by the Central government to neutralize all these, by carefully examining all the deposits done.

Mixed Responses From the People of India

While there are appreciation of this move of Narendra Modi all over the world, India has got mixed responses throughout the country. While the majority of the industries as well as common man has welcomed this move by providing overwhelming support, there are some people of the opinion that this step is the most draconian step any person can ever take that has just increased the hardships caused to people. I have also seen several news statements suggesting that this step could be more worthy if a two to three days notice had been given. But, the point to be understood here is that if this move was supposed to be implemented by declaring it two or three days earlier, then the whole purpose to expose the lack money would have been defeated. It is certain that we are facing problems, everywhere there is a long queue of people near the ATMs to withdraw the money. By the time our chance come, either we are already exhausted or the machine is out of money. There are also several sections of our society that applaud this move as this is the most effective economic reform till now that will move our economy from shadow to a transparent process.

The entire purpose of the demonetization is to force all those people hoarding cash at home, to come forward and deposit in the bank to explain the valid source of money. This move is definitely going to impact financial institutions, the aam Aadmi, as well as the businesses, with various different levels But, all these impacts are just for a short time. This scheme by Narendra Modi has a very bright future prospect.