The Government of India has taken a big step to check corruption & black money malpractices in our country. The big step was to ban currency notes of Rs. 500 and 1000. The Honorable Prime Minister of India, Mr. Narendra Modi, has announced on 8th Nov 2016, that these currency notes denominations are no longer valid as a legal tender.
He has given a period of 50 days to get the old currency deposited in bank accounts or exchanged with new currency. This is historic step taken by our Prime Minister to curb corruption and black money.
A recent study has shown that 80% of black money is in form of Rs. 500 or 1000 currency notes. Also, most of the transactions done to encourage corruption are done in denomination of Rs. 500 and 1000. Since all this is done using cash, therefore it is hard to keep track of it. Only the transactions done through banks are traceable. Therefore, Government of India, took this step to minimize undisclosed cash flow in the market.
It is really not easy for common man to adapt to this change in such a short span of time. But it is the need of the hour. We as a citizen of this country should always be ready to support our Government for taking steps to cleaning this rogue system of black money. There are some people who are finding faults with the Government’s preparations, however when we get into details, we realize the complications. To maintain secrecy some inconvenience were bound to happen, or else the mischief monger would have had found their way out the idea would have flopped. To make people’s lives easy however, the Government kept on announcing directions and steps from time to time. Old currency were made acceptable on railway stations/ airport / hospitals/ petrol pumps & Govt offices etc. The current withdrawal limit for ATM is Rs. 2000 a day and in case of banks, it is Rs. 24000 a week.
The Government has requested us to support them in this great decision to end corruption in our country. It may have created lots of hardships for people in daily lives, however the intention and the steps are widely being welcomed by one and all. The public support is unflinching so much so that the parties opposing it have failed in their agenda & ultimately had to call off the Bharat bandh which they had planned for on 28th Nov. The message is clear from people that, we all should give our best to support this great cause.