Scrapping old Rs.500 and Rs.1000 from midnight 8 Nov 2016

2 replies
Ravi Raj
09 Nov, 2016
scrapping-old-rs500-rs1000
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A very bold step from our Prime Minister Modiji to tackle black money with other parallel issues like concerns of terror financing, forged duplicate notes and corruptions. We might face considerable pain in transaction of Rs.500 and Rs.1000 as well transition towards new currency, but this move is going to be a tough one to digest for those who are stocking black money.

When I heard this on News channels. RajiniKanth’s Shivaji movie crossed my mind. As it shows a politician stocking black money in gunny bags and dumping them in his farm house. So literally such stocked black money will be waste papers which could not be used or get them into business. Of-course they will find some way to convert but not such big fat cash for sure – What a movie Sirji!

There is a time frame fixed – For 72 hours old Rs.500 and Rs.1000 notes will be accepted to minimize inconvenience.

A very good move to bring down corruption. Not only corruption this will tend to bring down the present inflation which is creeping up in most public sectors, trading where middle man involved and real estate transactions. Some portion of population feel the pinch as their business transaction depend on large amount of cash to evade tax. This significant move will benefit the Government at the same time will boost economic growth. Money deposited into the Bank.

Also go Cashless – Digital India campaign takes our economy toward cashless transaction. Major setback to those who operate with black money and run parallel economy, the objective is very loud and clear to make corruption free India.

We must wait and watch how this move would affect Real Estate and Banking sectors Home Loan products to bring down the land prices and interest rates.

What do you think on Scrapping old Rs.500 and Rs.1000 notes?

Planned transaction of demonetization would have minimized inconvenience?

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2 thoughts on “Scrapping old Rs.500 and Rs.1000 from midnight 8 Nov 2016”

  1. I Welcome this move, as of now most of us are feeling uncomfortable because some of the cash based transaction on our day to day has an impacted a lot.

    Every small time business is taken aback with limited access of cash flow. This might have hurt the economy in short term, but the economy will be brighter and emerge strong in long term.

    Considering a full stop over black money for time being. What we can expect from this bold move are check on corruption, low inflation, unsold real estate properties might be affordable and interest rates on loans might come down.

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