Effects of Banning Indian bank notes of 500 and 1000 rupees

indian-bank-notes

As a brilliant step towards the fight against corruption, PM Narendra Modi of India came out with a brave move all of a sudden. He banned all existing Indian bank notes of denomination Rupees 500 and rupees thousand from the midnight of 8th November 2016. This came as a shock to many who were having Indian bank notes worth crores of rupees at their homes. Some might have hidden these Indian bank notes in lockers and others, God knows where! But this move was a surprise to the nation, some are smiling and others are laughing! What would be the state of mind of people who are having these banned Indian banknotes in lakhs and crores?

Apart from black money, the issue of fake bank notes of India was also hitting the country big time! These fake Indian bank notes were circulated majorly to fund terrorism. Some news reports suggest that these fake Rare bank notes of denomination Rupees 500 and rupees 1000 were issued in Pakistan. Experts believe there has been a very huge increase in black money which in turn has hit the common man badly. With the sudden ban of these specific Indian bank notes, people have no other choice but to convert as much of it possible into white money. Within just 2 days after these Indian bank notes were banned, as much as 53 thousand crores were deposited in SBI alone.

Though the number of positives arising out of a decision like this one is higher, we cannot totally neglect the negatives either. The general public are now stranded in long queues to get their old Indian bank notes exchanged. Imagine the amount of trouble that people would have to take in rural areas where the bank branches are spread out sparsely! Apart from that, after the ban on old Indian bank notes, there have been many cases where people have been involved in all kinds of illicit trading and illegal activities.

Even then, the introduction of Indian bank notes of 2000 rupees denomination has brought in excitement on social media. Whatever the fate of this decision might be, the last week has been exciting indeed, with discussions, selfies with 2000 rupees Indian banknotes, mayhem, disappointment for the corrupt businessmen and more!

 

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