The latest sensation that has been hitting the nation is the strong
yet powerful step taken by Prime Minister Narendra Modi to end
corruption and black money. On Tuesday, Narendra Modi announced the
withdrawal of Rs 500 and Rs 1000 notes and such notes will become “mere
paper”. The step taken by Prime Minister Narendra Modi is applaudable
but results are still to be seen that if it will really impact ‘big
fishes’ in the market.
It has been announced that individuals
can exchange Rs 500 and Rs 1,000 notes that they possess within 50 days
i.e from 10th November, 2016 t0 30th December, 2016. The banks and
ATM’s will remain close for the duration of some period of time so that
transaction does not place.
Those who are not aware must know
that this is not the first time Government of India has taken a lead
step to control corruption and black money. In 1978, Prime Minister
Morarji Desai demonetised currency notes of Rs 1000, Rs 5000 and Rs
10,000. In the present time as well, the denomination of Rs 500 and Rs
1,000 have become illegal. It has definitely led to confusion and
chaotic situation among the people of India.
The entire nation
is supporting Narendra Modi for what he has done and hoping that it will
definitely eradicate corruption and black money from roots. But since,
every system has certain loopholes, let’s see how far this idea and step
goes. Now the question arises, that blackmoney holders must not have
piled huge amounts of black money in cash, but must have invested
somewhere. They might have deposited their money in the Swiss money or
invested in gold or properties.
The outcomes of this decision
are yet to come but definitely it has created confusion among the
people. We support the decision of the honourable Prime Minister
Narendra Modi and give him best wishes that he succeeds in his attempt.
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