Demonetization: Why you shouldn’t panic?
In the post Independence history of India, our honorable PM of India Mr. Modi took a bold move by announcing seizure of Rs.500 and Rs.1000 currency notes issued by RBI. In this demonetization process, there were lots of highs and lows. As everyone is panicking, I thought to share my little thoughts to turn down the panic mode.
As Wiki puts it, The demonetization of ₹500 and ₹1000 banknotes was a step taken by the Government of India on 8 November 2016, ceasing the usage of all ₹500 and ₹1000 banknotes of the Mahatma Gandhi Series as a form of legal tender in India from 9 November 2016.
Here is video of announcing the same:
Move to middle of progress bar to look for English in the same video.
Though PM Modi announced ceasing of Rs.500 and Rs.2000 denominations on 8th Nov, 2016. Most people are thinking Rs.500 and Rs.1000 notes are of NO value! This is just a myth. Your money will have value even after the stipulated time frame i.e., Dec 31, 2016. But it is advised to credit before Dec 31 to avoid lot of screening procedure.
PM Modi took around 2 years to take this decision. Pradhan Mantri Jan Dhan Yojana (Zero Balance Accounts) was initiated to support account credit of ceased money. This action was taken to support the poor to have to an account to credit the ceased denominations. What a thoughtful PM.
Why not panic?
I know it is hard to live without money in this materialistic world, but we can manage most of things with digital currency. Recently we did shopping up to Rs.3000 from a shop using Rs.500 denominations. It was just the rapport of conscious shop keeper and us. We both knew ceasing of Rs.500 and Rs.1000 notes won’t hurt the money value.
Your money will be yours, if it is not black money. The queues will eventually fade out by time. Even Mr. Modi has promised to recruit another 15 lakh officials to ease of process. All we need to do is have patience and cooperate.
What if, you have black money?
*Black Money= Income illegally obtained or not declared for tax purposes.
If you possess black money, with all due respect, I HATE YOU.
But here are few steps you can take to become rightful citizen:
- By Jewellary, assets by submitting PAN card.
- Donate to charities to curb your sins made.
- Pray for Mr. Modi not to take further actions.
What you can do?
Don’t hate Modi. You have elected him to do something. He is doing the right thing. Don’t hate him just for the queue chaos. We have the patience to stand in for theater tickets, Jio SIM cards,etc.,
- Avoid queues. Lend some money from friend.
- Perform all transactions via your cards(Debit and Credit cards).
- Deposit the money in banks post Nov 31. You can perform the things much easier.
- Get the things from your known local shop keepers on credit.
- Don’t burn the notes or dump in the trash. Doing so, you’ll loose your money not the government.
- If possess black money, confess and pay the fine/tax. Turn it into white. Time to do something right.
- Stop expressing your panic and spread bad word criticizing the decision.
The Future Plan:
As mentioned in his talk, Mr. Modi traveled most countries to reform the bilateral contracts to get tracking of overseas accounts. Not just in India, now the people transacting in and out of India will be under surveillance. This way, there is a possibility of cutting out huge black money flow between nations. If you watch Mr. Modi talk in Goa keenly , you can see the intensity and commitment. Let’s support him. This upcoming new year, we have lot of hopes of cleaner, better promising India. India we always dreamed of.
Here is the video of his talk in Goa:
Courtesy: NDTV, DD News for Videos. Images from Google.