Indian banks became flooded with the people after PM Narendra Modi announced to withdraw circulation of currency notes of 500 and 1000 Rupees. The sudden decision of the PM took public by the shock, and they responded hilariously to this on Twitter.
After the ban, people not only stopped making transactions that involved notes of Rs500 and 1000 but also regretted the previous one.
Why Indian Govt. Withdrew currency notes?
Apparently, the government has justified its decision to ban the movement of currency notes as a crack down on money launderers and inducers of black money in the economy. It is very common to face the problem of the fake currency note in a largely cash-based economy like India.Behind the veil, there can be other reasons for making such moves; One such reason can be to stop the opponents from keeping the money stock, so they can’t use it in the campaign for crucial state elections, scheduled next year.
Twitter popped up with few interesting suggestions for people worried about hiding their black money.
Behind the veil, there can be other reasons for making such moves; One such reason can be to stop the opponents from keeping the money stock, so they can’t use it in the campaign for crucial state elections, scheduled next year.
PM Modi has opined that his step is also a way to weaken the militants who use the black money for supporting the terrorist attacks.
Who will effect from the ban?
The major effects can be the mafias and drug dealers and cricket bookies who have to deal with the black money, but Temples and other such religious places are a real victim as they don’t know how to convert their huge donations into legitimate currency.
There is surely going to be a crackdown on bribe too.
The government has decided to introduce a new currency note for Rs.1000. Meanwhile public has to use the 100Rs, which is the largest denomination of 500 Rs. Although govt, has extended the date to exchange all the currency notes, till 31st Dec, still, panic among the public is evident in the form of the crowd in banks, long queues outside the ATM and hesitation of people to enter into small monetary transactions.