Government of India has announced on 8th of November 2016 that high denomination notes of Rs.500 and Rs.1000 (Specified Bank Notes known as SBN) are no more legal tender with effect from midnight of 8th November 2016. All these notes are to be either deposited back in banks or exchanged as per norms set by the government. Some points like Hospitals, petrol pumps , tax collection, electricity bill payment etc are allowed to accept these SBN upto specified dates to give relief to people of India .
I from core of my heart support this step of the government because it kills many monsters of society in one stroke. This will help in reducing the evil works of black money creators, corrupt officials, terrorists, mafia men, looters, money extorters and businessmen who artificially give rise to prices. This will make landed property cheaper. This will give relief to students going for higher education. This will reduce inflation. This will minimise use of fake notes . This will have positive impact on families become victim of dowry. This will help in reducing avoidable expenses done by corrupt individuals , corrupt business houses and black marketeers to celebrate an occasion in their family. And so on.
I from core of my heart support this step of the government because it kills many monsters of society in one stroke. This will help in reducing the evil works of black money creators, corrupt officials, terrorists, mafia men, looters, money extorters and businessmen who artificially give rise to prices. This will make landed property cheaper. This will give relief to students going for higher education. This will reduce inflation. This will minimise use of fake notes . This will have positive impact on families become victim of dowry. This will help in reducing avoidable expenses done by corrupt individuals , corrupt business houses and black marketeers to celebrate an occasion in their family. And so on.
There is no doubt that the act of demonetisation of high value currencies and non-supply of notes in adequate quantity to replace them will cause hardship to common men and business community for few days. Government had given time to poor section of society to approach banks for exchange of their SBN as because these SBNs are no more a legal tender.
However it is astonishing that some shops and merchants are still accepting SBN from buyers . They sometimes insist for purchase of goods to full extent so that they need not give in return small denomination notes. It means they are able to deposit these illegal SBNs in banks in continuation basis. It is true that due to heavy rush in banks,some of SBN holders could not deposit their SBN for 15 to 20 initial days. But if a person or a firm deposits these SBN on daily basis , it proves that they are accepting SBNs as legal tender in collusion with bank officials. Some of SBN holders are using petrol pumps , religious trusts and other places where cash flow is comparatively more to exchange their black money . Even small and mid segment traders are accepting SBN daily and they are able to park them in banks. These activities create an impression that common men are in pain due to demonetization but rich are managing their affairs tactfully.
I think government will take cognizance of these illegal activities and try to punish those who are trying to fish in disturbed water.
Government is actually acting fast to increase availability of cash in banks and ATMs and I hope people will be in comfort zone very soon.However it is the need of the hour that Government of India takes some drastic steps to increase use of plastic money like cards and to boost up online commercial activity. For this purpose GOI , Banks and NGOs have to create awareness in public about use of cards and digital methods for trade. TV media has to take a lead step in this regard to make it a revolution . This is to be mentioned here that in developed countries 90 percent of trade takes place without use of currency whereas in our country it is hardly 25%. As such , if India has to develop and grow , it has to reduce use of hard currency as far as and as soon as possible.
However it is astonishing that some shops and merchants are still accepting SBN from buyers . They sometimes insist for purchase of goods to full extent so that they need not give in return small denomination notes. It means they are able to deposit these illegal SBNs in banks in continuation basis. It is true that due to heavy rush in banks,some of SBN holders could not deposit their SBN for 15 to 20 initial days. But if a person or a firm deposits these SBN on daily basis , it proves that they are accepting SBNs as legal tender in collusion with bank officials. Some of SBN holders are using petrol pumps , religious trusts and other places where cash flow is comparatively more to exchange their black money . Even small and mid segment traders are accepting SBN daily and they are able to park them in banks. These activities create an impression that common men are in pain due to demonetization but rich are managing their affairs tactfully.
I think government will take cognizance of these illegal activities and try to punish those who are trying to fish in disturbed water.
Government is actually acting fast to increase availability of cash in banks and ATMs and I hope people will be in comfort zone very soon.However it is the need of the hour that Government of India takes some drastic steps to increase use of plastic money like cards and to boost up online commercial activity. For this purpose GOI , Banks and NGOs have to create awareness in public about use of cards and digital methods for trade. TV media has to take a lead step in this regard to make it a revolution . This is to be mentioned here that in developed countries 90 percent of trade takes place without use of currency whereas in our country it is hardly 25%. As such , if India has to develop and grow , it has to reduce use of hard currency as far as and as soon as possible.
Further It gives me much pain when Chief Ministers like Arvind Kejriwal and Mamta Banerjee are instigating common men to revolt against the step of demonetization. They hold Constitutional post. They are CM and have to work under Constitutional norms. They are working under Federal structure. They are public servants. Even a low level clerk or an officer working in any of government department or in PSU is not supposed to act against law, against order of central government or even against order of his or her immediate boss. This is demand of minimum decency and discipline.
A Chief Minister rank person should not be allowed to act or provoke people against legitimate order of the central government. After all , the act of demonetization is a subject belonging to central list. And hence all state government have to follow the rule honestly , sincerely and without exception. After all they all all public servants. They are not laymen who cry and protest on road against any action of the government. It is their duty to give due respect to laws and orders of central government.
It is to be pointed out here that only two CMs are more disturbed after demonetisation and have been seen to act in indecent way. If a Chief Minister acts against norms set by the Constitution, it sends a wrong message not only to common men of this country but also to International community. It may to lead a situation like that of anarchy.
A Chief Minister rank person should not be allowed to act or provoke people against legitimate order of the central government. After all , the act of demonetization is a subject belonging to central list. And hence all state government have to follow the rule honestly , sincerely and without exception. After all they all all public servants. They are not laymen who cry and protest on road against any action of the government. It is their duty to give due respect to laws and orders of central government.
It is to be pointed out here that only two CMs are more disturbed after demonetisation and have been seen to act in indecent way. If a Chief Minister acts against norms set by the Constitution, it sends a wrong message not only to common men of this country but also to International community. It may to lead a situation like that of anarchy.
Further to ameliorate public pain and reduce the discomfort which people of India are facing due to shortage of currency post-demonetization as also to give a boost to declining trade , I request you to
a. instruct all traders to use Point of Sale (POS) , accept credit card, debit card, transfer through mobile banking and all digital way of commercial activity.
b. Instruct all banks to make it mandatory for all current account holders or businessmen to first acquire a Pos and then do business activity.
c. Instruct all authorities which issue license for doing a business or a trading activity to ensure PoS machine before issuance of license or renewal of it.
d. Banks should not renew credit limit till they get certificate and prove from their customer that they have enough number of PoS machines on their counters.
e. Above steps should be made mandatory with effect from 1st of January 2017 at least for those traders where daily cash transaction is more than Rs.10000 in towns and cities and Rs.5000 in villages. For this purpose banks should also spare a team of officers at all important centers to provide these machines to business men . Similarly every bank should issue credit card to persons of honesty and integrity and issue debit card to all invariably.
f. Police department , Income Tax department , government departments and intelligence bureau should be made active, properly trained and motivated to remain effective to stop ongoing evil acts in the market inspite of demonetization. It should be kept in mind that several writs have been filed in various courts and opponents of the step should wait for the court order in this regard.
g. Post-demonetization , it is bank employees who are facing more stressful life in discharging their duty, they are feeling unsafe , they are receiving threats from bad elements , their normal works is hampered and more specifically their family life is in pain. Government should think for their comfort , safety and all types of relief for their betterment. Stressful Human Resources prove to be harmful for the health of the organization .
h. Due to engagement of bankers in handling situation arising after demonetization , their core business of lending , monitoring of existing assets and that of recovery from defaulters has been adversely affected. If this is allowed to happen for longer period, it will have devastating effects on health of banks and if banks go in turmoil, country will suffer, GDP will come down and after all FII will hesitate in investing in India. GOI should ponder over it and come out with effective steps to deal with the critical situation which has emerged and which is likely to continue for a quarter or two.
g. Post-demonetization , it is bank employees who are facing more stressful life in discharging their duty, they are feeling unsafe , they are receiving threats from bad elements , their normal works is hampered and more specifically their family life is in pain. Government should think for their comfort , safety and all types of relief for their betterment. Stressful Human Resources prove to be harmful for the health of the organization .
h. Due to engagement of bankers in handling situation arising after demonetization , their core business of lending , monitoring of existing assets and that of recovery from defaulters has been adversely affected. If this is allowed to happen for longer period, it will have devastating effects on health of banks and if banks go in turmoil, country will suffer, GDP will come down and after all FII will hesitate in investing in India. GOI should ponder over it and come out with effective steps to deal with the critical situation which has emerged and which is likely to continue for a quarter or two.
Lastly government should also prevail upon media men who are speaking against demonetization and who are under a conspiracy to dislodge Modi Government are seen igniting fire in the minds of common men on the issue of demonetization. To discuss merits and to try for modification and improvement in the rule announced by the government is desirable in the framework of democracy but to provoke unrest in the name of common men is absolutely wrong. It is better that opponents or haters of Modi maintains certain minimum constraints and self imposed discipline for the sake of image of the country. They may raise the issue or discuss the issue in proper platforms like Parliament so that improvement may take place in the system.
I hope Government of India will take my little suggestion in good spirit and act fast if found reasonably good.
Above step of demonetization will help to some extent in dealing with monsters narrated above but it is more necessary to stop creation of black and fake money and strike at the root of these monsters to have a long lasting solution for existing evils.
Above step of demonetization will help to some extent in dealing with monsters narrated above but it is more necessary to stop creation of black and fake money and strike at the root of these monsters to have a long lasting solution for existing evils.
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