In what could be termed as a surgical strike on black money, the Indian government last day had scrapped 500 and 1000 rupee banknotes.As per the report, the surprise move is aimed at reducing the circulation of fake notes. The report added that the move would help the Indian economy to grab an exciting growth.The historical move was officially declared by the Indian Prime Minister, Narendra Modi. While speaking to the reporter after the crucial cabinet meeting, PM Modi claimed that the corruption and black money are the biggest crisis faced by our country at the moment.
The declaration came into force last night. Since the moment the news regarding the new official declaration appeared in the Medias, the people are in a panic situation. The banks and other financial centres like ATMs will not function today. It seems that some people are still confused about the declaration.It is expected that the banks and other financial institutions will resume their function tomorrow.Those people who want to change their old notes can approach RBI centres, banks, and post offices from tomorrow onwards. Several economist and political leaders welcomed the move, saying it is a brave decision.Meanwhile, some critics claim that it would not help the country to tackle the black money and corruption effectively. They added that those people having some kind of illicit money like black money most probably deposit it in the foreign safe heavens or real estate business.Anyway, it will definitely help our officials to shatter the terrorist funding channels, say the experts.
vignesh
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