8th November 2016 , at around 8 pm whole India got surprised when Narendra Modi , Honourable Prime Minister of India announced replacement of 500 and 1000 currencies all over the country. This is considered as most ambitious and courageous decision in the history of Indian Economy. But lets get a closer look into how this decision can be helpful in shaping the future of India.
5 Ways In Which Ban of 500 and 1000 Notes Will Help India :
1) Lakhs of Crores of Black Money is scattered all around country as hardcore cash :
From a medium class family to the richest of all , almost all of us have that undeclared extra money somewhere safely sitting in our homes. This tiny chunks of money when accumulated are over 100 lakh crores in total . Not able to flow in market , this black money thus affects the economy of India in a bad way . Banning of these existing notes means a fresh money flow which will give India a boost to its economy in Long Run.
2) Hardcore Cash Leads To Corruption :
Many people at powerful positions have gained a lot of extra money over the year under table. This is called Black Money. These money are not declared by the owners and hence cannot be counted as market flowing money which means this is affecting Indian Economy Again. These money are now useless and considered crap after banning of big notes .
3)Tracking Of Money Is Very Easy :
Now that all big notes are banned , Indian Government is allowing people to deposit their money in banks or get it Exchanged by showing Id Proofs. This means government can track every individual with even small amount of money. In future very low amount of money will be used as hardcore cash and so it will be very easy to track every single penny transaction.
4) Hell Lot Of Tax Into Government Account :
Undeclared amount , if not deposited to bank will be nothing more that crap. So people would want to deposit their black money into account and prefer to give 30% tax on it . Since there are a lot of black money chunks scattered all over country , it is expected to collect a huge amount as tax . Hence , will tremendously improve Indian Economy.
5) Most Important – BANNING OF BIG NOTES INDIRECTLY AIDS TO INDIAN SECURITY :
Terrorism ,the word itself is nothing less than horror. With a population of over 1.25 Billion , India is a huge country . It is very difficult to manage security when some of our own people are involved in corruption. For terrorist groups its very easy to offer hardcore cash to such people and get our countries security compromised. With banning of 500 and 1000 currencies , all such notes and fake notes are useless. With limitations of heavy cash transactions , it won’t be easy to get involved in corruption.And hence , will lead to a secure India.