9th November 2016 will go down in history as an unforgettable day for the world. While the whole globe was tuned to news channels wondering who will win the 2016 US Presidential Election, Indian Prime Minister Narendra Modi made everyone turn their heads towards India.
On 8th November 2016, PM Modi announced that from midnight, notes of Rupees 500 and Rupees 1000 would cease to hold any legal tender.
This drastic step certainly has grabbed attention across the country.
Along with this, it has also been announced that new Rupees 500 and Rupees 2000 notes will be launched.
On first look, it is clear that this is nothing but sheer brilliance. In one move, our PM seems to have found the ultimate weapon to curb corruption. And let me say right now, this is the stance that I maintain until the end.
Here’s the first thing we all need to understand. ‘A drastic change like this certainly can’t be brought about without affecting at least a few people’.
Having said that, let us consider this scenario.
With no more 500 or 1000 rupees notes, people end up with one of two options, either shift all their transactions online(which is the whole point because it makes all transaction visible and accounted for) or you’ll have to deal in lower denominations( which you’ll opt for in all your common transactions which is not a problem at all).
Having said that, this makes it clear to an extent, that the economically lower section of the country remains safe.
The higher sections of the society, other than the corrupt ones, already deal majorly in only online money, which means that majorly, they remain unaffected too.
The only faction of the society that will face a problem is the middle class who employ the lower class. But these are problems that the middle class is equipped to manage. With the opportunity to still deposit any and all of their money into the bank and the chance to change up to 4000 rupees a day, they too, will progress towards calm in a steady flow.
But then, of course, come in the corrupt people in the country. With no way out and no more opportunity to deal with black money, all they have left to do is turn in. And it becomes transparent that people who oppose this decision whole heartedly, might just have a problem they are facing.
There’s only one thing to actually worry about. Will the rest of the country allow it to progress? Will the PM be able to stick to his stance and go through with it? Will this brilliant idea finally curb corruption in our country?
How we react is in our hands. Corruption being curbed is in our hands.