Frankly My dear, I don't care..!! :P
but lets have a look on the "challenges"
that may arise after the bills of Rs. 500/ 1000 are invalid after 8th of November.
1. The consumption will go down. All the money under table and hidden in mattresses and bags are not Black money. Even if they are black only 40% of them are black money. Those who posses huge amount of money in the form of big bills will fear going to banks for depositing it. Thus even the white money may be lost which will cause consumption to go down and thus the GDP will go down,
2. Jewelers and unorganized Real estate businessmen who have been doing transaction in cash will have problems in transaction for the next 50 days. This may cause the price to go down initially. Although good for the consumers.
3. The daily wage workers may starve if they have problems getting the bills of Rs. 100/50 as their will be huge demand for small bills. for one or two days.
4. People will have problems for sure those who do not have bills of Rs. 50/100 but they can still do "WHITE TRANSACTION" as far as they can persuade the "foolish-reluctant-seller" out there by enlightening them by saying that they can still deposit the money or get an exchange from banks and Post offices. When business will go down they will themselves understand the concept and will start accepting these bills. There may be some foxes who know this concept and may charge extra money initially for transaction of 500/1000 bills.
5. RBI officials will have to think that those who earn less than 2000 per month and other Khudra market will require more than enough bills of Rs. 50 and 100 because 2000 is too big to handle.
"So RBI will end up spending more for printing more bills of 100 and 50". बहुत ज़्यादा 100/50 के नोट चाहिए होंगे अब..
6. It is to be pondered upon that it is going to be a hard time for them who have saved their hard earned money in cash, especially the old people and housewives and their amount is 'little big".
7. The coaching institute owners who do not pay taxes and earn crores of Rupees like those in Patna, varanasi, Kota etc. will burst in tears today.
I am still not sure what action they are going to take against those who deposit their black money in banks. Is the government really going to sack them or just leave them after the money comes in the market (banks). Are they later going to be caught? or not? and if yes what will be the mechanism of sacking them. Would it be easy for the concerned departments to track everyone since huge money will be deposited in near future.
Will come up with next post soon pointing out more of loopholes and more of pros and cons of this move. Keep following :P
PS: और हाँ अब 2000 के नोट गिरइलऽऽ त गईलऽऽ बेटा..!!
but lets have a look on the "challenges"
that may arise after the bills of Rs. 500/ 1000 are invalid after 8th of November.
1. The consumption will go down. All the money under table and hidden in mattresses and bags are not Black money. Even if they are black only 40% of them are black money. Those who posses huge amount of money in the form of big bills will fear going to banks for depositing it. Thus even the white money may be lost which will cause consumption to go down and thus the GDP will go down,2. Jewelers and unorganized Real estate businessmen who have been doing transaction in cash will have problems in transaction for the next 50 days. This may cause the price to go down initially. Although good for the consumers.
3. The daily wage workers may starve if they have problems getting the bills of Rs. 100/50 as their will be huge demand for small bills. for one or two days.
4. People will have problems for sure those who do not have bills of Rs. 50/100 but they can still do "WHITE TRANSACTION" as far as they can persuade the "foolish-reluctant-seller" out there by enlightening them by saying that they can still deposit the money or get an exchange from banks and Post offices. When business will go down they will themselves understand the concept and will start accepting these bills. There may be some foxes who know this concept and may charge extra money initially for transaction of 500/1000 bills.
5. RBI officials will have to think that those who earn less than 2000 per month and other Khudra market will require more than enough bills of Rs. 50 and 100 because 2000 is too big to handle.
"So RBI will end up spending more for printing more bills of 100 and 50". बहुत ज़्यादा 100/50 के नोट चाहिए होंगे अब..
6. It is to be pondered upon that it is going to be a hard time for them who have saved their hard earned money in cash, especially the old people and housewives and their amount is 'little big".
7. The coaching institute owners who do not pay taxes and earn crores of Rupees like those in Patna, varanasi, Kota etc. will burst in tears today.
I am still not sure what action they are going to take against those who deposit their black money in banks. Is the government really going to sack them or just leave them after the money comes in the market (banks). Are they later going to be caught? or not? and if yes what will be the mechanism of sacking them. Would it be easy for the concerned departments to track everyone since huge money will be deposited in near future.
Will come up with next post soon pointing out more of loopholes and more of pros and cons of this move. Keep following :P
PS: और हाँ अब 2000 के नोट गिरइलऽऽ त गईलऽऽ बेटा..!!
Bhai the definition of poors according to our govt is hotchpotch and jately says everyone can do non paper transaction then what to say!
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