Indian Government declared that Rs 500 and Rs 1000 rupee notes are no longer legal tender. All hell let loose after that long QUE has been observed in all banks and post office for currency. PM is asking for another 50 days hardship towards normalization.Govt. views that it will cut the money flow to the terrorist , cross border illegal money supply and above all black money . Govt. claims that a few lakhs crore has already been deposited to bank since 8th. Whatever we are reading in newspaper or see it in TV all claim are subjective and Govt. yet to tell us the benfit in real term so that gain can be measured . As a common we like to know the gain we will enjoy.
1. As per govt a few lakhs crore is in Govt. coffer then did govt. reduce the income tax level of common man. If it is so then how much.
2. Govt. can tell in coming six month there will be no terrorist attack in India as terrorist will not have money to acquire firearms etc.
3. For retired person like us ( non pension holder) there will be increase in FD rate so that monthly income derived from it can be increased otherwise our income reduces day by day just opposite to pension holder..
4. Black money collected can be shared with state so that state can reduce taxes levied to their citizen. i.e road tax, municipal tax , water tax ,vat etc.
5. So much moneywas withdrawn from the market but prices of vegetables and daily required commodity is yet to be reduced. In fact as per economics commodity will be excess but no money but such situation is not appearing.
6. So much cash input Bank's financial health will be improved . They will not be worried about NPA. In newspaper it is seen that amount of NPA and write off both increased for SBI whose chairman received one year extension a few days back. But situation speaks otherwise all bank share price is downwards means it is burden with liability.
7. People of India ready to stand behind prime minister for 50 days if all benefits are quantified and declared.
8. Healthcare and travelling will be on reduce cost.
Otherwise we do not understand by unearthing black money what common man will get. A few people will suffer but common man will not gain. It is not doing any reform in the system to eradicate corruption therefore those who are in responsible position , having nuisence value will continue to take money and poor people will suffer. All terrorist out fit will raise their demand to have cut money. Political parties those who are effected by this move will also follow same path. Those who knew the move may be saved . This will have serious effect on project execution and India's GDP growth.
Prime minister 's thinking is appreciated but process is all wrong. PM did not take along the states therefore it can not be a mass movement.
We do not know how much black money deposited and how many white money deposited. My wife since last four years saved considerable amount from her pocket money and gift money and kept it with her as saving and she has to declare her black money so that i can deposit to her account..such case is true to most of the middle class family. Is Govt targeting such money ? Govt should pursue economic offender of more than 500 crore and their list to be displayed in INTERNET and lead a mass movement to boycott them. In case of Mr mallya who pilfer 9000 crore officially and unofficially may be few thousand crore more . Govt should pursue them and recover the money and our bank can improve their NPA.
We will with PM and ready to face hardship but benefits given to be quantified and measurable otherwise only talking will not serve the purpose.