Demonetization: A Move much Needed - Part 2

In Part 1 of this series we learned a lot about black money , the problem it brings to our country and how this one move can help better the situation. The advantages of this move are still the need of discussion. Lets see it and as a youth of the country who is getting ready for protecting the nation , what you feel about it would also add weight to the flow of discussion. Put in your relevant comments and add to the knowledge base.

As it is evident from the above points that Black Money is dong a major harm to the Indian Economy and it was high time that something was to be done about that, the BJP Leadership came up with the idea of Demonetization. However it was preceded by the Government’s warning to Black Money Hoarders. But as no one came forward, the move was implemented. The effects of Demonetization would be long term and yet very effective. With this move into action Rs 500 and Rs 1000 note became void; all the cash which was illegally stored up in houses became mere colored paper. The move has not only shook the political class but has been a nightmare for the Black Money hoarders.

Click here for : Demonetization:  A Move much Needed - Part 1
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Here are some of the chief advantages Demonetization move would bring to India:

·         With this move into play, the government is directing people towards CASHLESS transaction.  This not only serves as a stepping stone in digital India but also serves as a major fleet in tracking the movement of money. Whoever is transferring huge amount of money across the country or abroad will be under Income Tax Department’s Scanner and would face charges if found guilty.

·         Demonetization would root out corruption from the system as any major movements of cash or frequent movements of cash to someone’s account would be under Tax Man’s scanner and any exchange of cash in person would be subjected to raids.

·         With all black money gone, the crime rate would go down. Which can be seen from the Kashmir valley’s stone pelting incident and the surrendering of the Maoists.

·         With Black Money gone, the value of the Indian Rupee would strengthen compared to Dollar, which would help in studying abroad for the student class. Another major impact would be that Inflation would be controlled. Prices of items from cars to mobile phones would be lowered which would help the common man.

·         As the parallel economy would be crippled, Demonetization would bring in new notes which would be very difficult to forge by the foreign powers. This would be a major step in stopping terrorism in the terror affected areas. The terror groups will not be able to fund the terrorists and other trouble makers in Terror affected areas and thus financially their back bone would be broken.

Demonetization has been in the limelight for too long, as the opposition parties are not in agreement with the Prime Minister’s view of strengthening the Indian Economy. With a log Jam in the houses of Parliament and Dharna’s the opposition has made every move to make the government take back this decision. Demonetization has off course caused the common man trouble as standing in bank queues day in and day out does take a toll on health; however this pain is worth the effort. With the Reserve Bank of India minting new notes by the hour things are bound to stabilize.

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Change is painful, especially for those who have been feeding themselves off the system. The benefits and joys this move would bring in the coming years would outweigh the current troubles. After all it takes time to clean up the system!

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About the Author: Shekhar Tanwar is a computer science engineer who is working with a renowned MNC and is a die heart defense aspirant. Guitar is his passion and he is very firm believer of physical fitness. This article is a way to help defense aspirants to present his critical views on the topic, on the forum so that collective exchange of thoughts can take place.