Tuesday evening Prime Minister Narendra Modi came up and dropped a bomb on the black money. In a brilliant, brave and bold move that was daringly simple and breathtakingly audacious, the Prime Minister has announced that from midnight all Rs 500 and Rs 1000 notes will turn into ash from cash.
Modi announced that, “To break the grip of corruption and black money, we have decided that the five hundred rupee and thousand rupee currency notes presently in use will no longer be legal tender from midnight tonight, that is 8th November 2016.”
Paytm founder Vijay Shekhar Sharma tweeted that this was a surgical strike in favour of digital money. Amit Somani, Managing Partner at Prime Ventures Partners, tweeted that “cash is dead. Honestly, as of now it just looks like cash has a new look.”
While almost all the political parties and the industry has welcomed the move, Congress and Trinamul Congress has raised doubts on the brave and bold move to effect a surgical strike on black money and terrorism.
“Is the banking system ready?… What will happen to the marriage celebrations and festivities. What will happen to the sowing of crops? What will happen to shopkeepers and artisans who believe in recycling of money? These are some questions that he [the Prime Minister] needs to answer,” Congress communication department Randeep Surjewala said.
“While Modi withdraws Rs 500 and Rs 1,000 notes, he introduces Rs 2,000 notes…. Would it not encourage hoarders to save their money in Rs 2,000 rupee denominations?” he added.
West Bengal CM Mamata Banerjee called it a draconian decision and demanded it be withdrawn immediately and said, “The PM could not get back the promised black money from abroad from the rich, so a drama to divert his failure… I want to know from PM how my poorest brothers sisters,who’ve recd their week’s hard earned wage in one 500 rs note will buy ata, chal, tomorrow?”
JD(U) general secretary K C Tyagi,said the step will check fake currency being smuggled in, “We welcome this move,which will also break the back of those hoarding black money and hawala traders. There was a moral pressure on the PM to unearth black money, a promise that he had made… He has fulfilled that promise with this step.”
BJD leader Bhartruhari Mahtab said, “I welcome the bold step by the Prime Minister… to weed out black money from circulation which is a parallel economy in our country. Next step is to keep a hawk’s eye on the money transaction that may change hands. All the best to Narendra Modi.”
“The black money recovery scheme has brought Rs 65,000 crore into the treasury. This announcement by the PM will help in uprooting corruption, black money, hawala and fake currency,” BJP president Amit Shah said. “We are all proud of this surgical strike by Prime Minister Narendra Modi and would like to congratulate him for this.”
By Premji
