Sunday, November 20, 2016

Analysing the Note Ban Saga

My issue with the whole thing is why was the RBI flooding the ATMs and banks with 500 & 1000 INR currency notes when they had already planned to withdraw these notes six months ago. Was it to harass the public? All bank counters and ATMs were dishing out only 1000 and 500 Rupee notes in these past six months. Senior citizens and the poor will be deeply affected by this move. Let s forget the black money folks for a while. And, we re not sure what can happen to the economy at this stage? Choppy waters for the stock and currency markets for sure! And why are there no measures to curb black money in the stock market through participatory notes and the inflow of tainted funds to political parties? Why are political parties still allowed to accept black money? They have good intentions but poor implementation - the time window should have been at least 3 months. And, how will it help if the present currency notes were once used by terrorists and changed hands twenty times. Will they slap charges of terrorism on the poor, ignorant, innocent accountholder who accepted money in good faith and went to deposit it in his bank account? That would be ridiculous!

About a Ban on Participatory Notes:

Still wondering why Modi did not ban participatory notes as they are possibly more dangerous than the defunct high value currency notes when it comes to black money hoarding, round tipping, money laundering, corruption, terror funding and benami deals. What are your views on the miniscule action taken on participatory notes when they pose a much bigger threat? Is n t it like locking your front door tightly when leaving your home but leaving your back door wide open for thieves?

1 comment :

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