Reasons behind the ban of Rs 500 & 1000 notes is Terrorist financing fake notes & Black money : The Prime Minister of India on Tuesday night dropped the bombshell on the Indian population by announcing the ban on the Higher denomination currency notes of INR 500 (US$0.75) and INR 1,000 (US$1.5). The decision has been considered to be the kind of surgical strike from the Indian government against the black money.Meanwhile, the decision has received a mixed bag of reaction from the people from various industry. The other political party blamed Modi for causing problems for the common people of India, and on the other side, the people from the Bollywood and sporting fraternity appreciated the strong stand of the Prime Minister of India.
However, mots part of the Indian population is the bit confused about this step of the Indian government. Well, it is very significant to know the objective behind this solid move by the Modi and government.
Objectives behind pulling out Rs. 500 and 1000 notes:
1. The primary motive behind seeking this decision is to take strict action towards the black money. This decision of Modi has alarmed those people who have kept the hard cash earned from illegal activities. Now, the challenge will be for the people who has hidden the black money in the hard cash in their houses, and it will be interesting to how, they will swap their money, which is apparently impossible with income tax department opened their eyes with the Banks of India.
2. To put the restriction on the flow of the fake notes in the Indian society. It is believed the terrorist group is behind the movement of the fake notes in India for fulfilling their evil plans and this decision will be the barrier for the terrorist groups in making their plan successful.
3. It puts a spanner in the works of corruption by making it hard to hand out cash. The corruption free India has been the dream of the every citizen of the India, and it seems like, with this decision of the Modi, we will achieve that feat shortly.
4. The decision to pull out the notes of Rs. 500 and Rs. 1000 point out toward the cashless digital future of the India. The decision will prove to make India’s economy digital to go with the reduction in a range of areas from payments to loans. A dream of digital India looks possible.
Well, the decision has been taken and now we all bein an Indian, must support and respect the solid step of the Prime Minister of India.