Our dear PM has wished all of us a happy new year by his great move of economic reform.
Looks like Samsung is not the only one recalling notes.
This move is what I call a real life “check-mate” to corruption, black-money and the fake note industry.
For the first time in our country people with less money are happier than people with bags full of money!
Who all are going to be affected?
Bachelors like me are happy and peaceful during this chaos, because we pay all our bills online. For rest of the transactions on grocery, movies, cabs, shopping, rents, etc we prefer cards or net banking. Because who needs to keep cash nowadays?
Fake note industry.
As many as 250 out of every 10 lakh notes in circulation are fake, according to a study conducted by the Indian Statistical Institute. Banknotes with a face value of Rs 400 crore are in circulation in the country. Every year fake notes of Rs. 70 crore are brought into the system and only one third of them are intercepted.
As per reported by IB, R&AW, Directorate of Revenue Intelligence and CBI, ISI (Inter-Services Intelligence, Pakistan’s military spy agency) gets an annual profit of Rs. 500 crore. The cost of printing a fake Rs. 1, 000 note is Rs. 39 and it is sold at Rs. 350–400, according to a report. India-Bangladesh border is used to smuggle these notes in India. Source.
Terrorism funding
These fake currency notes are major funding source for terrorism in India.
Some of the names that are linked with the circulation are Dawood Ibrahim, Kashmir-centric Hizbul Mujahideen, Lashkar-e Taiba, ISI, Tunda and Indian Mujahideen.
These funds have been used to fuel terrorist activities like the attack on Indian Institute of Science in Bangalore in December 2005, Mumbai terror attack on November 26–28, 2008, Bangalore blast in July 2008, etc. Source
Our own dear corrupt Indian people
People holding and hoarding all the black money that they have accumulated by exploitation of either their power or other people. And then, this money is kept under the bed, buried under the floor or inside walls, etc. of their properties.
These are the ones who are going to get heart attacks and will need these Rs. 500 and Rs. 1000 notes at Hospitals.
- All the property dealers who asks for cash + cheque component when dealing.
- All illegal drug suppliers and dealers.
- Owners of Private Medical or other colleges who take money under-the-table for admissions.
- Jewellers who just celebrated a grand and happy Diwali on the sales of gold, silver, etc.
- People who go to luxury car show-rooms & buy cars in all cash.
- People taking advantage of their positions in Govt.
You have been warned before!
All of these people were given chances when Govt. asked people to open the bank accounts, declare the income by Sept 30th, warned about black money and financial inclusion and asked to buy paper gold. I hope all of them took those signs seriously; otherwise the rates of scrap (*raddi) is Rs. 10–15 /Kg.
All of us who are reading these kind of posts, or are posting themselves, are the only ones who don’t have any relation with black money; others are busy counting their notes, calling people, or thinking of ways to blame the Govt.
All the people who are crying about the inconvenience caused to them because of it, please be supportive & celebrate this extended festive season.
Its a request from me to all the readers to educate the maids, servants, labourers, drivers, etc. in our home or around about it. If they need help, please guide them too about next steps.
Please share this article or recommend it if you agree with what is said here. Help me spread this across. Because all of us love to sing:
Mera desh badal raha hai, Aage badh raha hai.
