There was a time when average population of India didn’t have bank accounts neither bothered to have one. Our honourable Prime Minister came with a new scheme, Pradhan Mantri Jan Dhan Yojana on 28th August 2014. Under this scheme PM declared that the account holders will be provided zero-balance bank account of ₹30,000 (to be given by LIC) ; after six months of opening of the bank account, holders can avail ₹5,000 overdraft from that account. Also with the introduction of new technology introduced by National Payments Corporation of India (NPCI), a person can transfer funds, check balance through a normal phone which was earlier limited only to smart phones etc. These features attracted the Indians a lot and as a result there were 1.5 million bank accounts opened under this scheme on its inauguration day itself and eventually it got place in the Guinness World Record book; this number didn’t stop there and by 1st June 2016, over 220 million bank accounts were opened under this scheme.
We could say, it was the beginning of a new era for India, DIGITAL INDIA, the dream of our PM.
On 28th February, there was an announcement which stated that 1% excise duty will be applicable on gold jewellery and people purchasing gold above ₹2 lac will have to show the PAN card, though the jewellers went on strike for one whole month and the result was the Government had to take back its decision.
An year ago, on 20th July 2015 when the gold prices depreciated drastically, people started panicking and started selling their gold which they kept as their reserves. It was a mere coincidence which we can say helped the government to execute the plan smoothly. Publics’ asset got liquified and they were left with high amount of cash with themselves which were mainly of the denominations of ₹500 and ₹1000.
Indians didn’t know what they could go through just a year later if they hoarded black money.
Ever since the NDA government came into power, public always questioned about their plans of bringing back the black money as the party got maximum votes on the basis of their promise of bringing back the black money to the nation.
Some may have invested in assets like land, gold, etc by this time but majority held cash with themselves.
By 31st September 2016, we had a mindset that Government has already forgotten about their promise of bringing back the Black Money. We on the other hand were unaware of the Government’s plans of exposing the Black Money Hoarders but it was just a day later, we realised that the Government is actually working as per the requirements of the country. On 1st October we got a statement by our Financial Minister Mr. Arun Jaitley stating “₹65250 crore disclosed under Income Declaration Scheme”. After this the PM again warned the citizens hoarding black money to expose it or else they will have to face the outcome. Despite the warnings most of them ignored it but just a month later, i.e. on 8th November 2016, around 6:00 p.m. (GST), a news flashed quoting, “PM Narendra Modi wants to address the nation.”
In his speech he informed the nation that the Government has withdrawn its legal tenders for the ₹500 and ₹1000 notes which would be applicable from the midnight. He has given 50 days time to the nation for getting their ₹500 and ₹1000 notes converted into the new ₹500 and ₹2000 notes issued by the RBI having the signature of our new Governor, Mr. Urijit Patel. This is basically the demonetisations of the notes of ₹500 and ₹1000. Again, there is a limit for converting the old notes into the new notes. So, now the nation is left with the next best option which is depositing their money into their bank accounts. They can deposit any amount, there is no limit for depositing the fund provided the person is showing their PAN card and the amount being deposited is justifiable. The government will keep a close look on the amounts being deposited above ₹2.5 lac in each and every account.
It is a situation which is being appreciated by the majority of the population but some are still there who want to offend this though they are helpless and can’t do anything but praise this movement with fake smiles on their faces. As if they don’t do this and oppose it, they will be exposed and neither have they got anything to say or back their statement with, for opposing this “SURGICAL STRIKE 2”, as termed by the public.
Now, if we go for joining the links we can clearly see that these were joined indirectly; making the public open their own accounts then going for imposing Excise Duty and asking for PAN cards who would purchase gold above ₹2 lacl. People who held gold already sold them because of the continuous depreciation in the cost of gold which was a mere coincidence. After this, demonetising the notes of ₹500 and ₹1000 was a step which was being backed by all the steps discussed previously in this article.
On a lighter note, the Government promised to provide ₹10 lacs in every bank accounts being opened under the Pradhan Mantri Jan Dhan Yojana and now after 2 years, ironical is the situation when people are themselves depositing this amount to their accounts; indirectly the PM redeemed his promise.
There will be appreciators and criticisers for everything, This article is not written as a supporter of BJPor other party, it is just that, being a youth of this nation, we need to support the person who is supporting and doing every possible thing for the nation.
Demonetisation of the notes of ₹500 and ₹1000 has not only helped the government to expose the black money hoarders but the concept of fake currencies have endangered the mass and it has also shown the people the right way to at least incur honest money with honest salary with honest business. Apart from this it has also helped to wipe out the fake currencies of the nation which has already entered within a span of 8 months. It is a face-palm for the terrorists crossing the LOC with fake notes.
ICFAI University Jharkhand, India