India is on highlights again and this time it for the historic November 8 demonetization move of Prime Minister Narendra Modi that has given sleepless nights to the corrupt. The demonetization of Indian currency notes of Rs 500 and Rs 1000 notes created such an impact on Indian business and common people that everyone is feeling the pinch.
According to experts, the Reserve Bank of India has produced total of around Rs 18 lac crores of Indian currency and in that around 86% is 500 and 1000 valued currency. It means around Rs 14 lac crores in India has become useless until and unless it’s not changed in banks as per government guidelines. As per finance consultants, this move will create new flow in transactions and on average of Rs three to five lac crores of black money will be simply demonetized as black money holders cannot exchange it with the banks without legal documentations.
Newskarnataka.com took opinions of the UAE resident Indian expatriates and many shared their views with us. Let’s read what people say about this.
Dr. B.R. Shetty, Executive Vice Chairman & CEO, NMC Healthcare:
The Government of India’s decision to demonetise the denominations INR 500 and INR 1000 can go beyond just economic benefit to the nation. It will help improve the law and order situation in the country by curbing issues of unaccounted money, counterfeit notes, money laundering, terrorism financing, child labour, human trafficking and corruption at large. More money will flow into the nation’s financial system, strengthening the economy. It will also lower the interest rates, inflation and cost of necessities, making common man’s life more comfortable. He can have better access to critical aspects like quality education and healthcare facilities. It will help in reducing the cost of living, which will help the genuine tax payer.
It will also strengthen the Jan Dhan Yojana of the government, which is aimed to bring the un-banked population into the financial mainstream, thus propelling the journey towards its vision of complete financial inclusion. It can also be a significant step towards building a cashless society.
Sujith Shetty, Dubai:
Firstly, we should salute our PM Modi who dared to take this decision and initiate a fight against corruption, which will enhance Indian economy in the long run. This decision will help in controlling black money terrorism.
It will also enhance controlling prices in all the areas which were artificially boosted due to black money.
This decision may cause some difficulties for common people temporarily but in the long run it will help whole nation. We should support his decision and do our bit to make it a success.
Prabhakar Ambalatere, Dubai:
The decision of the Prime Minister is commendable, but the decision-makers should have planned it better so as to reduce the inconvenience. Our country has large number of farmers and daily wage workers, who have been put to great difficulties. Restrictions on currency exchanges has further added to the problems. But, what needs to be appreciated is the fact that Indians have stood by the Prime Minister despite all the inconvenience, because they understand the importance of this move. All are expecting Acche Din and hope the problems what common people faced will turn into smiles in coming days. I would like to congratulate and thank all officials and employees of various banks who worked more than their daily working hours without any rest and holidays just to give comfort to common people.
Valerian Dalmaida, Abu Dhabi:
It is a brilliant and smart move by the Government of India to save the nationalized banks from NPAs of Rs six lakh crores. Over a period of 6 to 8 months GDP is going to hit by 3%. Bank balance sheets will be better and it will be back to square one once they start lending to real estate and capitalists.
We need to understand who has the black money? Mainly the black money is with politicians, religious institutions, educational institutions, real estate corporates, builders, jewelers and the capitalists. Why there is no accountability for the donations received by political parties? Every Rupee donated to political parties need to be accounted. But who will bell the cat?
This demonetization, how does it stop corruption? The bribes in sub registrar’s office for property registration, RTO offices, Police, Tax departments, excise duty, customs and the like will they stop? Will there be break in bribes on Government tenders in defense deals, railway, environment clearances and the like? Believe me, nothing is going to change and in a matter of 6 to 8 months it will be back to square one unless Government of the day raids the black money hoarders whom they know. And one more thing who gave the Government a right to stop the bank customer to withdraw his/her money in whatever amount and to spend in cash as long as it is legitimate, tax paid, accounted or exempted from tax bracket? Strictly speaking the Government of the day has unilaterally gone against the Negotiable Instruments Act.
We need to go for police reforms, target the political parties and election funding, and lower the real estate Government prices, abolition of stamp duty, Capital Gain tax and single rate of GST.
The media must be responsible and report the truth instead of looking for TRP. Bring the 1.25 billion people under cashless economy through mobile to mobile payments. Let all have bank accounts and let banks do training to citizens to use debit cards, ATM, on line payments, advantages of banking, credit rating due to banking, swiping machines in schools, colleges to avoid capitation fees, swiping machines with medicals, groceries, petty shops, payments of wages by transfer to bank accounts, disallowance of cash payments under business and profession and many more.
I am in support of the demonization provided the Government of India does all the required measures that I mentioned above and many more on their own and does not stop with this demonetization. If it stops with this move, then it is a futile exercise.To conclude,the demonization has thrown out counterfeit currency, crippled the terrorists and anti-Indiaorganizations.But it has brought difficulties to senior citizens, disabled, common man and Government of India should have thought of them while planning the demonization which was planned since 8 months.
Devesh Alva, Dubai:
With regard to the demonetization, I feel it is a good move, which would reduce the counterfeit currencies at least for some time (till someone finds a way to make it).The government claims that the new currency notes cannot be counterfeited.
Definitely a big blow for the black money holders. It will change the situation at least by 50 per cent. We do have people exchanging currency on commission, but such developments are bound to happen.
I appreciate our Prime Minister and his team for the move. The effort looks sincere and I don’t doubt him. I would anytime give a chance to our PM on this, when I have given so many chances to other governments.
Ratnakar Hegde, Dubai:
The currency demonization is a good move. It will drastically improve our economy/country in near future.
Hilda Pais, Dubai:
Just as much as I am aware and feel the pain and chaos this step has brought into common man’s lives, I for one wants to believe that short time pain is unavoidable for the long term benefit. And here again, in the midst of all the speculations that this move may have been staged & already compromised at the higher level, I sincerely hope and believe that it will help eradicate black money and bring improvements to our economy and infrastructure on the long run.
Sudhir Kumar Shetty, Abudhabi
The decision of demonetization of Rs 500 and Rs 1000 Indian currency is a bold and commendable move. The step that government has taken will enable the economy to clean the money as now it must circulate through banking channels. When people do transactions through bank, there is no chance to create black money. The deposit of demonetized currency will create good liquidity at banking sectors and as per reports more than 4 lakh crores currency is deposited in banks in 10 days. Also due to exchange of currency tax base will get wider. Hence Government will get more chance to invest tax base on development of nation, infrastructures and this will create huge job opportunities to our people. In conclusion, I feel the brave step pf demonetization of Indian currency will create good future for India and ultimately it make better India for Indians.
Praveen Shetty, Dubai
People need to be patient. The good result will start showing in six months. Once corruption and black money have reduced and gradually stopped and corrupt people start paying proper tax, everything will start come to a track. It results in development of country, growth in standard infrastructures, reduction in taxes automatically create happiness to common people those who are facing some difficulties in their regular activities. I am sure within next 3 years of time period India will reach such standard of developed countries of worldwide.
Sadhan Das, Dubai:
The decision is good for future. Now yes, there are some problem that people facing and especially at rural areas a common people who don’t have much exposure with banking and financial aspects. If you making any changes in the system you need to face problems after taking the necessary arrangements. Geographically India is very big nation and demand for new currency is very high and arrangements that government made are not fulfilling the demand. But we all support for good and hoping for brighter India ahead.
Wilfred Fernandes, Abudhabi:
Brainwashing people in the name of deshbhakthi. Biggest ever scam. Unethical mean to deposit into bank.The idea is good but implementation is terribly bad. Being in the queue for ration and railway isn’t same to being in queue for our own money. My simple question is why a loyal and honest citizen must bear the consequences of such radical decision of catching a big fish of black money? It’s just injustice to the honest citizen by its own govt which he only elected. Democracy is not always true. Majority can manipulate democracy this is a clear cut example of hijacking democracy.
Manohar Tonse, Abudhabi:
Currency demonetization is an excellent step by govt to eliminate hoarding of black money. In fact this is the real Acche Din for common people who were denied of better standard of life in the past. We wish and pray for the success.
Abhilash Serrao, Abudhabi:
I am happy that political party is doing something good for country and they are acting on the situation.
Vikranth Shetty, Dubai:
Demonetization of Rs 500 and 1000 is a good move by the PM Modi and Indian government , we can say that it will work as a preventive medicine for stopping corruption, black money and Terrorism in the country. So it is the duty of every responsible citizen to stand in support of PM Modi and government to evacuate the bad design of the corrupt people.
