By now everyone knows the news that has sent shockwaves through the entire country. PM Modi announced last night that 1000 and 500 rupee notes stand abolished from midnight, starting Novemeber 9. In his address to the nation, Prime Minister Modi delivered a massive blow that is being hailed as a surgical strike on black money and corruption. But this sudden announcement is not as sudden as it seems.
Member's of the BJP who have had the opportunity to speak with him are aware that he has always been obsessed with the idea of stopping black money altogether. However, only a man of his intelligence could have played this game of chess one move at a time.
Let's face it. No one is really going to own up to a 100% of what they hold in black. And making any sudden moves would ultimately hurt the tax payer and the poor. So PM Modi had to have planned this meticulously.
The story first began with the Dhan Jan Yojana scheme launched by PM Modi, in which he wanted to ensure that rural and semi urban families start to use the benefits that the modern financial and banking systems offer to people. Under this plan 25.45 crore accounts were opened.
He then went on to make it necessary for people to link their Adhaar cards to their bank accounts. Their UID footprint started to get created.
He then went on to make it necessary to disclose, bank account, passport and Adhaar no. in Income Tax Returns. Voila, every individuals fianncial history just came alive.
The IT Department has many, many, other data mining tools that they use to track people's income, versus spend and assets versus liabilities.
If you've ever played monopoly then this was like the Get Out Of Jail card. He gave people the opportunity to voluntarily declare their black money and get out of the 'chakravyuh' that he was creating to stop black money, corruption and funding for terrorism.
Everything that has happened last evening was carefully planned. He waited till after Diwali and Chhatt had concluded. He waited till 8 pm to ensure that the share markets don't get negatively affected and people cannot go to places of high transactions like Gold stores and and get black money converted into jewellery.
The US elections were underway and the huge 'satta' bazaar for betting on the outcome was destroyed. The results were to be released at 1 am, but the currency became invalid an hour before that, at midnight. This move is also just before the elections in UP so garlands like the one above will be more an more difficult to pass off as 'gifts'.
Obviously those who have a lot to lose, have a problem with this. All the moaning and groaning about loss of business for two days by shop keepers is a bit silly. Credit cards, debit cards and digital wallets are all functional. That means the shopkeepers also had something to hide or rather gain from transacting in cash.
Yes for today and tomorrow people will face a lot of inconvenience. But really, it is only two days. What is that in the larger scheme of things? The Prime Minister expressed a lot of faith in the abilities of the bank staff of the country and also remains hopeful that political parties, workers, social organizations and media, will work hand in hand in ensuring the government's new radical move turns out to be a success.
That in some parts while the ATM machines will not be functioning on November 9, in other parts of India some ATMs will be out of order on November 10. This is in lines with the new ruling as announced by PM Modi. Banks will remian closed today for consumer operations but will reopen on November 10. the bigger challenge is places like the railway station that is NOT accepting the notes even though the PM categorically stated that they will continue to accept these notes. This is causing tremendous problems for the same poor that PM Modi wants to help. So some heads probably need to roll in some of these goverment run ministries.
Notes of Rs. 2000 shall soon be introduced in the country. All one needs to do now is to go to the bank and exchange/deposit their existing currency and then withdraw the same amount (should they wish to) in lower denominations. For a few days they will not be able to withdraw more than INR 4000 per person.
India is slated to introduce new 2000 notes from February 2017, the highest denomination to have come into circulation. These new notes will be embedded with NGC (Nano GPS Chip). This new tech. doesn't need power and only acts as a signal reflector. When a satellite sends a signal requesting location, the NGS reflects back the signal from the location giving precise location cordinates and the serial number of he currency back to the sattelite.
In this way, every NGC embedded currency can be easily tracked and located even if the same is kept 120 meters underground.
PM Modi is trying to take credit for things they (as in teh UPA govt.) did. Uhhhh...strangely enough none of these actions were taken by them, nor were they able to do anything about the black money situation either (maybe deliberately, or maybe due to incompetence).
And finally (drum roll please) Prime Minister Narendra Modi has managed to do more in the past two years than any government in the history of Indian governments. Step-by-step he has brought things under one umbrella and then tightened the noose around those who continue to drain this country of it's resources. Absolute genius this!
Do you have something interesting you would like to share? Write to us at [email protected]
