Black money is often invested in land, gold and other things and deposited in tax havens such as Switzerland. The sudden announcement in November 2016 has certainly led to chaos and confusion all over the country. It would have been ideal to announce the date of demonetisation in advance, as it was done in 2014 regarding currency notes printed before 2005. This would have saved the common man from the chaos inflicted upon him. The demonetisation move might at first glance, appear to be a good way to control black money and crack down on fake notes, but it is hindering people’s day-to-day lives.
The rich and powerful people, whose money is stashed away in tax havens, are having a hassle-free time while the common man/woman like you and me are suffering. It is also a very good decision by the Central Government that Rs 2.5 lakhs can be withdrawn from one’s bank account if a marriage is performed in the family by showing adequate proof like a wedding card, etc. But the restrictions that one should produce receipts are entirely baseless.
In the first place, why restrictions on withdrawing one’s own money from one’s own bank account? It is our own hard-earned money which we have earned since the time we were 18 years of age and not Narendra Modi’s money. Why harass the common man? On the other hand, demonetisation of Rs 1000 and Rs 500, though had been introduced to wipe out black money, the fact is that more than good, it has proved to be a bad decision for the common man/woman and hence to the nation.
Jubel D’Cruz,
Mumbai, India
