Farewell to 500 &1000 rupee notes - 8/11
8th November 2016.
Indians will remember this as the day their lives became a total roller coaster.
Prime Minister Modi declared that from midnight no one (except for hospitals and chemists) would be accepting 500 and 1000 rupee notes. A Huge Move.
At first I doubt anyone was ready to believe this. But as reality sunk in, people started making a beeline for ATMs and Banks where they could exchange their money for the newly minted "pink" 2000 rupee notes.
Never seen one and finding it hard to imagine ? Open your Monopoly set and look at the pinkest notes you can find. That is the new Indian 2000 rupee note.
But lets come to the IDEA behind this.
India,I have always believed is quite a rich country: But it does not show because of a disease that exists.....or should I now say "used to exists" in our nation. Black Money.
Politicians, builders anyone who has not deposited their money in the bank and has kept it at home to evade income tax will be badly hit. As for the rest , the "aam janta" as we call it here, it makes no difference. Except for the fact that now everyone has to spend not less than 2 hours of their time standing outside banks to exchange their money. For the next 2 weeks India will be an epic example of minimalistic living.
Except for this minor thing, the plan is sure going to be a huge success as all the people who have been hoarding black money have to go and eventually deposit it and risk getting caught or better be ready to lose all those notes that they have been hiding.
PS -The highest value of currency in India is 500 and 1000, so all the bundles of money are in these notes itself. Now with the demonetization, everyone has to admit to owning them.
And you know what the best part is? I haven't met one single person in Mumbai who is complaining about this (if you ignore the little bit of inconvenience caused. But as they say, its all for the greater good. We'll bear it)
And the even better part. My generation is the last one to have seen and used the 500 and 1000 rupee notes. Lucky Us. *yeah yeah*. The next gen gets to use only PINK notes.....whether they like it or not. *hehe*