50 Days After Demonetization

While I was writing this article, I visited my Facebook account and to my surprise I saw most of friends were online. As if on one hand, they were planning for 31^st Party and on the other hand eyeing our Prime Minister Shri Narendra Modi’s Speech at 7.30 pm on 31^st December, 2016. I heard some of them even postponed their party plans, as nobody knows what new and shocking announcement will come from our PMO (Prime Minister Office), so they decided to join the party once this event is over.

Now we all are aware about that most terrifying word for Indians is “Mitron” and people are scared when our PM use this word, Isn’t it?

New Year comes with more positivity, new plans, hopes and resolutions. We bury all bad memories and look at this New Year as new opportunity.

Looking back at the past 50 days, we do see that this unexpected move of Indian government put all of us in difficult situation, where our patience, integrity, sincerity and tolerance were checked. Yet we have successfully undergone this surgical strike.

Though the Doctor says treatment is not over.

Let us look at some negative and positive impacts of “Demonetization” after 50 days in nutshell.

Negative Impacts:-

NOTE BAN HITS LABOUR INTENSIVE SECTORS

NEARLY 55 PEOPLE DIED AFTER THIS ACTION

HARDSHIP FOR LOWER AND MIDDLE CLASS WORKERS

CONTRACTION IN CONSUMPTION

LONG QUEUE AND WAITING PERIOD FOR OWN MONEY

NON AVAILABILITY OF MONEY

Positive Impacts:- 

TERROR FUNDING AFFECTED

CREATION OF BLACK MONEY MINIMIZED TO A GREATER EXTENT

HAWALA TRANSACTIONS AFFECTED

 

INCREASE IN ONLINE TRANSACTIONS

HOME LOAN INTEREST RATE CUT      

MORE TAX COLLECTION

Well looking at these impacts, it seems that demonetization was part of “Clean India Mission”, which was launched 2 years ago on 2nd October, 2014.

Today, on 31st December,2016 our PM MODI disclosed very much shocking fact and figure that only 24 lakh citizens shows that they have more than 10 lakh income. This reflects how people are manipulating laws to avoid taxes. He also praised bank and post office employees for their work and also indicated that people responsible for manipulation at bank branches will be caught.

On this occasion, Prime Minister also announced some new schemes to ensure further relief for common man. 

Here are some of the important announcements:-

• Home loans for poor and middle class people upto ₹9 lakh will get 4 % exemption on interest and upto ₹12 lakh will get 3 % exemption
•  8% interest rate for senior citizens for fixed deposits above ₹7.5 lakhs
•  Credit guarantee for Micro Small and Medium Enterprises (MSME) increased from ₹1 cr to ₹2 cr. 
• ₹6000 aid for pregnant women 
• Kisaan credit cards to be converted into RuPay cards. 
• In 2017, if people living in villages want to make a new house or want to renovate their new homes, 3% interest to be waived off on loans upto 2 lakh rupees.

He also mentioned naxalism; terrorism runs on the help of black money. Also urged banks to take initiatives and launch schemes which will benefit poor and middle class people of this country. He also mentioned honest people will get protection and their difficulties will be minimized in coming time. Innocent people have been suffering due to corrupt section of the society. 

Our PM also did not forget to mention that people have faced problems for the betterment of country and society as a whole.

Lastly, we all expect a positive change in our country, which seems to have started on a positive note this day. And this is only possible with this line “सबका साथ , सबका विकास”.

Let me also take this opportunity to wish you all a very HAPPY and PROSPEROUS NEW YEAR.  Welcome 2017!!!