In a move intended to eliminate black money and the growing menace of counterfeit currency notes, the Union government on Tuesday, effective midnight, scrapped currency notes of Rs500 and Rs1,000 denominations which account for over 80 per cent of all currency in circulation by value. People have a window of 50 days to return the notes, he said, arguing that the move will benefit the poor, middle class and aspirational middle class by increasing opportunity and bringing real estate and higher education within their reach again.
But what of the confusion created by the move? And will this really help curb corruption and the fake and black money market? Goans give their take on the decision and its repercussions.
The step of making Rs 500 and Rs 1000 notes no longer legal tender is a brilliant and bold step. Although there are numerous people who have already converted their money as well as transferred it, well connected people have found ways to escape this fiasco. Personally, I am not in favour of the 2000 rupee note as it is too big note to carry around for lay people.
Lester Dias, 25, Fatorda
According to me, this will be more beneficial on a long term basis. People usually have accounted or unaccounted wealth, for those who are clean their accounted wealth will be converted during the 50-day window while those with unaccounted wealth will be brought into the limelight. The standard of living at present has widely grow, so the 2000 rupee note will be an advantage for all.
Prutha Verenkar, 20, Borda
The move to ban the notes from a small business point of view comes as a relief. We have to be very careful because of fake currency floating around. To curb black money, the whole idea of banning the notes is very reasonable and should be commnded. Though people who have just withdrawn cash to pay for labour and work going on in their homes and businesses will have great difficulty. Banks will have the most problems from now till December with people queing up. And the general public will have difficulty in deposting their recently withdrawn cash.
Vanessa Almeida e Gonsalves,28, Vasco
Personally I do feel that the ban will help reduce corruption drastically. The steps taken to prevent corruption after finding a whooping amount of black money is much more than a necessity. But I feel that the poor will be drastically affected by this measure as most of them depend on wages that come from larger productions. The 2000 rupee note will serve as a problem for the youth. I for one cannot carry such a large some all day long in fear of losing it.
Rigda Verenkar, 18 , Borda
Unaccounted money which is often used in any form for illicit deals usually takes the form of high value notes in our case 1000 and 500 rupees. I do not feel this step was a compulsive decison but a necessary measure. However, the issue of 2000 rupee notes will not be in the favor of the youth as it is difficult for us to carry such a large sum in our pockets.
Sumit Rathi, 20, Navelim
Yes, this measure will certainly help curb corruption in short term, black money and inflation but in the long run people will find ways to get around the new system of denomination too.
Ruta Borkar, 30, Margao
I think that this will help curb corruption. People who have black money will eventually have to give into the system. However, I think the denomination of new notes to be issued needs to smaller. As higher the denomination, the corruption will be increasing.
Sanghavi Raikar,24, Pajifond
