Forwarded message on Whatsapp, Prime Minister while addressing the nation made a announcement that from Midnight Nov 8, 2016 today, Rs 500 and Rs 1000 notes are no longer legal tender.“You have time period of 50 days (From 10 Nov to 30 Dec) to submit your currency notes of 500 and 1000 in nearest post offices,” he said. After reading this you are like, kuch bhi! But the local cab driver that refused your 500 hundred notes hits you like a huge Stone on your head! Well, the news was real and suddenly your heavy wallet that just five minutes back was considered as a small fortune, now seemed to be a thrash full of waste papers! Well, that happens when money loses its value.
This huge sudden decision that was immediately put in to impact by crores of Indian had some great effects while it had its own serious drawbacks. Apart from your social sites being spammed by number of funny and serious messages about this announcement, the stress level of getting these now not at all useful notes converted in to useful ones was large!
While the common man heaves a sigh of relief that he never keeps too much of cash at home and has only few 500s and 1000s to get deposited, there were those below poverty line people who were actually smiling and feeling content of not owning big notes for the first time in thier life. They actually felt glad that whatever little they had, hold some value and get them anything they want to buy.
On the other side, the poor farmer that just yesterday got his whole stack of grains sold with cash money, was eyeing those rupees with grave disappointment. His annual income was here and it hold no value. He hardly had a bank in the village, let alone the thought of owning an account. May be the sarpanj can help him out with this! But what he asked in return was his six months efforts gong in vain. Alas, he hardly had any other option in this situation!
Those housewives who on the first of the month got the whole months budget on thier hands actually were glaring at those money now and searching for the way to use them. It was just the ninth of the month and she hardly had 100 rs notes to get her through even for a day or two. Prayers were all she could turn on to or may be borrowing some from the neighbours? But, this crises that hit the nation suddenly made everybody panic and nobody could help her!
There stayed an old father of several daughters whose daughter’s wedding was weeks away. He had all his income gathered together in the form of 1000s of notes at home as dowry! Paying dowry for her daughter to get married was bad enough, now this much cash to be getting wasted was worst. He couldn’t even get it transfered through bank with the fear of being questioned as he was carrying the burden of two illegal acts (dowry and black money). On the other hand, the demand from the inlaws of transferring those money in 100 notes was another issue! Suicide was the only option that he felt like opting!!
This man sold his property days back. Half the amount was payed cash while the other half was trasferred through bank. He felt like almost hitting those cash money on his head after hearing the news. Well, let’s stalk the CAs now!
There were those culprit owning lakhs and crores of this sum and started trying all thier contacts to get those notes converted. But the shut down banks for that day and next made all the matters worst.The thought that invaded thier minds was, let’s get this money transferred into international currencies and get it done with.
While the gold merchants enjoyed the best period of thier lives selling gold in the highest rates, some small time businessmen exchanged these notes with 20% of deduction for themselves. Shopping complexes that sold groceries were open till late nights and selling almost all the stocks they own while people rushed to thier stores to get thier money used. Filling up the stock for almost six months was to be seen. Petrol pumps and gas stations were suddenly having the worst part of thier lives with hundred s of people coming to them to get thier money used. The chaos these stations went in to in understandable.
This family actually booked up tickets for thier whole family of sixteen people in the trains dated six months later! Well, this got thier lakh rupees used and later they can actually get the money back by cancelling the reservations! Indians are considered as the smartest in the world, the jugaads they are doing nowadays is commendable!
The sudden monetisation no doubt got all the black money in the middle of the market, it also brought about loads of people outside the banks and thier money getting legalised! Black money holders were effected a lot no doubt, but the ones who suffered the most were the common public. The high reach of the corporates and corrupted politicians will get them a narrow way out from here too, but even then the price that they’ll have pay would be worth lakhs. No one’s getting out from this huge and sudden trap for sure. The culprits are being caught and the nation’s getting financial benefits too. Let’s hope this brings a total stop on all those black money that’s hindering our devolupment and progress and the suffering of those innocent common people in the nation bears some fruits.