You have a new job, apart from your usual 9 AM to 5 PM, hectic work schedule. You have to rush home to stand in the queue at the ATM. Believe me….this is a real long line. Worse….Money gets over, before you can reach the ATM. Banking officials are under severe pressure, to service so many citizens at bank counters. Retired bankers are being called to assist, in these difficult times. The bankers of our Nation, deserve to be saluted.
The scrapping of 500 and 1000 rupee notes, forces our economy to go cashless. This is the time for digital….mobile wallets….UPI…NEFT….RTGS and Plastic…Debit cards…Credit cards….But can India become a cashless economy like the USA? You can pay by card at retail stores. Many Kirana stores which reach poor people in rural areas, accept app based payments. But how do you pay the local fisherman? Clearly, there are some difficulties ahead.
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For a mission of such large proportions to succeed, secrecy is of utmost importance. It is not possible to recalibrate so many ATM’s and print new currency notes, with nobody knowing. If black money hoarders had any idea what was coming…all black money would have disappeared. The credibility of the Government would be at stake. If this mission was to be carried out in secret, there would definitely be some problems, for the general public. About 86% of the currency in value, is in 500 and 1000 rupee notes. Replacing these notes with new 500 and 2000 rupee notes, is not easy.
In all this, the Prime Minister has asked for 50 days, to clean up the corruption-ridden system.
Let’s discuss if giving the Prime Minister, Narendra Modi, 50 days to clean up black money, is a good idea.
Yes, it is foolish to assume that all black money will be destroyed with this move. Black money would stay idle for sometime….absorb the shock….rebuild….But the aim of this move is to make black money transactions…difficult….dangerous…tiresome. In this move to weed out black money, the grocer who offers digital payments and the homemaker who is willing to bear hardship for a few months, with the hope that things can only get better, are the real hero’s. Be Wise, Get Rich.
Mr. C S Sudheer is the founder and CEO of IndianMoney.com – India’s largest Financial Education Company. He started his career with ICICI Prudential Life Insurance and later on worked with Howden India. After his brief stint in Howden India, he moved on and incorporated Suvision Holdings Pvt Ltd which is the sole promoter of IndianMoney.com. He aims to build a nation that is financially literate with investment savvy citizens.
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