Those who were playing quite well with their black money till Tuesday evening, are certainly passing through sleepless nights after Prime Minister Narendra Modi declared a ban on 500s and 1000 rupee notes. Over the last two days, we have seen quite a few instances like a legislator distributing 3 lakh per individual in his constituency in Karnataka and some anonymous groups have burnt them to ashes.
In another interesting instance, an unidentified person had dropped 52,000 worth old notes into a garbage bin in Pune. Shantha Owahal, the local municipal worker who found money bundle in a plastic cover while cleaning, reported the incident to her higher official and passed on the information to Deccan Gymkhana police station. The officials have, later, confirmed that they were old 500 and 1000 notes.
In an attempt to make India clean from corruption and black money, Prime Minister Narendra Modi has come up with a unique strategy by declaring that all existing 500 and 1000 notes will no longer have legal tender. This over-night announcement is pushing them to find ways to vanish all the black money stashed for years now.
Also, Govt’s 2.5 lakh cap is seen as a serious threat to black money holders and there’s a least chance to save the stashed 500 and 1000 rupee denominations.