PM Narendra Modi’s demonetization move is taken in the interest of the nation, the policy will benefit the country in the long run. The motivation behind this historical decision was to eradicate black money from the country.
This move has extremely affected the black money holders and the fake currency circuits which are responsible for circulating the counterfeit notes.
However, the move has received backlash from the opposition, several political parties are accusing Modi of taking a hasty decision. There are several flaws in the demonetization policy, Modi government didn’t do their homework properly.
Declaring old Rs. 500-1000 notes as illegal tender has disrupted the entire nation, the move is causing hardships to the common people. There are around 7 lakh villages and most of these villages don’t have banks, the rural economy mainly operates in currency transactions. Even the Jan Dhan scheme is not completely implemented in India.
The ‘lagan’ period has started, but due to demonetization hundreds of marriages have been put off. People who have withdrawn, arranged cash for the marriage are now facing a great difficulty in exchanging cash.
Now Reserve Bank of India has provided a big relief to the families who have weddings. Families can withdraw cash up to Rs 2.5 lakh for marriage ceremonies. However, RBI has imposed some stiff conditions for withdrawal of the cash from bank accounts for marriages.
People can withdraw cash up to 2.5 lakh till December 30, only if they had the required balance in their account on November 8, the day when Prime Minister Narendra Modi announced the demonetization.
The other conditions are as follows.
1) The cash amount can be withdrawn only from the credit balance as on November 8, the day when cash replacement scheme was announced.
2) The withdrawn cash can only be used to make payment to those persons who do not have bank accounts. The names of such persons should be mentioned when applying for withdrawal of the cash.
3) The names of bride and groom, their identify proofs, addresses and date of marriage should also be mentioned in the application.
4) Only can withdraw cash amount if and only if the date of marriage is on or before December 30, 2016.
When Delhi CM Arvind Kerjiwal came to know about the new RBI guidelines, he tweeted this,
New RBI guidelines. To withdraw Rs 2.5 lakh 4 marriage, u shud give list of those who u will pay n prove that they don't hv bank acc pic.twitter.com/FLfAELgQ0E
— Arvind Kejriwal (@ArvindKejriwal) November 21, 2016
So what do you think guys, is it a big relief or government should make things more easy for the common people? Feel free to share your views and opinions int he comments.