Demonetization has affected our lives to a great extent and the Central Bank of India is also working hard to make the situation normal in the country.
Till now after the 8th November, Reserve Bank of India has issued 59 circulars to the banks regarding demonetization and now social activist Anil Bokil has given a statement which can make people a little afraid. Just to remind you, Anil Bokil is considered as the brain behind demonetization policy of the Central government.
Anil has given a clue that new notes of Rs. 2,000 will stop to be legal tender soon. He told TOI,
“The demonetized notes of Rs 500 and Rs 1,000 constituted 86% of the cash flow. Withdrawing them in one go was bound to spawn a major shock. The Rs 2,000 note was introduced to minimize that shock.”
He gave an example to explain his statement,
“A certain instrument is kept in the place of a heart going under the knife. The Rs 2,000 note is to demonetization what that particular instrument is to a heart surgery.”
On Wednesday, he was talking to the students of Arcade Business College and was advising them to “have patience and work for the country”.
Then he gave another example and this time, he compared a well-equipped banking economy to a smooth road and cash economy to a bouncy road. According to him, “Once the road is constructed, what’s the use of diversion? Nothing.” He also said that when the economy can be run smoothly with Rs. 50 and Rs. 500 notes, what is the need of Rs. 1000 denomination notes?
He was not in agreement with the claim that only 6% of Indian currency has no records. In his words,
“Nobody knows from where has this 6% figure come. Black money is like cancer. When you treat cancer, one or two healthy cells also get destroyed along with cancerous ones in chemotherapy. Everyone knows election expenditures are made by parties in black money. Now you know why parties are creating a brouhaha when the common man is ready to face the hardship caused by notebandi.”
Anil Bokil is an active member of the ArthaKranti Sansthan, Pune, which is working to advocate financial reforms and improve the economy. Anil further said, “India’s economy grows at around 7% while the parallel economy of black money grows at around 11%.”
At this moment, there is no certainty as to what Anil said is going to happen or not…. What do you think? Let us know your views in this connection in the comments section below.