In the month of November last year the Prime Minister of India Shri. Narendra Modi made a historic announcement of the scrapping of Rs. 500 and Rs. 1000 notes from the marketplace. 10 days were given to the people to deposit all the cash they had in possession in the denomination of Rs. 1000 and 500, and this was apparently done to crush the black money market in the country. The result was a disaster. The people of the country have still not recovered from it, and the new viral news is circulating on the social media that Rs. 2000 notes will be banned from 1st January 2018 by introducing the new note of Rs. 1000…
It may be recalled that, in the process of demonetisation, the notes of 1000 and 500 were scrapped by the government, and the same was done under the guise of unearthing of the black money from the market but, till date, what amount of black money have been recovered is not yet specified by the government. Meanwhile the new note of Rs. 500 was re-issued.
According to the reports, the real players (hoarders of black money) managed to convert all their old Rs. 1000 & 500 into the new Rs. 2000 currency, making some more space for the more money, and now the sources have revealed that the scrapping of 1000 / 500 notes was the part of a game-plan of the government so that later on they could catch the culprits with the Rs. 2000 currency.
The message that went viral on the social media a few months back claimed that now the government is going to ban the Rs. 2000 notes and reintroduce the new Rs. 1000 currency with the purple colour and the motive behind this note ban is to unearth the huge amount of black money that is still lingering in the marketplace.
The sources in the government had denied the introduction of the new 1000 rupees note but the fear is still gripping the marketplace as everyone has seen the Indian Primer giving the surprises to the countrymen without discussing the matter with the associates. According to reports, the case of demonetisation (scrapping old 500 and 100 notes) was not known to anyone, except Mr. Modi.
The repetition of the November 2016 incident cannot be ruled out as there are many cases of counterfeit notes of Rs. 2000 keeps coming into the media, which means there is an existence of huge amount o black money in the marketplace and it is quite possible that this viral news of banning Rs. 2000 notes become the reality soon.
At the moment everyone is mum over this issue but, can this be considered as the calm before the storm? The reserve bank of India has denied the banning of Rs. 2000 notes in the near future but they did not rule out the possibility of introducing the new Rs. 1000 notes back into the Indian market, just like they did it in the case of Rs. 500 notes.
The media terming this situation as a Ghar Wapasi of Rs. 1000 notes and reason behind this is, the Modi government had introduced the Rs. 2000 note by removing Rs. 500 & 1000 notes from the market and their return is now termed as “Ghar Wapasi (Home Coming). According to the reports, the message that went viral on the WhatsApp made claims that “From January 1st the government is going to introduce new notes of Rs. 1000 and you will have to return back Rs. 2000 notes to the banks. The limit of the deposit will be only Rs. 50,000 and the time limit for this will be only 10 days and beyond that all the notes of Rs. 2000 will become invalid. Hence do not keep more cash in the denomination of Rs. 2000.” This message spread like a wildfire and it affected the people who are having huge cash of Rs. 2000 in their possession. The common man is at the receiving end as they are ones who got most affected last time.
According to the reports, the black marketers looking at is as a second surgical strike, cause they have those who have accumulated more currency in the 2000 denomination may not be able to re-deposit the same back into the banks this time and the whole money will get wasted just like last time. The message also conveyed that the purpose behind the introduction of Rs. 2000 notes were to catch the culprits who convert the black money to white in a very organized way.
Although the government has not yet supported the news of another note ban they have not ruled out the possibility of releasing the new Rs. 1000 currency into the market. The things are not clear as yet but at the same time, the black marketers are working under pressure as they are not sure what will happen next. What is your take on this? Do you think there is a need for another note ban to remove the hidden black money out? Please share your valuable comments and suggestions on this.