Prime Minister Narendra Modi’s move to ban old Rs 500 and Rs 1000 currency notes on November 8 has triggered a fierce debate in the country over the intentions of the government. It has also united the Opposition parties in the Parliament. While the Opposition claim they are against the decision as it has caused enormous difficulties to common people of the country and that it could be a big scam, the government says those who were earlier indulged in corruption and dealt in black money are now opposing the move.
The demonetisation move has forced crores of people across the country to stand in serpentine queues at banks and ATMs for hours. However, the popular sentiment of the country is still in support of PM Modi’s decision. Here 10 things the Prime Minister wants you to know about demonetisation and its impact on common and honest people of the country. PM Modi talked about these during a rally in Agra on Sunday.
1. Demonetisation to make loans cheaper soon
PM Modi said that people have deposited over Rs 5 lakh crore since November 8. Banks would have to release the deposited cash into the market. Banks would also have to lower the interest rates to release so much money in the market. Poor and middle classes will get loans at lower interest rates soon.
2. Demonetisation to free the country of black marketeers, black money and end corruption
“I have taken this step to free the country of people who do corruption, black marketeers and black money,” the PM said.
3. Demonetisation getting maximum support from poor and middle-class citizens of India
“The biggest support to the demonetisation has come from the poor and middle classes of the country. I bow before them. Your dreams will come true,” the PM said.
4. Demonetisation is a big, time-taking and difficult task
“On the first day itself (November 8) I asked for 50 days time. This is a big task. People will have to face difficulties. I had also said there would be some inconveniences.” Demonetisation has been done for the welfare of next generation and changing the fate of the country, the PM said.
5. Demonetisation has increased electricity bill collection
“Earlier, cities used to struggle to collect Rs 5 crore electricity bills. But after November 8, municipalities have started getting Rs 15 crore electricity bills. Who were the people not paying the bills? Who were the ones not following rules? Was it the middle class? Was it the poor? Only those people, who have high contacts with politicians and officials, used to enjoy but after November 8 they are forced to repay all their dues,” he said.
6. Demonetisation to stop the practice of giving donations for admission to schools
Poor and middle-class people are forced to give their white money as black for securing admission of their children to schools. This practice is going to stop after the demonetisation.
7. Demonetisation to stop corruption in realty sector
People seeking to buy new houses are forced to convert their white money and give it in black (as cash) to real estate agents. Some people have destroyed the entire economy. Note-ban is a punishment for them.
8. Demonetisation opposed by people who promoted chit-fund companies
Hundreds of poor people had to kill themselves after they were duped by chit-fund companies supported by some politicians. There are some politicians who used to take cash for giving election tickets. Such people are now opposing demonetisation.For 70 years, politicians were concerned more about their chair than the country.
9. Demonetisation to hit terrorism, drug and fake currency rackets
Fake currency note rackets have been severely hit by the demonetisation. Fake notes worth crores have been used to promote drug business and also buy weapons for the terrorists.
10. Don’t get trapped by people who want you to deposit their money into your account
There are people who are luring the poor people and asking the latter to deposit their illegal cash in their Jan Dhan accounts. PM Modi warned the poor citizens not to fall in such trap as not only those giving the money but also those depositing black money in their accounts would have to face the strict law.