Wednesday, 30 November 2016

Demonetisation Myth and Reality

Some of the Myth about Recent demonetization  and their actual realities are :

Myth 1  : PM is going to address the Nation again , announcing demonetization of 100 & 50 rupee notes 

Reality : Baseless ; No Intention of cancelling legal tender status of Notes of any other denomination 

Myth 2 : Information was leaked to select Corporate House and party members in advance 

Reality : Complete secrecy was maintained ; no leakage of government's intention to any section

Myth 3 : The implementation cost is more than the benefits 

Reality : The parallel economy corrodes and eats in to the vitals of the Country's Economy , adversely affecting the poor and middle classes more than the Others 

Myth 4 : The Demonetization process is only for Show . people will find other means to keep black money  . Already industries and mechanisms are springing up to address this demand 

Reality :  Enforcement agencies are keeping necessary watch ; besides , amendments made also in Benami Transaction Act and Information sharing with Foreign Governments to Check Black Money 

All You need to know about : Benami Transaction Bill


 Myth 5 : New Notes have Chips embedded in them to trace black money Hoarders 

Reality : No Such Chips are embedded in the New Notes

Myth 6 : The new Rs .2000 notes are of Inferior quality ; their color Comes  off 

Reality  : Currency notes have a Security feature called intaglio painting . The First test for a genuine currency note is to rub it with a Cloth ; this creates a turbo-electric effect , transferring the ink Color on to the cloth 

Myth 7 : Government is going to Introduce demat format for all land records , which will make all paper record Useless

Reality : Digitization of land records , to prove title , is an ongoing process ; Government continue to support this process

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