Demonitization of Rs. 500 and 1000 notes was historic move and the benefits of it are more than what we had anticipated. From terrorist organization to bureaucrats, from politicians of all the parties (including BJP) to journalists everyone is crying.
But one thing which I am not getting is why notes of as high a denomination as Rs.2000 have been introduced into the system?
I know the rupee value have declines so much that with 5 notes of 100 you can’t even buy vegetables. It’s difficult to handle bundles of notes to buy monthly grocery but can’t we ask all the grocers to compulsorily accept plastic money for goods more than one decided threshold value?
Like in many sectors like property you can’t accept the cash of more than Rs. 20,000 so slowly and gradually we can do this for entire system. I know amending existing system is not as easy as typing few words on laptop.
But people are need to be pushed more to get into banking system by getting their bank account opened. Modi government by working relentlessly under Jan Dhan Yojna could include 23.93 crores accounts more, in just 2 years, into system but still near about 20% people of this nation are yet to have their bank account.
But those left people can’t be encouraged with comfort of high denomination note with them.
As I said this surgical strike on black money has more benefits than we had anticipated and one of those benefits is hidden treasure of housewives which they have saved over a long period of time.
Now they are to be encouraged to have their own bank account (many of them don’t have it) and deposit their savings there and pay to jewelers by plastic money.
My mother and Bhabhi didn’t have individual bank account but now they both gonna have it. and I have asked my mom to use cards more from now on.
Last morning our maid who doesn’t have bank account wanted to have one after she heard that her 500 and 1000 note won’t work.
If this period of low denomination note had been stretched more then I believe that more people would have been opted inclusion in banking system and there after for plastic money.