REACTIONS ON DEMONETIZATION IN SOCIAL MEDIA
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DEMONETIZATION
Many shades
But not everyone is anti-big currency; the Swiss still seem to be in love with their massive CHF 1,000 note.
So, is just high denomination good or bad for the economy? According to Peter Sands, former chief executive at Standard Chartered Bank, banning high denomination can have multiple benefits to the economy at large. In a paper published at the Harvard Kennedy School, he states that“ by eliminating high denomination, high value notes we would make life harder for those pursuing tax evasion, financial crime, terrorist finance and corruption”.
In fact, these are reasons that even PM Modi harped upon when he gave the address. He dwelt upon how terror networks were using fake currency( estimated to be as high as 5000 crore in high denomination) to launch terror attacks in the country. By this devaluation, they would be caught in a grind, as they will be sitting on a stash that is worth much less than paper its printed on.
There are plenty of conspiracy theories doing the rounds on Whatsapp et al, about how this demonetization is a political stunt, or a step taken for upcoming elections in UP and Punjab, there is also the messages of how BJP MPs have converted their money, or why this time the whole exercise will flop because of ill-designed plans, or the fact that 2000 buck note will only lead to greater hoarding.
Whatever be the outcome, at least people cannot blame PM Modi for playing safe or being timid. This step
REACTIONS ON DEMONETIZATION IN SOCIAL MEDIA
Three countries which demonetised before India-- Military junta-run Myanmar, ex-Communist-run Russia and dictator-run North Korea. What a company!
Comparisons are odious. It is not proper to compare Thughlaq to any modern leader. When Thughlaq realized that his decision to shift the Capital from Delhi was a blunder, he reverted the decision. Not like the modern Thughlaq who brazens out that his decision was in the long-term interest of the country!
One person has in a 48-minute speech done more damage to the Indian economy than Pakistan through all its overt and covert operations! Facebook wall AJ Phillip
" Demonetization, the biggest scam of 2016," says P Chidambaram contemptuously, having seen much bigger scams in 2013, 2012, 2011. Tweet Ramesh Vats
November 2016 38 www. smartgovernance. in