HAPPY NEW YEAR INDIA AND INDIANS.YOU MANAGED NOTE BADLI. A STUPENDOUS EFFORT FOR THE FIRST TIME IN THE WORLD. GOOD THINGS ARE STRONG POSSIBILITY NOW.
Development Inclusion - The Objective of Narendra Modi
Prime Minister Narendra Modi plans and implements projects across length and breadth of the country - Development Inclusion his theme.
Prime Minister Narendra Modi has taken up mega projects. He is announcing and managing one mega project after another. Jana Dhan is a successful mega project. His dream of a toilet in every house and open defecation free villages is also a mega project. Shri Nitin Gadkari is working very actively on increasing the road network and also port network all over India. The projects of Narendra Modi are not concentrated in one location. They are projects touching length and breadth of the country and large number of people.
Demonetization of Rs. 500 and 1000 Notes
No queues in ATMs today also. But Rs. 500 notes were not available in ICICI Bank ATM also today. Yesterday they were available.
24 December 2016
I went around Hiranandani Estate roads, Vasant Leela and Vijaya Nagari Road, and Ghodbunder Road. Some ATMs are not working and some are working. But there are absolutely no queues at any of the ATMs. In ATMs of ICICI and HDFC Bank Rs. 500 notes are available. That shows, the demand for currency has been met and there is no anxiety in people now.
23 December 2016
Rs. 500 New Notes available in an ATM. If they come freely everyday from now, cash problems will ease out.
Around 5000 crores can be printed per day, and this amount may be sufficient to take care of all medium value payments by people. Now many merchants are offering the facility of POS terminal and encouraging people to pay by swiping the card. So many high value payments that involve payment in thousands can be done through credit/debit cards. Hence cash requirement per month for an average family has come down. Hotels, Medical shops. Fancy shops and Grocery shops have started using POS terminals.
16 December 2016
The Government and RBI have acquired control over the supply to new notes. The are announcing that Rs. 7.5 lakh crores new currency will be put back into banking system by December end. More importantly currency notes of Rs. 500 denomination will be made available in big numbers so that the cash cruch felt by the people due to the illiquidity of Rs. 2000 note will be addressed. Once the requirements of lower and middle classes is taken care of the money of bulk depositors can be exchanged.
2 lakh ATMs out of the 2.2 lakh ATMs have been recalibrated and measures are being taken to see that all ATMs have cash for withdrawal.
The First One Month
Indian Government led by the visionary leader, Shri Narendra Modi, has decided to undertake a massive currency exchange operation to attack black money, counterfeit currency being put into circulation by terrorist outfits with an announcement on 8 November. The strategy was appreciated by large majority of the country. But there were problems in the economy and also problems affecting people due to the lack of sufficient new currency in the system. But the Government stuck to its vision and decision and doing its best to request cooperation from the people for 50 days and also trying to find solutions to the problems as they are cropping in different parts of the country. The people of India are putting the faith in the vision of the government by remaining peaceful to a very large extent and bearing the inconveniences and also trying various other alteratives like cheque payments and card payments.
At the same time, the opposition parties are highlighting the problems being faced by people in the parliament as well as outside it. The ministers as well as party MPs, MLAs and other party workers of the ruling party are engaging in conversations to impress upon the protestors to give time to the government in completing this gigantic change effort which will reduce corruption and tax evasion in the country in the future. This is how vibrant democracy should work. A health debate on what people want at this point in time and the benefits and disadvantages of it. When a decision is taken, the inconveniences have to highlighted so that remedial actions when possible can be taken at the earliest while implementing the main decision.
There is a concern on slowdown of the economy. Hope Government announces the measures that it is taking to limit the possible negative effect of the demonetisation on the economy. Already excise duty on POS terminals is reduced. A good move to encourage more merchants to offer card payment facility.
Updated 30 December 2016, 23 December 2016, 16 December 2016, 29 November 2016