The Ordinance approved by the Union Cabinet to make holding of old 1,000 and 500 rupee notes after March 31 beyond a threshold amount a criminal offence will attract a minimum monetary fine of Rs 10,000. And we do expect a revised restrictions on Bank and ATM withdrawals. In an effort to bring all the black money back, a concerted effort is taken and the people are given one last change. The fake circulation of both Rs 500 and Rs.1000 did give the country jitters as our borders were under continuous threat and the money was used for terrorism activities. For example Rs.500 was paid for the stone throwing youth in Jammu & Kashmir thus disturbing the peace in the state for over three months. With old notes losing its value we are now enjoying the peace after a prolonged attack in our border with Pakistan. Now, the Central Government after seeing the response did bring more reforms and kept the corrupt under tender hooks. It made them to disclose their money kept out in hideout. Union cabinet cleared the ordinance and gave clear cut ultimatum as a last straw on demonetisation.
Nickhil Mani
(The views expressed by the author in the article are his/her own.)
