Recently, Govt. of India has banned of doing any transaction through its old Rs. 500 and Rs. 1000. Now midnight of 8th number, these currency note will be illegal. So, you have the 50 days to go to your bank and deposit this old currency and get new.
After this decision, there has big tension for all those who are keeping black money, doing black marketing, promoting terrorism through fake currency, getting bribe and promoting corruption in business and politics through black money. They have big black money in the form of Rs. 500 and Rs. 1000 but it will not use in the market for corruption and other terrorism purpose and if they will deposit in bank, it will be connected with PAN card and they have to give the answer, how did they earn it?
So, it is greatest decision of Govt. of India.
1. It will Stop Taking Bribe for Doing Illegal Work
In India, every day, we take the news of taking bribe for doing all illegal works by govt. employees and political leaders. Because big money can be taken easily through Rs. 500 and Rs. 1000 notes. So, it stops the growth of India. One side, bribe money will collect in few hands and second hand lack of money. So, bribe creates difference between rich and poor. So, this difference will decrease.
2. It will Stop Black Money
Two people or company contracts without paying tax. It will create black money. Because tax is the source of income of Govt. Same money is used for upgrading the poor people of India. So, by stopping old Rs. 500 and Rs. 1000, there will increase the new assesses and increase the tax amount. Same amount will use for India's welfare.
3. It will Stop Fake Currency
Big problem is in India, there is creation of fake currency in the form of Rs. 500 and Rs. 1000. This currency is made in India and outside India for promoting illegal work like terrorism and voting without consent.
4. It will Decrease the Prices of Real Estate
All new properties value will decrease because most black money is invested in properties. For example, legal value of plate is Rs. 1,00,000. It is sold at Rs. 10,00,000 and Rs. 9,00,000 has no account. Now, because seller will unable to answer this money. So, he will try to take honest money only.
But Govt. should not issue new Rs. 500 and Rs. 2000 notes. In future, situation will same like past. India is happy without Rs. 500 and Rs. 1000 and Rs. 2000 notes.