As soon as the news of banning Rs 500 and Rs 1000 notes was announced by the Prime Minister of India, Mr. Narendra Modi, the entire nation was shocked. The country could not believe the Central Government taking such a huge step. Overnight Rs 500 and Rs 1000 notes were banned from use and the effect could be seen instantly. There were long queues outside the banks and the ATMs to withdraw the little amount that was allowed by the Modi government.
On the brighter side, the general masses celebrated this move. They were more than happy to know and understand that this ban is like the worst nightmare for those who have been dealing with the black money. Despite this fact, Modi government kept no limit to deposit into the bank accounts. And to surprise of everyone, a lot of black money was recovered.
Where on one hand everyone was in favor of the note ban, there were many who were against it, too. It included the politicians, the industrialists, and the members of the opposition party. Modi cleared on the very first day, that there would be problems for a span of time, but then, everything would fall in place. The Central Government claimed that the note ban would reap benefits in the long run and would put a full stop on black money and corruption.
But that seems to be not happening in the country. Lately the Income Tax department seized worth of Rs 4.7 crores at the time of seizure of cash in the form of new currency after demonetisation. The Central Board of Direct Taxes (CBDT), said in a statement, “During searches Rs 4.7 Crores cash in new denominations of Rs 2000 and Rs 0.3 Crore in old/smaller denominations totaling Rs 5 Crores and 7 kg bullion worth approximately Rs 2 Crores were found in a flat owned by a civil contractor”.
The nation awaits the government’s next move on this.
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