Demonetization of Rs 500 and Rs 1,000 currency is going to make a common Indian citizen richer Demonetization of Rs 500 and Rs 1,000 currency is going to make a common Indian citizen richer Demonetization of Rs 500 and Rs 1,000 currency notes by the union government is a laudable and historic effort, we shall be glad on electing a government courageous enough to execute it; there is high chance – this decision may have profound negative impact and dethrone ruling party in the coming elections; people are not fully aware of its long-term benefits and their interim resentment could be cashed by the opposition parties to misguide them. Government’s latest initiative will benefit you in the long run and boost the country’s economy. If we don’t put an end to unaccounted or black money, rich would become richer and poor would be poorer. According to SBI, “ Banks received deposits worth Rs 53,000 crore since the government put out of circulation high-value banknotes in a bid to drain illegal wealth. Nearly 14 lakh crore are held in Rs 500 and Rs 1000 notes now – nearly 86% of the total value of currencies of all denominations in circulation” [1]. The government will have enough money to invest in infrastructure, education, agriculture, and all that would make India economically stronger.
…show more content…
How would you benefit from demonetization? Buying a house or a piece of land or a gold ornament which was not affordable before demonization, due to raised prices from all the transactions made with unaccounted money, will now be within your reach. As an honest taxpayer you should hail this decision; presently all the money you earn, would be worthy and make you feel rich enough. All the good you have done to the nation as a law-abiding citizen, by paying your fair share of taxes would soon pay off. It’s a known fact that most of the land transactions happen at least 50 percent in black or unaccounted money which government isn’t aware of it; people do this just to avoid taxes. Demonetization would ban black money to a major extent, for the matter of fact most of it would be stashed as bundles of Rs 500s and Rs 1,000s; on account of being unaccounted, they cannot go and exchange their money in the banks for newer currency notes. Assuming that you want to buy a house, they would want to pay the complete price incurred in buying a land in full white, due to lack of unaccounted money; as people only have a small amount of white or legal money, they cannot shell out as much as they could have done before (with black money); this leads to reduction of prices in the real estate sector. It’s a buyers market, supposing that you are a short-term thinker you might get a feeling that you are at loss as a seller. Not many people realize that fruits you have enjoyed with the unaccounted money transactions are hitting back at you and harder at others who have been paying their taxes correctly; the world you are living in is a vicious cycle, considering that there is no black money involved in selling a piece of land owned by you, you would have less money to pay for a swanky car or the goldsmith you want to get a gold ornament from; decrease in demand would lead to price cuts to sell their products and have the businesses running, so in a way good act, people have done in selling their land through 100% legal transaction is paying back to them by making things and services more affordable. For the matter of fact, you would be drastically affected by this move, but this would only be temporary only for few months. Real estate would be one sector who would face a major setback, all the prices that have been skyrocketed due to a cycle of unaccounted transactions, will see a drastic downfall that is for the good of the society. Unaccounted money transactions have led to inflation of prices of goods and services would now plummet. Also from all the money collected through taxes, the government will have enough money to make this country, economically a better place to live in. We are curbing the terror as well with this move, as most of the terrorist activities would be financed by counterfeit money, demonetization would take them
How would you benefit from demonetization? Buying a house or a piece of land or a gold ornament which was not affordable before demonization, due to raised prices from all the transactions made with unaccounted money, will now be within your reach. As an honest taxpayer you should hail this decision; presently all the money you earn, would be worthy and make you feel rich enough. All the good you have done to the nation as a law-abiding citizen, by paying your fair share of taxes would soon pay off. It’s a known fact that most of the land transactions happen at least 50 percent in black or unaccounted money which government isn’t aware of it; people do this just to avoid taxes. Demonetization would ban black money to a major extent, for the matter of fact most of it would be stashed as bundles of Rs 500s and Rs 1,000s; on account of being unaccounted, they cannot go and exchange their money in the banks for newer currency notes. Assuming that you want to buy a house, they would want to pay the complete price incurred in buying a land in full white, due to lack of unaccounted money; as people only have a small amount of white or legal money, they cannot shell out as much as they could have done before (with black money); this leads to reduction of prices in the real estate sector. It’s a buyers market, supposing that you are a short-term thinker you might get a feeling that you are at loss as a seller. Not many people realize that fruits you have enjoyed with the unaccounted money transactions are hitting back at you and harder at others who have been paying their taxes correctly; the world you are living in is a vicious cycle, considering that there is no black money involved in selling a piece of land owned by you, you would have less money to pay for a swanky car or the goldsmith you want to get a gold ornament from; decrease in demand would lead to price cuts to sell their products and have the businesses running, so in a way good act, people have done in selling their land through 100% legal transaction is paying back to them by making things and services more affordable. For the matter of fact, you would be drastically affected by this move, but this would only be temporary only for few months. Real estate would be one sector who would face a major setback, all the prices that have been skyrocketed due to a cycle of unaccounted transactions, will see a drastic downfall that is for the good of the society. Unaccounted money transactions have led to inflation of prices of goods and services would now plummet. Also from all the money collected through taxes, the government will have enough money to make this country, economically a better place to live in. We are curbing the terror as well with this move, as most of the terrorist activities would be financed by counterfeit money, demonetization would take them