Narendra Modi yesterday night announced, demonetization of Rs 1000 and Rs 500 notes

Taking the nation by surprise, Prime Minister Narendra Modi yesterday night announced, demonetization of Rs 1000 and Rs 500 notes with effect from today, making these notes invalid in a major assault on black money, fake currency and corruption. In his first televised address to the nation, Modi said people holding notes of Rs 500 and Rs 1000 can deposit the same in their bank and post office accounts from November 10 till December 30. This move is a major blow to financing of terrorism through fake currency notes and use of such funds for subversive activities such as smuggling of arms, drugs and other contraband into India. This ban will likely have a bearing on the forthcoming assembly polls in Uttar Pradesh, Punjab, Goa and Manipur. India’s electoral funding is largely opaque and dubious and where parties receive up to 75 percent of their funds from unknown sources. India is among very few countries in the world that allow political parties or candidates to receive anonymous donations.

A perfect surgical strike on Black Money!!

Today’s decision was not sudden or thoughtless. It merely started with bank account for all and then the move to link the bank accounts with Aadhaar card. Disclosure of bank account, passport and Aadhaar no. in income tax return was next. This gave wings to the various data mining and collection tools in the hands of the income tax department. Then came the voluntary income disclosure scheme to give its Citizen a chance to cleanse their act. And now this masterstroke by Prime Minister Modi –a truly systematic change in the last 2 years! Timing of the announcement-8 pm last night means no possibility to make last moment transaction at jewellery shop or any impact on share market. This shocker also dealt a major blow to the satta bazaar players who were betting thousands of crores on the US elections results today. The results would be out by 1 am, whereas the currency notes were worthless from 12 am tonight- indeed a Master Stroke by Mr. Modi.

Mr. Vijay Setia terms this move as revolutionary

Mr. Vijay Setia, Director, Chaman Lal Setia Expotrs Limited

The rice industry expert Mr. Vijay Setia welcomed this historic move by our Prime Minister terming this as revolutionary measure which will have a long term positive effect on our country’s economy. There may be some short term discomforts to the common people who would face problems in day to day transactions. Being specific on rice industry Mr. Setia elaborated that main stake holders of the industry like Miller and the farmer would only benefit from this move as the bulk of the trade is done in white with cheques. The hoarders on the other hand who have accumulated paddy by fleecing farmers would find it difficult to dispose of their stock. Those traders/ stockist who in collusion with corrupt bureaucrats first buy rice meant for PDS and then sell in the open market would feel the jolt administered by none other than our highest office bearer Mr. Modi to rid our society of the menace of black money and rampant corruption. Mr. Setia made an interesting observation that some people were visiting various religious places to get change of lower denomination notes throughout the night. “These people have a Jugad mentality whereby they think they can do anything and get away with it, but now they would have to face the music,” added Mr. Setia jokingly. He sees the possibility of lowering of export prices in future, where the correction was long overdue, thereby making Indian exports more competitive. He is very optimistic about the future of the rice industry with this bold step. Rice brokers of Taraori Mr. Sushil Gupta also praised this endeavor of the Prime Minister terming it as great move for the rice industry in the long run. The Paddy price which is hovering at Rs 2350 per quintal might see a downward movement for a while due to this unexpected move. Overall every prominent personality of the Country is going Gaga over this sudden development hitting India.