Termed as one of the boldest
moves of the Prime Minister Narendra Modi, demonetization has led to an unprecedented financial
emergency in India. The discontinuation of higher currency notes has caused
India a loss of 86 % of its monetary base. Though this surgical strike by the
PM would have long term benefits, it is presently causing lot of trouble to the
common man.
People can be seen standing in
long queues outside banks and ATMs either to exchanges their old notes or
converting portions of black into white. On one side, people are committing
suicides due to cash crunch and not being able to exchange the old currency,
and on the other hand many are trying to dig ways to exchange their black with
gold/ foreign currency/ new notes. Being Indians, we can easily come up with jugaads
for various problems and so have people come up with this one too.
The ones on high demand are Chartered Accountants and bankers, who are
suggesting ways to save people’s black from turning into worthless piece of
paper. One of the jugaads is investing in foreign currency.
Jewellery
Buyers are willing to invest in gold and diamonds and save their black so
that it can later get converted into white.
Land
People have expressed the willingness to invest in
land, though the value of property would soon cut down by many folds. This step
is being taken to ensure the cash doesn’t go waste.
Friends and family
An interesting one is distributing Rs. 2.5 L to near and dear ones so that
they get the same deposited in their accounts and keep 10-15% out of the same. This
however, doesn’t solve the problem for people with crores of black hidden under
the beds.
Another decision may come soon on
December 31st; let’s see which shock or surprise it brings for the
country.
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