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2014 marked the transition from Congress to Bhartiya Janta Party (Political Party). India was tired of corruption- black money, scams, inflation, crime, injustice, and poor economic conditions. They saw a man who passionately promised to remove all the bad things from the Indian society. He was famous before, but this enormous faith of the second biggest population in the world made him more confident and content in his mind to win the race of becoming the Indian Prime Minister and a chance to do something for India that he dreamed of since his childhood. He's none other than Narendra Modi.
Right before the election in America, on a wintery night around 8 pm, Narendra Modi announced that he wants to meet Indian citizens to provide crucial information. Radio, television, social media platforms, every possible tool was used that night; it was for the first time when Prime Minister requested his countrymen to listen to him. And what did he announce in that speech?
Something special that shocked the whole nation. It was something that not only retained people's hope in him but made them happy as well. It restored their faith to bring black money back to government. Before people could believe it, 500 and 1000 rupee notes were banned. Do you think it was a secret? Or you are among those who believe why Modi did not ask the nation before doing this?
Well, all your questions will be answered here. Let's find out the backend and the frontend of the story and strategies behind this master plan.
And since then people started expecting a drastic change in the Indian political system and government. The concept of the ban on Indian currency is not a sudden decision; it's a process. A long process in which we all have participated equally and unknowingly. Our Prime Minister is smart and witty.
Yes! Aadhar card is the beginning of this plan; he got you so engaged in that by telling its benefits and providing you subsidies that you couldn't refuse it. The first step towards the biggest plan in the Indian economy system was implemented perfectly.
From the richest people in India to beggars on the street, he urged everyone to have a separate bank account, but why did he want to do this? Well, he again got people to fall for this fantastic plot and told them it is for their insurance.
People couldn't deny this request from Prime Minister Narendra Modi, and in massive numbers, they rushed to several banks to open the account. Smart Modi!
Yes! All your bank account got linked to Pan Card and your Pan Card to Aadhar Card. People who pay tax, they were also asked to provide their passport details for the same. Wow! This was the first time when government proved that they only mean business.
Wondering why I'd say that? Well, we completed his intentions with this step. The government of India and Income tax department now had every information they needed to track you, and your money. The 2000 rupee notes may or may not be having a tracking system, but you surely become GPS for the govt.
The government knows everything about your earnings, how you earn it, and where you spend it.
In 2015 government introduced 'disclosure of black income' for all the black money holders. Narendra Modi and the finance minister Arun Jaitley requested Indian citizens to confess their black income online and also promised to keep all the information secret. The last date to disclose black income was 30th December 2015, but the government kept on extending the time, and more than 64,275 declarants have collectively revealed more than 64,250 crores of rupees.
Income tax department also tracked many bank accounts, and with the help of the India government, they created a comprehensive plan, that'd bring all the black money back to the banks. What was that plan?
The final step of front-end strategy and the government didn't request us to do anything. Narendra Modi announced at the odd time 8 pm on November nine about how all the 500 and 1000 rupee currencies that you're carrying in your pocket and have at home would not be worth anything today after midnight. New 500 and 2000 notes are also introduced that are equipped with NGC technology.
US elections were also taking place at that time, and in between of that, Narendra Modi did something that got him the attention of the whole world. National currency banned in India was trending everywhere, and this became one of the most iconic economic transitions in the history of India.
Though government announced that you could submit your notes without any hesitation at the nearest bank, many people stayed unaware of the fact that their PAN Card and Aadhar Cards are linked to bank accounts and anyone who deposited more than two lacs of cash will be cross checked by the government & Income tax department. That's what you call, a man with a plan.
The government of India secretly involved Reserve Bank of India in this plan, and the look of a new currency, it's size, color, everything was decided immediately, and the printing begins! A plan well implemented.
Remember the new rule in the banks where they stopped worrying about forged notes? And would collect it from you without any further investigation? Well, it was an order to them. Many guidelines were changed during this process, that we don't know. RBI was taking care of backstage, while government performed this drama in front of the whole population.
In an interview, our Finance Minister Arun Jaitley has said, people who've earned their income without any corruption, the money which they've saved in the banks or at home for their future do not need to worry. Nothing in this whole process is going to affect them. This whole plan is against black money holders, and people who spread forged money in the Indian market.
He also appealed to the nation, please do not write anything on the new currency, keep it clean. And concluded the interview with a strong message to sue all the black money holders in India.
Well, the plan looks just perfect for finding the black money holders, and to stop forged money from killing the Indian market, but I am unhappy with the government for many obvious reasons.
The Indian government had such a wonderful chance to do something good with the look, feel and quality of the new currency, like a lot of currency notes get wasted as they get torn, wet, and rough, but nothing like this was taken care of while making it. I'm disappointed, though overall it may seem good enough for India. The quality of the currency remains low.
That's all, folks!
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