The much talked about the decision by Prime Minister Modi to demonetize most of our currency will turn out to be dud as it has drastically failed on its key objective. The goal The major goal as announced to invalidate the 1000 and 500 currency was to weed out black money and corruption. A minor aim was to work ahead with the noble idea of the Prime Minister to push for a less cash/ cashless society. A major failure However, the idea failed big time. You go to any bank in India today, ask people who are in the know of things and they will tell you the exact commission being charged by bank staff to convert your cash into a new currency. The commission ranges from 25-35% . If you had 50 lakhs under your mattress, you will still have most of it, before November ends and can shove it back under the mattress. But this simple idea came later. First came the usual plain boring ideas. Put money in gold. Clear your past dues in old cash. Pay a commission to money launde
Story Teller | Blogging Since 2006