There have been lots of myths surrounding Demonetisation. It is time to debunk these rumors and give you the reality.
Rumour – In next step PM. Modi will demonetise Rs. 100 and Rs. 50 notes.
Reality– There is no such intention and it will not be done for any other denomination of legal tender notes.
Rumour – Few corporate houses and political party members were given an initiation about the move in advance
Reality – There was no leakage of information at all and there was complete secrecy.
Rumour – There is also a thought of sealing bank lockers & freezing gold /diamond jewellery.
Reality– This rumour is entirely baseless. There is no plan of sealing bank lockers or jewellery.
Rumour– New currency notes have chips embedded inside them and that will help in tracking black money holders.
Reality– No such chips are embedded in the new notes and is creative imagination.
Rumour – The demonetisation move will not benefit, black money holders find ways to make it white.
Reality– Enforcement agencies are keeping a strict watch on all possible hoarders and instances of hoarding. There also have been amendments in Benami Transactions Act and information sharing agreements that are made with foreign Governments.
Rumour -The new Rs 2,000 notes are of low quality and the colours are dripping
Reality– The new currency notes have a feature called intaglio printing. This is for security Purpose. A genuine new denomination note can be tested by rubbing it with a cloth. This creates a turbo – electric effect, which will transfer the ink onto the cloth.
Rumour– The cost of implementation of this move is more than the benefits.
Reality– Legal money is always safe. Money earned through legitimate ways but taxes not paid on them can be declared with taxes and penalty paid on them. Black money stored in cash will be completely wiped out. Also there will be no traces of Counterfeit money.
Rumour– For withdrawal of money from ATM or Banks, person will be marked with indelible ink
Reality– Indelible ink marking is limited to cash exchange at bank counters and has no involvement in withdrawals.
Rumour- Inedible ink prohibits Future transactions and person cannot exchange currency for longtime.
Reality-Use of indelible ink has been introduced flush out persons coming repeatedly to exchange notes so that banks can cater to large customer base.
Rumour– India is rural country and hence digital economy is not going to happen.
Reality– After the launch of Jan Dhan Yojna, in 2014, more than 25.5 crore bank accounts have been opened. Considering the average family size of 4.5, almost every Indian family member now has a bank account.
