Good things about Rs 500 Ban

However a few political parties and unaware people are criticizing this decision of banning the Rs 500 and Rs 1000 currency notes, but still most of the people are in favor of this decision. Here are a few good things about this ban listed below. Those who are criticizing this decision must read it.

Good things about this Ban

  • This decision is a tight slap on faces of those who have kept black money in the form of Rs Rs 500 and Rs 1000 denomination. As now if they deposit it in their bank accounts then it will be visible to authorities and if they don't then that money will be of no use.
  • Those who bring fake currency to India are bankrupted by this decision as their present stock of fake currency is of no use. 
  • Terrorist activities are mostly financed by higher denomination currency notes of Rs 500 and Rs 1000. Now no cash transaction will take place in these notes, so terrorists will also become bankrupt.
  • Corruption will also be banned up to some level as most of the higher level corruption happens in Rs 500 and Rs 1000 currency notes.

The things listed above are to tackle black money, terrorism and corruption. But apart from that there are few more good things that will happen now.

  • People will start using soft-money i.e their debit cards on retail outlets. It will encourage people to keep less cash in their pocket.
  • Most of the retail outlets will start accepting cards or will start using payment apps like Paytm.
  • It will reduce black money as all transactions will be visible to banks and government will be able to earn more tax from the present taxing schemes.
  • According to some experts the rates of property and gold might also come down. But no claim can be made on this effect, but we will pray for it.
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