Currency Demonetization : Myth vs reality

Sudden ban on high value denomination pushed millions of people into chaos. Unstocked ATMs, rigid regulations coupled with storm of speculations bringing mental trauma to the common man. PM Modi took this paradigm shifting decision in order to weed out counterfeit and illegal currency. Finance Ministry announced series of relief measures and clarifications to curtail airing rumours. The most important includes Rumour: The government’s next move is to seal bank lockers and seize personal jewellery and gold. Reality: There are no such proposals to seize any jewellery or seal any locker. Rumour: PM will soon scrap Rs 50 and Rs 100 notes to facilitate cardless transactions. Reality: This is an absurd rumour, there are no instant plans to ban any other denominations. Rumour: Few insiders, business houses, ruling party members knew about currency demonetization. Reality: The decision was carried out with utmost care and secrecy. Rumour: The new currency notes are fitted with GPS chip to track the black money. Reality: No such arrangements were made. Rumour: New Rs.2000 currency note is bleeding colour and made of poor quality. Reality:The new currency notes are equipped with a security sign called intaglio printing. To check out if the new note is genuine or not, rub it against a small piece of cotton. This attempt creates a turbo-electric effect and leaves the note’s colour on cotton. Rumour: The actual cost of currency ban is far higher than that of incurred benefits. Reality: Its also an improper rumour.