Imad.Khan
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Yes Govt will bring back 500, 1000 and reintroduce 1000 Rs note (Condition apply), The condition is "No one knows how much these will be printed."
Till 8th Nov, there were 85% currency in India was 500 or 1000.
Now following question
1. How it attack black money:
One who has >10 Lakhs in cash (unaccounted) he has no option other than trashing that money, they can burn it, shread it or throw it. No one will take those money. So million dollar worth black money is neutralized.
2. New 500, 1000, 2000 will bring back black money
That depend upon Govt, If govt will print less currency, ppl will force to use plastic money and all money will be accounted (Jan-Dhan yojna can provide bank account in 4 hours and debit card in 3 days)
3. Fake currency:
will be flush out of system
4. UP election
All political party stashing money will have to throw it, no other option.
I agree with all the above advantages but if our countries just remove the big currency notes then it will give us the following advantages as well
1. Will improve tax collection as people will not be able to stash away large amount of wealth and all transactions will be documented and transparent. (unless people decide to stash billions in rs100 notes)
2. Will reduce corruption as sudden wealth increase will attract attention
3. Will also reduce use of paper and the cost of printing money
4. Eliminate black economy.