Finance

How’s Middle-Class Family Affected in Currency Banned in India

The government of every country takes a certain amount of tax from the residents of that country. This is taken for the welfare of the general public only. The money when not given to the government is known as black money.
To get rid of the problems caused by black money, the Prime Minister of India has chosen a pretty different way. He has made certain changes in the currency system.

What Are The Changes?

Recently due to the order of the Prime Minister of India, the country is going through a lot of crisis. All the 500 rupee notes and 1000 rupee notes have been banned. And in place of them 2000 rupee notes and revised 500 rupee notes have been brought into the market.

A good amount of time has been allotted for the general public of India to change their 500 rupees and 1000 rupee notes in all the banks of India. But if one exchanges an amount which is greater than rupees 250000, then legal actions will be taken against that person. This is because they surely possess black money in a huge amount which is, of course, illegal.

Thus the notes which are presently available in India may be listed as follows:

• 10 rupees notes
• 50 rupees notes
• 100 rupees notes
• Revised 500 rupees notes
• 2000 rupees notes

Thus, as it can be seen from the data above, there is a huge difference between the values of 500 rupees and 2000 rupees notes. And this is one of the major problems in the current system.

Effects Of The Change

This masterstroke by the Prime Minister of India may have worked well to do away with the problems of black money. In various places of India, bags stuffed with 500 rupees notes and 1000 rupees notes are being found. And at places, these notes are also being set on fire. Thus it is a very good change which has made the keeping of black money impossible in India.

But on the other hand, the same change has become a curse for the middle-class people of India. These people, most of whom earn an ordinary amount of money after a lot of hard work are suffering a lot.

The Main Reasons For This Are As Follows:

• They have to stand in long ques in front of banks and ATMs throughout the day, to exchange notes. Thus their regular lives are being affected as they are not being able to work due to standing in lines throughout the day.

• Another main problem is that people are not able to purchase even household stuff because of a shortage of notes. The revised 500 rupee notes have not been launched properly in the market, and thus they are falling very short. Hence, when people are giving 2000 rupee notes, the shopkeepers are not able to return the balance.

• People who do not even have bank accounts are not being able to buy the minimum things required to run their regular lives.

They are not being able to exchange the notes and hence no one is accepting their money. Thus this change is becoming very costly for the middle-class people of India.

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