Debate: Scrapping the 500, 1000 rupee notes – Good or bad?

When I read the news, I didnt believe it at 1st. How could they simply de-recognise bills overnight? What about the money I have?
Okay, then I read further and saw options:
– ATMs closed tomorrow (Where do I get the 100s from?)
– You can get them exchanged in banks starting in a few days with daily and weekly caps (Q: How is this different from me getting notes exchanged when they phased out, eg 2005 series of 100 notes for new notes)
– you can still use them in Petrol pumps and govt hospitals

on top of it all, “HOW DOES IT END BLACK MONEY?!”

And then it hit me. I SMILED, then thought of putting an FB status update.
This was sheer brilliance!!

Now lets analyse
Black money is mostly carried as cash in 500 and 1000 bills. If you have 1 crore as black money, you’d need (7 zeroes divided by 3 zeroes = 4 zeroes) 10,000 Rs 1000 notes. Double that for Rs 500 notes and keep extrapolating because 1 crore is such a paltry sum. People have stashed far more than that!!
Converting all of that into 100s makes a humongous storage problem and then there’s the problem of exchange too as that entails going to the bank with your PAN in hand..

Lets analyse other options
– Get the tanks filled of all your ill gotten Audi’s, BMWs, Mercs and the like. Still “Bhai kitna tel dalwa loge?”
– Get yourself the best and costliest treatment in a govt hospital. (Fir bhi, bhai kya kya karva loge?”)
– Go to the bank and get Rs 4000, 10,000… exchanged everyday into 100s (storage problem) or get it deposited in your account by showing a PAN card.

Let’s say you keep doing that everyday till March 2017 (with project INSIGHT a couple of weeks should be enough to realize a pattern) and suddenly you’ve exchanged either too much money or deposited too big an amount and guess who shall know – “The IT DEPT <without Kejriwal>!!!!”

Where do you run now? All that stash ain’t gonna help you mate!!

Isnt this awesome??

Tonight at the stroke of Midnight hour, a new India awakes!!! and rises!!! And whatever happens in the US, this is a TRiUMPh!!! <no absolutely not supporting him>

<Let’s discuss>
Have I got this wrong? Is there something else at play?
Isn’t printing new money (with the 2000 bill and all) going to make this exercise moot?
Is a chance missed to bring Black money into the system?


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