Various different agencies have pegged the value of the black or shadow economy in India between 20% and 36% of GDP. Large Denomination notes make it easier for people to store large values of unaccounted money. According to a note issued by the Ministry of Finance while the bank note circulation rose by 40% between 2011 and 2016 the increase in the number of notes of Rs. 500 denomination was 76% and for Rs. 1000 denomination was 109%. Demonetization will force this unaccounted money to be brought into the formal economy. Else it will loose all its value. Once the black money is declared it is expected to improve the tax buoyancy. This move comes on the back of an Income Declaration Scheme which yielded declarations of close to Rs. 65000 Crores.The main reason for the generation of Black money is the taxation system in India.
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Demonetization is accompanied with the introduction of either a substitute form of the currency. Sometimes old currency is replaced by a new alternate currency.
The Indian Government is removing the Rs.
While the new notes is referred as New Generation Currency notes (NGC).
Why is demonetization required?
Governments resort to demonetization in the following situations:
- To unearth undisclosed money or black money
- Control and clean up counterfeit currency in circulation
- To introduce a new currency
In the Indian case the motive is to unearth black money and to check counterfeit currency.
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Logically speaking there is a need for high denomination notes in a country like India. And that is specifically the reason why the government is issuing the new Rs.
500 and Rs. 2000 denomination notes.
However, the new notes have a completely new design and a whole bunch of security features which make them harder to copy and easier to detect if a fake note is put into circulation. The new notes are also referred to as New Generation currency (NGC).
Many people have incorrectly construed the abbreviation as Nano GPS Chip – This is incorrect. The RBI has already clarified that the new notes will not have any embedded chip and will not be tracked by a GPS.
However, RBI has a unique serial number for each note which will be used for tracking the currency as it changes hand.
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The government is also planning a big tax reform in the GST Bill expected to be made operational by 1st April 2016. The cleanup of the system prior to the introduction of GST will make the roll out more successful as less black money will reduce or remove any distortions.
This will bring about a behavioral change as relative shortage of currency notes is likely to drive people to explore other means. India has among the highest usage of cash across global economies.
According to a 2015 report from PwC, 98 percent of all transactions by volume happen in cash. These cash transactions have two problems i.e. higher transaction costs and perpetuation of the shadow economy.
It also hinders the evolution of a digital economy.
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As a matter of fact this currency tracking can be a great use case for a blockchain system.
To summarize, demonetization of the OHD Currency notes is already a reality. As we speak the system is making all efforts to recover from the initial shock.
For all day to day operations I believe it will take a week to 10 days for the system to stabilize. In the meantime we see alternate payment channels making a all out effort to popularize their services.
For people having black money are obviously disrupted and will be spending considerable time and money to minimize their looses before time runs out for them on 31st Dec 2016. The counterfeiters are all doomed since they have lost all the value of their counterfeit currency.
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In a 40 minute long speech Prime Minister Narendra Modi announced the demonetization of existing notes of Rs 500 and Rs 1000 during a televised address on Tuesday evening.
Modi announced that the notes of Rs 500 and Rs 1000 “will not be legal tender from midnight tonight” and these will be “just worthless pieces of paper. PM also urged people to ‘join this mahayajna against the ills of corruption.
Here is a guide for you explaining everything about the move.
What is demonetization of currency? Demonetization for us means that Reserve Bank of India has withdrawn the old Rs 500 and Rs 1000 notes as a official mode of payment.
According to Investopedia, demonetization is the act of stripping a currency unit of its status as legal tender.
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Tourists can change these notes at airports.
A number of exceptions have been made at places of particular importance, where the Rs 500 and Rs 1,000 notes will be accepted for an additional 72 hours, that is till midnight on November 11. This includes hospitals, railway ticket booking counters, government bus stands, and airports.
New notes of Rs 2,000 and Rs 500 will be circulated, Modi said, though these will have limited circulation.
They will be introduced on November 10.
In the past:
Indian governments have demonetised currency notes in the past as well. According to the RBI, Rs 1,000 and Rs 10,000 banknotes were demonetised in January 1946.
Banknotes for Rs 1,000, Rs 5,000 and Rs 10,000 were reintroduced in 1954.
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The winter is coming and these worthless pieces of paper can provide the corrupt some ephemeral warmth.
What experts think? Almost all the stalwarts of the banking sector including Deepak Parekh, Chanda Kocchar think that the move will help curb black money in the economy.
According to MD & CEO, ICICI Bank Chanda Kochhar who told ET Now, “this move will definitely bring about a whole amount of transition to no cash or low cash kind of transactions,”.
“A parallel black economy will collpase,” one of the leading lawyers in taxation laws, Harish Salve told ET Now.
Narayana Murthy, founder of the Infosys, welcomed the government’s move in its fight against corruption.
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