Debate on Ordinance related to Demonetisation

As said by PM Modi on Nov 8, all old Rs 500 and Rs 1,000 Notes would become a piece of paper without any value. Then, why this Ordinance with the provisions of fine (jail term decision was reversed) for those who possess these “worthless papers”?

Vijaya Singh: Because these notes are like promissory notes signed by the RBI Governor. Liable to litigation if not paid the said amount to the holder.

Balakrushna Patra: Digitization demonetisation is no way effective to a layman who earn and spends daily or weekly. It’s a move to show accountability to those who wants to save, develop enterprise, utilize their money indirectly. These frequently changed monetary transaction rules discourage young entrepreneur anticipating some more strict rules over profit margin on each transaction.

Rahul Barrick: Ordinance has passed only to frighten the black money holders so that they shd deposit the same on or before Dec, 2016. This confused govt will again amend this law in the coming days.. Expecting ???

Dipti Ranjan Jena: It seems logical from a general view but from a technical site it has around 10 possible reasons for which probably the govt might have taken such decision.Sharing few points we had workshop on the similar topic below.

1-The old notes are only “Invalid”but it was never said it lost its immunity to corruption.

2- We may have many “invalid”things in Home but the moment it creates trouble and pose danger to other it will attract the law & punishment for having it in home.

3-From a legal prospective,It was necessary because :-Take a scenario if a monetary robbery /Misappropriation / Crime/Theft /Corruption happens during the transit period of #Demonetisation or just 2-5 days before or much before 30th Dec bu the culprit caught post 30th Dec then it takes time for investigation/Judiciary system to bring the culprit in to the justice so by that time if there would no such law to punish for holding the old notes then as per law the culprit/Corrupted /Criminal etc may be escaped siting such invalidity of old note.

Binay Panigrahi: Bonded citizens of India .. Whatever you do for ease of living, there will be always a fear of punishment, that too in the name of betterment.

Jagannath Mahapatra: Because in Future, People with Money can not put pressure on future Government to roll back their decision.

Simanchala Mishra: Actually, it is a govt property since the legal tender is by the Govt.Further, how shall the Govt replace these notes unless they reach Govt treasury?

Rajesh Pattnaik: 1. The main purpose of govt to collect revenue from unaccounted for money. Some people for obvious reasons best known to them, would like to destroy it in due course than to declare & pay tax. Not only they’re supposed to pay tax, their activity trail will be unearthed after disclosure. Some political parties are getting hyper on behalf of these dubious possessors of illegal tender. So in national interest it’s essential to unearth the complete money trail. Hence this ordinance to force them to disclose rather than destroying the old currency.

2. As reported in some sections of media the actual circulation of such HDC (High Denomination Currency) is higher than the officially maintained figure, which may unearth another huge scam of Congress govt., how they didn’t even spare RBI.

Jagannath Satapathy: I believe, it’s related to technical issues, as RBI itself has no absolute authority of printing of notes. Suppose a country wants to print currency of 100 crore, it has to deposit some amount of foreign exchange and gold. So suppose at open market if 15 lakh crore worth currency is circulated, but returned amount is 12 lakh crore, then the difference of 3 lakh crore has to be reprinted by only fulfilling the above condition. That would be a huge loss for the state treasury because the same amount has been already paid, again paying it twice is worthless.

Aroop Jena: The whole system is corrupt. No changes to people’s lives whoever comes to power at the centre. It’s all about drama, TRP, publicity and vote bank politics.

Basudev Bhatt: Muhammad bin Tughluq Ji is in full form, he may shift the Capital from Delhi to Ahmedabad.