Honourable Prime Minister Sri Narendra Modi has banned all existing Rs 1000 and Rs 500 notes with an intention of removing the root of black money in India. Majority of the nation is happy with this move and the middle class (Majority of Population) will vote for Narendra Modi for the next 100 years. We compiled a list of top 10 disadvantages of banning Rs 500 and Rs 1000 notes.
You come back home with tons of change if you need cash
You can only withdraw Rs 20,000/- currency per week
Have to stand in queues for hours together to exchange your existing notes
Businesses suffer since they do not have liquid cash to make critical transactions
Existing business transaction will be halted due to this sudden development
Increase in distributing of Rs 1000 and Rs 500 fake notes
New opportunity for brokers to make some money by exchanging currency
Good opportunity for politicians to convert their black money to white by giving loans to innocent villagers
Rs 2000/- notes will make it easy for people to store it, thereby in future more black money can be stored safely
Tax payers’ existing money is being used to print new money.
Definitely this is a good movement but there are cons too. These points are based out of my experience. This article is not written to criticize the exiting government or the new move by PM.
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