Remove Higher currency denominations – Swami Ramdev
Out of the most important issues raised in the Bharat Swabhimna Andolan one is that of high currency denomination. Baba Ramdev demands that all high denominations of Indian currency i.e. Rs.500 and Rs.1000 should be immediately removed from the whole country. Moreover Rs.100 should be used as sparsely as possible.
This will help curb a lot of national problems very easily. In a country where 84 crore people or nearly 3/4 th of the whole population has a capacity to spend only Rs. 20 per day what’s the use of Rs. 500 and Rs.1000 denomination ?
Removal of higher currency denominations will immediately stop a lot of national problems which include :
1. Black Money – Lots of business transactions are done in cash to evade taxes. If only lower currency denominations like Rs.50 are available, high-value transactions in cash would become difficult, promoting the use of the banking system which will reduce the flow of unaccounted money in the economy.
2. Corruption – Corrupt Government officials, beureaucrats, etc easily take huge amounts of bribe in cash because of the availabilty of Rs.1000 notes which makes it very easy to pack up amounts like Rs.1 crore. With lower denominations it would be rather impossible for corrupt people to exchange so much bribe. Trucks will be required to transport money in form of Rs.10 , Rs.20 or Rs.50 notes to carry such huge amounts and warehouses would be required to store them.
3. Fake currency – Injection of fake currency into the Indian economy has become a huge threat. If not controlled the disasters will be much more than the economic recession. Increased money flow would not only increase prices but also help in promotion of black money, corruption, and terrorism. The only way to fight this is the use of low currency denominations and the prohibition of Rs.1000 and Rs.500 notes which will reduce the printing of fake currency inside and outside the borders of India.
4. Terrorism – Today terrorists from across the border are using fake currency to fund their activities against India. If high denominations of the currency(Rs.1000 and Rs.500 notes) are removed printing, storing, and transporting fake currency itself will cost more than the value of the money. Imaging Rs.200 crores being transported accross the border in trucks carrying Rs. 10/50 note bundles. It will be easily caught.
The above mentioned 4 issues have become cause of deep concern and can be curbed by abolishing all high denominations of Indian currency which will help in reducing various economic and social issues in India.