November 9, 2016
Almost everyone (from the common man on the street to business houses to politicians) was taken by surprise with regard to yesterday’s decision by the government to withdraw old Rs. 500 and 1000 notes from the market. The prime minister said that such notes will become "mere paper." While I have been writing on this subject for last 8 months, this one step is truly a master stroke. So let’s look at what it means for all of us.
Mere Paper: This means that you cannot transact with old Rs. 500/1000 currency (except for emergency use cases like railway, bus tickets, Airport, Petrol Pump, etc. for next 72 hours) and they need to be deposited back to the bank till December 30, 2016, or maximum up to March 31, 2017.
So all those who currently hold huge piles of cash will be stuck in tough situation if:
Our Responsibility: Those who hold legitimate sources of income need not worry. However, we have an even bigger responsibility to educate and help the vulnerable (domestic help, security guard, driver, old parents living in other cities, etc.).