Real Outcome of Demonetization will be validated by the figures in shape of Inflation, GDP and Unemployment

Real Outcome of Demonetization will be validated by the figures in shape of Inflation, GDP and Unemployment Says: Afzal Khan Afridi

New Delhi: Rs 500 and Rs 1000 notes are no longer legal tender and new notes of Rs 500 and Rs 2,000 has been introduced with different designs and sizes. The demonetization effort led by PM Modi in India is aimed to wash the stock of “black money” out of the economy and get it into the legal, banked and taxable part of the economy. The common man is in immense trouble, the government should give more time to people to exchange old notes. The government can easily track larger deposits of money. At least common people especially working class, daily wagers and small traders will get some relief. Long queues outside banks are not coming to an end said Afzal Khan Afridi, AIMIM President Ward 205 Okhla, New Delhi.

He further added that in 1978 demonetization was instated but that time situation was different rather just opposite. He said as we all know today 86 per cent of our currencies are in the form of Rs 500 and Rs 1000 notes. In this case banning them with immediate effect was not a good idea. He said “the government should have planned it well ahead of time, for instance, it should increased number of notes of Rs 100 Rs 50 and other legal tender in circulation and reduced Rs 500 and Rs 1000 notes. To add to it re-calibration of ATM machines will take time too”. People are not getting change for the newly introduced Rs 2000 note. The demonetization has eventfully put farmers, rural and urban economies in distress.

Surprisingly, fake currency note of Rs 2,000 is already in circulation in the country. If the government wanted really end counterfeit menace then it should changed the ink and silver thread supplier as the same supplier is supplying the two to Pakistan as well. AIMIM National Party President Br. Asaduddin Owaisi pointed it out in one of his interviews and has asked the government about their strategy on it said Khan.

Afzal Khan Afridi said “We least doubt the expertise and intention of the government, but outcome would only be validated by the figures that we would see in the shape of inflation, GDP, and unemployment. In the world of economics, there is always a lag period to know the real outcome. It would depend upon how much and how soon people would withdraw back from the banks. If the withdrawal amount almost matches the deposit amount, it would trash the deposit multiplier theory of increased lending by the banks. One of the key outcome impact parameter that would be interesting to watch is: how much would have been lost in the shape of lost man-hours by the people by just waiting in the long queues for bank transactions; how much would have been lost in the business transactions because of non-availability of needed cash; and how much would have been lost as a consequence of temporary panic. Let us hope for the best”.

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UPUKLive English: Real Outcome of Demonetization will be validated by the figures in shape of Inflation, GDP and Unemployment
Real Outcome of Demonetization will be validated by the figures in shape of Inflation, GDP and Unemployment
Real Outcome of Demonetization will be validated by the figures in shape of Inflation, GDP and Unemployment Says: Afzal Khan Afridi
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