Unexpected happens everywhere and
if it was the result of president election in USA, India loses the value of
high priced currencies (500 and 1000 rupee notes) all of sudden from the
midnight of November 8th. Though it is indeed a bold step by the
government of India and an essential one to knock down the black money and
illegal notes circulation, the release of 2000 notes make sense it could worsen
the situation in future with chances of double the hoarding. In the age of
online transaction and swiping technology we don’t need high denomination and
most of them were used mostly by upper class and I also think it could increase
the spending habit indirectly as wander for change is not easy.
We all know it’s a temporary
state of trouble (shops refusing to get value lost denominations and people
rushing to banks and ATMs to exchange or deposit their hold) and this change
could be nothing in few weeks when more new 500 and 2000 notes becomes stably
available. I think it’s the media created perplex, because the way they
conveyed the message comes shocking and it was unbelievable too first. Though we
appreciate the crucial and bold decision taken by the govt. of India, the
difficulties could not hide away esp. those who get wage and small scale
investors hit by this move greatly. Govt. announced certain areas (like milk
parlour, petrol and railway stations) where the old denomination can be
exchanged by purchasing, but people had no option when they refused to accept to
only postpone or go pillar to pillar in search of change.
The new ₹ 2000 note really
left me amaze by the number of detail it hold within to keep away fake
printing. My dad bought a 2000 note yesterday after depositing an amount in
bank and I was curious checking its features and I really liked the Braille
work to assist visually impaired. It has intaglio or raised printing of Mahatma
Gandhi, Ashoka Pillar emblem, seven angular bleed lines (on left and right side
of the magenta coloured note, size in 66x166 mm) and identity mark. Apart see-through numeral 2000, micro letters
(RBI and 2000) on the left side of the banknote, it has windowed security
thread with color shifts, where the thread changes from green to blue when the
note is tilted.
We have more than a month to deposit
or exchange our old currencies (and even beyond that with RBI), but people seem
impatient in changing the notes as if today is the last date. I don’t believe this (giving re-life to
denominations in new form and price higher than before) will turn everything, but
I do hope alike it helps, improves and betterment the society and banking
system. Hard-earned should never go wasted.