On Tuesday at 8 pm, when Prime Minister Narendra Modi started his first ever televised broadcast address to the country, there were a lot of interest among the people. This specific broadcast was not publicised widely, as is the norm for any such message, nor was it preceded by some occasion that would otherwise warrant a prime ministerial address of such a nature.
Modi dropped the bombshell through his speech in Halfway, which Amit Shah, the current President of the Bharatiya Janata Party, later called as a “Surgical Strike Against Black Money”, surprising the nation and shocking a large number of people across the spectrum who had crowds of unaccounted black money. The PM announced that at the stroke of midnight on 8 November, High Denomination Notes Of Rs 500 And Rs 1000 notes would become waste paper.'' The timing of the announcement was really critical. By the time Modi ji made this announcement, most shops shut down their shutters; in this manner, leaving no time for black money hoarders to engage in high value shopping like gold and silver shopping.
If we talk about black money, then this of the biggest ever crackdown on it; a shocker to hoarders, black marketers and corrupt persons of all hues and in all walks of life. The PM and other senior officials who spoke on the matter, highlighted that the move was extremely necessary as black money was being used to spread terror in India. They pointed out that millions of fake notes were being smuggled into India from across the border in order to finance the menace of terrorism. When the PM and other topmost officials in the government narrow down on this terror financing mechanism, then they are not joking, so this threat needs to be taken very severely.
This is the collateral damage of the Modi government's fight against black money and this could possibly explain why Modi was so insistent on opening bank accounts for all Indians few months back. The move had its own benefits. As one can realize it, there would be no parallel economy in the country for the months and years to come and this was all done away with in one single yet extremely powerful stroke by PM.
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