Some common myths regarding demonetization

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New features for 500 & 2000 rupee currencies
13/12/2016
12
Survive the demonetization with the help of e-money.
13/12/2016

India is going through some great financial renovations. The fact is that people depend on anything from verbal contacts to the internet for gathering news regarding note ban and tailing events. Maybe Indians love some remixes adding masala to whatever they pass. In the sandstorm, some people love baloney such that they let loose fake news from ‘demonetization of entire paper currency’ to ‘NFC chips on new notes’. There are many among us, who pumps their agony listening to all these bogus jokes. If you really want to clarify something use the most authentic source, the RBI website. All ordinances are available for public from their website. Let us address some myths that are waving across the nation.

  • GPS chips on new currency

Whoever fabricated this lie, might be loving a pinch of melodrama. In the succeeding days after demonetization, this news flashed over the internet, especially on social medias like the new 2000 rupee currency released is equipped with a small Nano chip which can signal the location of money transit, making them traceable. Even some news channels digested this hoax and spread words regarding the same.

 

Truth: The new currency is simply the upgraded version of old paper currency. Apart from introducing Devanagari script and few other features, there is no chip embedded, in fact, it is not feasible  with current technology to implant a self powering Nanochip on currencies.

 

  • Once the situation is stable, the old 100 & 50 rupees will be demonetized

Some social media posts circulating in the country carry this news as , the prime minister is planning one more demonetization within 6 months, where smaller denominations like 100 & 50 will be banned the similar way.

 

Truth: First of all, there is no need or necessity for demonetizing smaller denominations like 50 & 100. It is a baseless myth, simply to spread terror. In fact, counterfeit currencies are usually printed for higher denominations to accommodate maximum worth, whereas black money is stored in largest possible currency to save space.

 

  • The confidentiality of this operation is compromised.

There are many who believe that the news is leaked to people who favor the ruling party. Some blunt evidence is also produced to support the claim, according to which these people who got the news had safeguarded their money and exchanged them soon with gold and other investments.

Truth: The operation was a complete secret and only discussed among a few higher officials in the system. In a country with super-efficient news scavengers, to keep an operation this confidential and let out only when announced to the public,  means it really was a deep covert operation.

  • You can convert the black money into gold and safeguard it.

It was the first idea that strikes many. Even some people tried the same by investing their money in gold. Some experts believed this would hike the price of gold lie never before in the history.

 

Truth: Apparently it seemed a great option, but the law and enforcement officials are vigilant than we think. They keep a great track of things happening around us. All gold trade is under their surveillance and they are doing all legal verifications and scrutiny to confiscate any such deeds.

 

  • Your bank lockers and jewelry will be sealed for inquiry

As part of whitewashing the nation, Income tax, and Enforcement officials will raid through your bank lockers and jewelry collection to suck out the black money source.

Truth: Government doesn’t have any such idea to disturb public. Until unless you suspiciously amass gold after November 8th, you might be inquired for the source of money. If it is genuine and real, then you needn’t have to be worried about anything.

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