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| The new 2.000 rupee notes to replace the 1.000 rupee notes as an attempt to tackle corruption issues in India. Source: http://ichef.bbci.co.uk/news/624/cpsprodpb/A3E5/production/_92375914_1cd7c80e-9037-4c7a-9211-6904c2811828.jpg |
Based
on an article with the same title posted by BBC on November 11, 2016
Indian government closed all the banks for 48 hours
in attempt to overcome corruption and tax evasion. After getting a sudden
notification from Prime Minister Narendra Modi on Tuesday night, all Indian
banks were temporarily shut since Wednesday. In addition to that decision, 500
and 1.000 rupee notes were withdrawn from circulation. Consequently, all public
facilities, for instance, airports and hospitals are not allowed to accept
those notes after Friday, and people have to exchange their money until 30
December.
All Indian banks and ATM began to operate on
Thursday. People have formed long queues in banks or ATMs to make withdrawal even
though government has imposed restriction on the money withdrawals. To serve
all customers, banks have expanded working hours and staff. The regulation to
limit people from withdrawals is aimed to tackle the issue of ‘black money’ in
circulation. However, ordinary people who depend on the cash economy have
gotten the bad effects of the new regulation.
What Indian government has been doing to tackle
corruption is pretty good although it means that the attempts may bring bad
effects to Indian people who mostly rely on cash economy. I hope that
government will be able to resolve the corruption and black money issues faster
so that ordinary people who do not get involved in the issues need not endure the difficulties longer.
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