NANDKUMAR B SAWANT (ADVOCATE./LAWYER) 22 November 2016

- demonitised by govt

CURRENCY NOTES OF RS.500/- AND RS.1,000/- DEMONITISED AND CANCELLED BY THE GOVT.AND AFTER EFFECTS OF SAME.

1. THAT DUE TO DEMONITISATION OF RS.500/- AND RS.1,000/- DENOMINATION INDIAN CURRENCY NOTES THE MODI GOVT HAS TAKEN VERY GOOD DECISION TO GIVE A STRONG BLOW TO THE WRONG DOERS .WHO ARE ACCUMULATING HUGE WEALTH WITHOUT PAYING ANY TAXES TO THE GOVT. AND ILLEGAL TRANSACTIONS INVOLVING CASH WERE SEVERELY AFFECTED. AND DUPLICATE AND FAKE CURRENCY NOTES WHICH WERE IN CIRCULATION DUE TO FOREIGN ENEMY COUNTRIES INVOLVEMENT ALL THEIR ACTIVITIES WERE ADVERSELY AFFECTED. FOR THIS SHRI NARENDRA MODI, THE DASHING PRIME MINISTER OF INDIA DESERVES THE CREDIT FOR SUCH A BOLD AND STRONG STEP.

2. THAT THOUGH LONG TERM BENEFITS WILL BE THERE DUE TO THIS DECISION , SEVERAL PRACTICAL DIFFICULTIES ARE FACED BY THE COMMON MEN AND WOMEN FOR WIDRAWING THEIR OWN HARDEARNED MONEY FROM THE BANKS. ONE CAN SEE LONG CUES BEFORE THE A.T.M.MACHINES TO WIDRAW THE CASH AS PER CASH LIMITS WHICH KEEP ON CHANGING EVERY NEXT DAY. EVEN BANKS WITH LIMITED STAFF ARE OVERBURDENDED WITH ADDITIONAL WORK OF EXCHANGING OLD CURRENCY NOTES OF SAID DENOMINATION WITH NEW CURRENCY NOTES . THERE SHOULD HAVE BEEN A PROPER HOME WORK TO EXECUTE THE SAID DECISION TO AVOID SERIOUS PROBLEMS FACED BY THE COMMON PERSON TO GET NEW CURRENCY NOTES.

3. THAT THE CURRENCY NOTES ARE AS GOOD AS A CHEQUE ISSUED BY THE GOVT , IT IS A PROMISE TO PAY THE SAID AMOUNT TO THE HOLDER OF SAID CURRENCY. HENCE ALL CONCERNED AUTHORITIES SHOULD TAKE PROMPT STEPS TO SORT OUT THE DIFFICULTIES FACED BY COMMON MEN AND WOMEN AND BUSNISS CUMMUNITY AND EVERY INDIVIDUAL.

4. THAT PRECAUTION SHOULD BE TAKEN BY CONCERNED GOVT AUTHORITIES AND ALL CONCERNED THAT DUE TO SUDDEN DEMONITISATION OF SAID CURRENCY NOTES, SUPPLY AND CIRCULATION OF CASH IN THE BUSINESS CIRCLES AND SMALL TRADERS LIKE VEGITABLE VENDORS AND WHOLESALE AND RETAIL TRADERS IN AGRICULTURE PRODUCE , DAILY RATED WORKERS WHO GET DAILY WAGES IN THE FORM OF CASH, AND ALL INDUSTRY, BUSINESS , TRADE AND COMMERCE AND NATIONAL AND INTERNATIONAL BUSINESS TRANSACTIONS ARE ADVERSELY AFFECTED. THERE IS SUDDEN SLOWDOWN IN THE BUSINESS ACTIVITIES AND ONE CAN EASILY MAKE OUT FROM FALLING SHARE PRICES AND INDEX AND RISING GOLD AND SILVER PRICES, IT IS AN INDICATOR OF TENDENCY OF COMMON PERSON TO HOLD CASH AND PROLONG THE EXPENSES. HENCE IT IS ADVISIBLE THAT THE ALL CONCERNED GOVT AND OTHER AUTHORITIES SHOULD TAKE URGENT STEPS TO SOLVE THIS INVITED PROBLEM OF SHORTAGE OF NEW CURRENCY NOTES WHICH MAY UNFORTUNATELY LEAD TO RECESSION IN THE MARKET. EVEN POLICE DEPT WITH LIMITED FORCE, IS ALSO FACING ADDED PRESSURE TO CONTROL THE CROWD OF CITIZENS WILLILNG TO EXCHANGE THE CURRENCY.

5. THAT THE ARREARS OF GOVT.TAXES ARE COLLECTED AND BANKS ARE GETING HUGE DEPOSITS DUE TO THIS DECISION. BUT COOPERATIVE BANKS ARE FACING PROBLEMS AS THEY ARE RESTRICTED BY RBI FOR EXCHANGING THE NOTES HENCE EVEN A PETITION IS FILED AT THE HIGH COURT FOR PROPER REMEDY.

6. THAT EVEN IN COURTS ACCUSED PERSONS WHO WERE GRANTED BAIL ORDERS , CASH SECURITY ORDERS FOR THEIR RELEASE ON BAIL ARE FACING SERIOUS PROBLEMS TO GET NEW CURRENCY NOTES TO PROVIDE FOR SURETY AND CASH SECURITY AND INNOCENT PERSONS ARE HELD IN JAIL DUE TO NON COMPLIANCE OF BAIL ORDERS DUE TO SHORTAGE OF NEW CURRENCY NOTES AND DIFFICULTIES TO GET NEW NOTES. HENCE URGENT SOLUTION OF THIS NEWLY INVITED PROBLEM SHOULD BE FOUND TO AVOID INCONVENIENCE TO ALL CONCERNED.

7. THAT THOUGH THE DECISION OF GOVT TO DEMONITISE THE CURRENCY NOTES OF RS.500/- AND RS.1,000/- IS A VERY GOOD DECISION BUT SOME PREPLAINING AND PROPER ARRANGEMENTS TO ISSUE NEW CURRENCY NOTES TO REPLACE OLD NOTES SHOULD HAVE AVOIDED THE IRREPAIRABLE LOSS AND HARDSHIPS FACED BY THE COMMON PERSONS.

8. THAT IF SAME DENOMINATION NEW NOTES WERE RELEASED TO REPLACE OLD NOTES WITH SUFFICIENT STOCK OF SAME WITH THE BANKS ,THEN THE SERIOUS ADVERSE EFFECT COULD HAVE BEEN AVOIDED.

INDIA IS A FAST DEVELOPING COUNTRY AND THE PROGRESS OF INDIA SHOULD BE MAINTAINED BY ALL ECONOMIC EXPERTS TO GIVE SUGGESTIONS AND HELP ,TO THE IMPLIMENTATION AUTHORITIES TO SOLVE THIS PROBLEM.

THIS IS JUST OBSERVATION AND SUGGESTION , THE EXPERTS IN APPROPRIATE FIELD CAN SUGGEST BETTER.

GOOD LUCK.

N.B.SAWANT.,M.COM.LL.B, ADVOCATE HIGH COURT.

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4 Replies

stanley (Freedom) 22 November 2016

Originally posted by : NANDKUMAR B SAWANT
	CURRENCY NOTES OF RS.500/- AND RS.1,000/- DEMONITISED AND CANCELLED BY THE GOVT.AND AFTER EFFECTS OF SAME. 1. THAT DUE TO DEMONITISATION OF RS.500/- AND RS.1,000/- DENOMINATION INDIAN CURRENCY NOTES THE MODI GOVT HAS TAKEN VERY GOOD DECISION TO GIVE A STRONG BLOW TO THE WRONG DOERS .WHO ARE ACCUMULATING HUGE WEALTH WITHOUT PAYING ANY TAXES TO THE GOVT. AND ILLEGAL TRANSACTIONS INVOLVING CASH WERE SEVERELY AFFECTED. AND DUPLICATE AND FAKE CURRENCY NOTES WHICH WERE IN CIRCULATION DUE TO FOREIGN ENEMY COUNTRIES INVOLVEMENT ALL THEIR ACTIVITIES WERE ADVERSELY AFFECTED. FOR THIS SHRI NARENDRA MODI, THE DASHING PRIME MINISTER OF INDIA DESERVES THE CREDIT FOR SUCH A BOLD AND STRONG STEP. GOOD LUCK. N.B.SAWANT.,M.COM.LL.B, ADVOCATE HIGH COURT.

And whats your say on this Sawant .

Rajasthan industries staring at Rs 1 lakh crore loss, says State Forti

There is no adequate cash available for payments to labourers and others, which is causing adverse impact on production.

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By: PTI | Jaipur | Published:November 21, 2016 2:27 pm

Rajasthan indutries may lose approximately Rs 1 lakh crore in two months following the Centre’s move to demonetise high value notes, State Forti said. The currency crisis has taken a toll on almost every industry from retail sector to construction in the state and a loss of close to 1 lakh crore to the industries is expected in two months if the situation does not improve, Anurag Sharma, acting president of Federation of Rajasthan Trade and Industry (Forti) told PTI on Monday.

“The decision taken against the black money is worth welcoming but this was taken without proper arrangements in advance which badly hit the industries and trade. Though, the government announced several measures, but they are absolutely not sufficient,” he said.

Sharma informed that the industry body handed over a representation addressing Prime Minister Narendra Modi to the state governor Kalyan Singh on Sunday, demanding steps and measures to improve the situation as soon as possible. He said that manufacturing sector is badly hit due to the decision and the retail sector has also been affected.

“There is no adequate cash available for payments to labourers and others, which is causing adverse impact on production,” he added. Sharma said that the government should increase the limit of withdrawal.

“There are long queues outside banks and the common man is facing hardship. The impact is visible on industries and the situation has not improved, that will result in huge direct and indirect losses,” he said.

N.K.Assumi (Advocate) 22 November 2016

I dont know anything about politics except things that concnser with good governance, and PM and his Government are in the rsight directions.This is a soundless and bulletless war and people are with the decisions of the Government. Yes, there are inconvenience but its OK. Its now or never a steps that could not be implemented since Independence. let me quote Francy Johnson's famous quotes:

"You want progress but not struggle,
You want rain but not thunder and lightning,
You want crops but not ploughs the ground,
You want to walk the beaches but not wet your feet."

How can a country develop without cleaning corruption?
Yes, there are inconvenience! but worth going through
that, and comparing to the Noble cause, inconvenience
is just a mustard seed.
This is the greatest War ever waged by Indian government.

N.K.Assumi (Advocate) 23 November 2016

Let me also add that there are people who are like wheelbarrow, they never move until somebody push them, and when they are made to move they try to find faults in pushing them to move, such people will always exist, and not worth wasting your time with their criticisms. There are people who moves and makes things happen and makes the change and that matters the most.For nearly 70 years we have stood near the bridge to cross or not to cross, and I must say we have stood there for too long, as the Nation plunged into abject poverty.

stanley (Freedom) 24 November 2016

Also in life you come across some special cynical characters who take a one sided view .

1. What was the effect of this move ???.

If you read the news touts have flourished all the more .Black money is being exchnaged for white at different percentages . The rich who have flourished with black money have not been affected , Have you seen the rich standing in line for the new notes . Its only the poor and the comman man that has been affected for his livelihood.The rich have their illegal wealth invested in gold and real estate and they have put their money into swiss bank accounts . Inspite of knowing their names why havent they been targeted .