Thursday, November 23, 2017
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notes

Many people, who are neither hoarders nor black-marketers but are ordinary wage earners, do have a tendency to keep cash ready at home for any emergency. The housewife in particular has a tendency to save something for the rainy day. After all she cannot run to the bank at short notice.

The emergency can occur at any time of the night as well. Some good, devoted housewives are thus, without knowing it, hoarding cash that earns no interest. But their argument is that they cannot be expected to rush every now and then to the banks when law and order has gone to dogs and one can be deprived of cash at the bank itself or waylaid by highway crooks while returning home with the money withdrawn from bank.
I would like to appeal to all our readers to ensure that the cash at hiome does not include any currency note which has noting scribbled on it. Any such noting, name or date will not be accepted by the banks after December 31 this year. This warning is from the Reserve Bank of India which says that any scribbling on a currency note—either some name or some number or any word written thereon will render a note invalid and will not be accepted by any bank. A report says that after January 1, 2014, any currency note which is found to have anything scribbled on it will be dead currency, a scrap of paper to be thrown away into the waste paper basket.. Neither will they be accepted in markets nor by banks.
A small news item to this effect appeared in the corner of a newspaper the other day, carrying such a big threat to the public which might yet be unaware of the plans of the RBI. This is being done to ensure clean currency. But are un-scribbled notes clean? They pass through dirty hands in busy markets and are far worse to look at than the neat notes which may have some mark written on it but which are so crisp, clean and attractive. The habit of scribbling anything on a note is bad, very bad and needs to be condemned. But to drive away from circulation at such a short notice all the currency notes with scribbling marks could turn out to be a very tough if not dangerous task too.
By the way, is this one of the methods by which the Government wants to draw out hoarded black money? If so, it is hardly going to prove effective. Those with high contacts and who have read the threat from the RBI will set in motion their team of workers to separate the clean notes from the scribbled ones. They will deposit them in the bank before time. The sufferer would be the common man who might not be aware of this threat. We have seen how beggars have kept lots of currency notes in their pillows, sewn safely and used only in emergency. Sometimes they die leaving behind such pillow-cases of currency notes meant for use in emergency. What will happen to their savings?
Big tycoons and other well-off people also hoard cash to escape accountability and save tax. These people may not suffer as they will make sure that all the notes with scribbling of any type are separated from the bulk of currency which they have hoarded. These will be distributed as salaries or paid for items purchased and  replaced in the  hoarded pack with clean currency.
What about an alternative?

Comments 

 
#1 Soumya Roy 2013-12-25 16:48
Thanks For the information. And right now i am going to deposit all my scribbled notes in bank.
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