In Bollywood, making it to the 100-crore club determines your position in the film industry. With every 100 cr film, the actors are termed as superstars. The Khans, for example, are known to churn 100 cr box office hits one after another.
But last week saw a non-actor perform and deliver one of the country's biggest hits in recent times. Prime Minister Narendra Modi, in one stroke on Nov 8 set all the panic bells ringing. With demonetisation, not only did he send all black money hoarders in a tizzy, but also managed to leave all big names in the film industry behind in terms of collection (bank collections).
While movies sometimes take five days to a week to enter the 100 crore club, Modi surpassed the 100 crore club in no time. However, like any other film a lot of planning, processing went into the whole process of demonetisation.
According to a statement by the Ministry of Finance (read here) in just four days, from Nov 10 to Nov 13 upto 5pm, Rs 3 lakh crores in old currency of Rs 500 and Rs 1,000 was deposited in the banking system.
Apart from this Rs 50,000 crore was dispensed to customers by withdrawal either through their accounts or by ATMs or over the counter cash exchange.
There are, however, mixed responses to the demonetisation move by the goverment. Many hailed the prime minister for taking such a big step. Several politicians and bollywood celebrities said that in order to curb the black money and fake currency menace such steps had to be taken. Not just that terror financing and drug cartels that thrived on fake currency are experiencing a lull in activities.
Many like the Mauritius Prime Minister Anerood Jugnauth backed Modi and said that he (Modi) had done the right thing. Microsoft founder Bill Gates too hailed the government and termed the demonetisation as a 'bold move.'
Many people, on the other hand, came down heavily on Modi saying that this had cause several problems to the poor and the working class. Across the country, the poor and those belonging to the middle-class queued up at ATMs and banks to withdraw money so that they could carry on with their daily activities.
There have been several complaints against ATMs not functioning properly and in some cases hospitals refusing to accept the old currency as per the government's instructions.
Yes, it is inconvenient and there are several things that the banks and the government were not prepared for, but financial experts say that in the long run it is going to help the country's economy.
ATMs will soon be calibrated and you can still deposit large sums into banks into your own accounts. Cash that you have earned that can be legitimately explained will not cost you any penalty or tax.
The move may not end the menace of black money and fake currency completely but it certainly has managed to create a dent in the entire process.