Finance Ministry dispels myths about demonetisation

Finance Ministry made it known to citizens that since government has decided to put indelible ink on the finger of those who come for money exchange there has been a reduction in crowd witnessed.

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New Delhi, Nov 18 Lot of rumours are also doing rounds with regards to government demonetising more currency notes or planning to put bank lockers under scanner.

demonetisation

At such a time Finance Ministry tried to break some myths and make people aware about the reality with regards to demonetisation.

Here are some myths dispelled by the ministry:

Myth: PM is going to address the nation again, announcing demonetisaiton of 100 and 50 rupee notes.
Reality: Baseless; no intention of cancelling legal tender status of notes of any other denomination.

Myth: Colour is rubbing off the new Rs. 2,000 notes.
Reality: Currency notes have a security feature called intaglio printing. The first test for a genuine currency note is to rub it with a cloth which creates a turbo electric effect transferring the ink colour onto the cloth.

Myth: Next step will be to seal bank lockers and freeze gold, diamonds, jewellery.
Reality: This is baseless. There is no such proposal for sealing bank lockers or freezing jewellery.

Myth: New notes have chips embedded in them to trace black money hoarders.
Reality: Figment of imagination; no such chips are embedded in the new notes.

Myth: the demonetisation move is only for show. People will find other means to keep black money. Already industries and mechanisms are springing up to address this demand.
Reality: Enforcement agencies are keeping necessary watch; besides, amendments made also in Benami Transactions Act and information sharing agreements with foreign Governments to check black money.

Myth: The implementation cost is more than the benefits.
Reality: The parallel economy corrodes and eats into the vitals of the country's economy, adversely affecting the poor and middle classes more than others.

Myth: Information was leaked to select corporate houses and party members in advance.
Reality: Complete secrecy was maintained; no leakage of Government's intention to any section.

The Finance Ministry made it known to the citizens that since government has decided to put indelible ink on the finger of those who come for money exchange there has been a reduction in the crowd witnessed outside the banks.

In the wake of scrapping of Rs. 500 and Rs. 1,000 notes, long queues have been seen at banks and ATMs. People are queuing up to exchange or deposit scrapped currency notes or waiting to draw cash from ATM.

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