Demonetization Myths Vs Reality

There are several Demonetization myths busted around. But what is in reality ?

Myth no. 1_ 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.

Myth no. 2_ The implementation cost is more than the benefits.

Reality_ The parallel economy corrodes and eats into the vital of the country's economy, adversely affecting the poor and the middle classes more than others. 

Myth no. 3_ The demonetization 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 no. 4_ 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 no. 5_ The new Rs.2000.00 notes are inferior quality; their color comes off.

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; this creates a turbo-electric effect, transferring the ink colour onto the cloth.

Myth no. 6_ Next step will be to seal bank lockers & freeze gold/diamond/jewellery.

Reality_ This is baseless. There is no such proposal for sealing bank lockers or freezing jewellery.

Myth no. 7_ PM is going to address the nation again, announcing demonetization of 100 & 50 rupee notes.

Reality_ Baseless; no intention of cancelling legal tender status of notes of any other denomination.