Tuesday, April 16, 2024
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Letter to PM regarding unethical exchanges of old currency notes

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Dear Prime Minister Shri Narendra Modiji,

Very happy and proud on the bold decision taken by the government to scrap old high value notes popularly called demonetization. The people are supporting overwhelmingly even if a bit of difficulty is faced. It is because of a ray of hope that corruption will come down and people owning illegal earned money or black money will be taught a lesson.

The current rules of currency exchange seem to have some loopholes. The no. of times a person is exchanging (upto ₹ 4000 as of now) is nowhere checked causing influencing people mostly politicians using their followers to exchange their money kept in cash.

For example, a person having 1000 followers or supporters gives old currency of ₹ 4000 to each of those 1000 people. Most supporters being nowhere in job or business can do this whole day. Assuming 4 times a day a person stands in queues, total money exchanged goes upto ₹ 1.6 crores (4000 * 1000 * 4) in a single day. In 50 days, a very big amount may get converted to new currency. This new currency can be used the way old currency was intended to be used and the purpose of a bold decision may be ruined or success rate may come down drastically.

Many banks are asking to deposit in accounts and immediately withdraw as required upto permitted limit. This is very good and checks unethical exchanges.

It is earnest request to put a check immediately on the people exchanging old currency. Also, a notice that people depositing big amount (say 1 or 2 lacs) in their accounts may lose their BPL status will be very helpful as there are reports of people using their domestic helps and known poors to deposit money in their accounts.

Thanks and regards
Pawan Kumar
Kolkata

cc:
Hon. Pranab Mukherjee, President of India
Shri Arun Jaitley, Finance Minister
Shri Urjit Patel, Governor, Reserve Bank of India

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