Jalandhar: Prime Minister Narendra Modi’s announcement that currency notes of Rs 500 and Rs 1,000 ceased to be legal tender, with immediate effect, has been largely welcomed by the student community at Lovely Professional University here. The students have supported the move which is aimed at eradicating black money and corruption in the country.
However, a few of them feel that there has been a chaos in the market as some students faced a tough situation while making payments at eateries purchasing items of daily use, mobile recharge coupons, stationery items with Rs 500 currency notes. But they were convinced that the situation will be normal in a couple of days and they will be able to withdraw money from ATMs as usual then.
Some of them also said they were curious to see the new currency notes issued by the RBI.
The US-based North American Punjabi Association (NAPA) has also welcomed the move of the Central Government to scrap Rs 500 and Rs 1,000 currency notes with immediate effect.
Executive director of the North American Punjabi Association Satnam Singh Chahal while speaking about the decision said though this was a good move but the implementation of the same was difficult which would also affect members of the Indian diaspora visiting the country.
‘Check black money received by political parties’
Chahal said, “It is a good initiative to curb black money. But we need to think about the implementation of the same as transition of the currency can be painful. However, the first thing the authorities should do is to remove all black money received by political parties. At present, the political parties receive donations mostly in cash as 75 to 80 per cent of transactions regarding the same were done in cash. That is the starting point of black money. The parties should receive donations only through cheques.”
NAPA was concerned about common people, small traders and Indian diaspora visiting the country as they would find it difficult to make money transactions and buy essentials, he said.
The tribune (tribuneindia.com, Nov 10, 2016)