This is a useful method of flushing out black money, given that a large percentage of cash holding is in these two denominations. The manner in which it was implemented is surprising – such actions kill black money in single shot, so that insiders do not take advantage of the information at the cost of the outsiders. This move is really appreciable looking to long term growth of the country. Businessmen who do fare business can now compete with the people who do business without bill. This move and GST will definitely take us forward to do a cleaner and better way with ease of doing business.
Yes, I agree presently the story is different for IT dealers whose cheques are due to be paid. It’s really painful as we were anyway seeing a dam slow market after Diwali and this move gave another slap. Once it was announced by the PM of India, Customers were moving smartly in the market to liquidate their old cash by buying a laptop or computer which was long due. But, this idea of theirs didn’t work as traders rejected cash and demanded swipe which was not possible from customer side, finally ending with sweet on hand but couldn’t eat. So, among the worst hit business were Electronics, Computers and Laptops trade as every day some or other big cheque is in pipeline.
Due to unavoidable circumstances many cheques got bounced in the market as these types of things are not in our hands and naturally every vendor should co-operate channel partners at this moment.
But one thing is sure, that we will definitely see positive growth in IT business as white business is possible only with the help of computers and laptops. The businessmen who use to do business on slips for black, has to buy either a computer or laptop for all his needs of GST and white. This move of our PM Modi is a positive sign for IT business specially, we all should appreciate and support this.