Foreign Media on India crackdown on corruption
World media reacted with a bit of shock curiosity after the news of PM Narendra Modi announced the banning of Rs 500 and Rs 1000 notes.
There are a huge amount of foreign tourists hundreds of thousands of globe-trotting businessmen presently in India and it may become a nightmare for them in such a situation.
After all, they would be the ones carrying the largest denomination notes and to find yourself in a strange country with all the currency in their pocket turned into so much useless paper, all these travelers would be searching for solutions.
Washington in the US have called it a bold step by the government to crackdown against black money.
The UK also has its headlines as India just took another big step in its long-running battle to crack down on the shadow economy.
It’s not first-time such steps have been taken to control corruption earlier America also banned the high denomination notes in the year 1969. Then America has become a very corrupt country, the criminal’s mafia dons and white-collar criminals took full control of the America economy.
The American banking system was not developed by that time and all transactions happened in cash and there were notes of 1 Lac Dollar and whole American citizens were suffering because of that.
At that time the then American president took a bold step and withdrew all the notes of higher than 100$.
It was difficult for foreign Media for the citizens to tackle the situation but it reduced the corruption in America. So this step taken by PM Narendra Modi is the same as earlier done it will also help India to develop a good banking system. As village people will also demand the opening of banks in their area. A good economist will always guide that a good country is one where all the transactions happens through the banking system.
Keeping poor village people out of the banking system is not good and now India has taken this bold step of banning the regular 500 and 1000 rupee notes from circulation. Which will unearth a lot of black money people have with them. Indian Government believes that by taking this decision they can hit black markets down and you would be the least circulation of black money and fraud would not take place.