Since the 2016 demonetization by Narendra Modi Government RBI has introduced seven new currency notes with the latest being the lavender 100 rupee note. No one can rule out the possibility of more notes coming as the crackdown on black money continues. However most people including income tax probes suggested that people who have black money don’t stock it up as cash and only 6 percent of it is stored in currency notes with the others forms being Benami Properties, Bullion and Jewellery. In every country there are honest taxpayers and people who try to cheat the government by evading taxes which the government was hoping to collect from demonetization.
Money can operate simply if everyone follows the economic guidelines with hard work alone determining the pay check of every member of the society but it is not an easy matter. Throughout history possession of wealth has been linked to cunning and self possession that has contributed to people amassing fortunes and some just living an average life. Then as that generation got old a new one came equally hungry for resources with some of them getting money from their family and some of them missing out.
No matter what angle we look from competition will always exist in a society and it is up to the leaders to ensure that it is fair with the people who get beat and the people who win both taking the consequences humbly with winners thinking they can lose in the future if they get too cocky and with losers staying optimistic by thinking they can win in the future.
If all of us live with this type of will power and mentality then each of us will get the better of life before life gets the better of us. This concludes the optimistic world view and it’s time we list things RBI can do next now that the 100 rupee note is out:-
1)20 rupee note
The 20 rupee note which was launched in August 2001 was a major change in the Lion Capital Series Banknotes. Its red orange colour goes well with the chocolate brown of 10 rupee note and the aqua hue of the 50 rupee note but the current one is longer than 10, 50, 100 and even 200 rupee note. However, a new 20 rupee should soon come as it is the only one from the regular currency that has not been replaced. Its length will certainly be shortened and the Mount Harriet National park in port blair on the back may stay with a different impression than the one we have now of the place or an Indian UNESCO World Heritage Site replacing it.
(Image Courtesy : Rank Currency)
2) 5 rupee note
The green 5 rupee note has enjoyed limited circulation till now and the tractor at the back brings the hard work of the nation’s farmers to one’s notice. The printing of these notes was discontinued with more coins in the market than the note of the value. However, it takes only 50 paise to print a 5 rupee note whereas it takes more than 5 rupees to print the coin so the government should save the taxpayers’ money in this area and keep it for spending on other important issues.
(Image Courtesy : Panix)
3)1000 rupee note
It will be unacceptable and unfair if the government doesn’t come up with a new 1000 rupee as it already came up with a 500 rupee note. The amber red has been the most missed piece of paper by businessmen and workers alike as it was enough to pay for all type of outings and meals shared with friends and family with the 500 rupee note coming short and 2000 rupee coming excessive. The government can print it in white to make a statement that there won’t be any black money or print it in black spoofing demonetization itself although according to viral images on social media it will be in blue yet we cannot say till it is out. At the back industry pictures will dominate like the oil rig, steel foundry and satellite in the previous one.
(Image Courtesy : Medium)
4)5000 rupee note
The Indian government printed 5000 rupee note and 10000 rupee in the 1950’s and discontinued them in 1978. The problem at that time was that the people of the country were not as big on spending and the things which most people consumed or purchased were lower than 5000 barring one or two things. The move to print 5000 rupee note has been shot by government in the past but it should not be as it will save a lot of money in printing. However the biggest factor in printing them will mean easy storage in banks and no pressure of making available a lot of smaller notes which are given back in exchange when a 5000 rupee note is spent as the se of mobile wallets has increased significantly in both rural and urban areas. It can in silver or gold colour to mark its high value and will be used greatly at weddings and functions other than reducing the cost of printing and mobilization of currency.
(Image Courtesy : World Coin Collection) (Feature Image Courtesy : Just Updates)