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Demonetization More foresightedness should have been and should be applied to reduce hardship of public and avoid justified criticism

Corporate Laws / Banking / SEBI - By: - CA DEV KUMAR KOTHARI - Dated:- 16-11-2016 Last Replied Date:- 17-11-2016 - Appreciation for top secret: We must appreciate successful secrecy with which the team which was assigned task related with demonetization of currency notes have been carried out. Arrangements made for meeting aftermath of demonetization are also appreciable. However, it seems that the team could have worked with more foresightedness to make it more successful with lesser pains to p .....

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ents. However, politicisation of the issue by some heads of state governments and other political parties is not justified. More foresightedness could be applied: In view of author, in the whole process more foresightedness was required. There must have been consideration for nature of essential spending by public including trade, commerce and industry. For example, some aspects and events which required more foresightedness were as follows and in future also more foresightedness is required: a. .....

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petty expenses are incurred from day to day. Therefore, after 15th of the month at least households would be holding lower demonization notes sufficient to meet petty expenses. Total cash and particularly high denomination notes would be much less. Exceptions would be reserved cash for meeting emergencies which are accumulated and kept in well to do families, over a period of time and kept as Reserved for emergencies. Therefore, if the date was kept on say on Thursday 17th November 2016, most of .....

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blic was less. There would not be so much rush on banks and ATM. Even some delay in making available new notes would not have put so much pressure on all as we have observed. c. Exceptions up to certain limits could be provided: One is free to exchange old notes with new and is also free to deposit old notes in his bank account. Therefore, it is not that old notes have been rendered scrap altogether. They have value and are convertible into valid currency notes. The value is available to all wit .....

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