How do IT Mavens view Modi's 'surgical strike' on black money

Prime Minister Narendra Modi’s sudden announcement to scrap the existing denominations of Rs 500 and Rs 1,000 notes may have taken the nation by surprise

Modi had urged those with undeclared wealth to take advantage of the disclosure scheme before the deadline of September 30 and return to into the mainstream.

The decision to scrap Rs500 and Rs1,000 currency notes was taken to create a “corruption-free” India, Prime Minister Narendra Modi said today as a number of people welcomed the step.

The Prime Minister said, “All of us have to work shoulder to shoulder and create a prosperous, inclusive and corruption-free India.” Modi on Tuesday night announced that high denomination notes of Rs500 and Rs1,000 will no longer be legal tender to fight against black money and corruption.

On Wednesday, Upon quizzed by the DQ Week reactions flowed in thick and fast on the government’s move:

Ranjan Kumar Das, President, NECTA states, “Government should give a little time, otherwise it will be very difficult for us, because we do direct sales with customers and flow of cash is on regular basis. The time duration is short otherwise it is always a welcome move”.

Sajal Das ,Director, SofDTA asserts, “It is a very good initiative so that black money will be out of circulation, but day to day market like shops and other establishments will be out of business for few days because not everyone is dealing with cards. But overall it is a good step.”

Pinaki Chatterjee, IP-COM : “ The step is a big counter step to control the circulation of fake notes , only the people with black money have to worry , the one who can give justification for cash that is available with them will naturally not have any issue, it will also stop the funds transferred indirectly to terrorists groups. The step brings parity, this will just take two to three days to be normal and it is acceptable. On other side, the 2000 note will easily be traceable and I want this to be repeated by the government every 5-6 years. It will also increase the pace of market and also control the unusual rise in price of real estate and all”.

Sanjeev Bhatia, ADCOM says “ The idea is to stop black money , so the market will be disturbed for some time. It will take sometime for everything to become normal, we have to see as to how the cash economy goes into plastic money. And if it is able to stop the circulation, it will definitely be proved as a great move”

Saket Kapoor, Green Vision quips, “ It is a marvelous step , It's a masterstroke without any ailments in social system as well as in economy . I appreciate this step taken by government.”

Chetan Shah. ASIRT explains “The move temporarily will affect all businesses or disturb it but it will be for a short time period.”

Senthil Nathan, President, CAMS, Madurai quotes, “ It is a welcoming move, but the entire market is moving in a slow pace. For two to three days, the mode of payment will suffer but at last this step is a milestone.”

A.S.MURALI, VP, Webcom dileantes, “ It is a very good move, but government have to give some more time for transaction and all. Suddenly where do we avail all 100 rupee notes, It will take time but overall I welcome this move, this will be good for the society.”