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Canadians left useless banknotes of cash and they are wandering without assistance

Rs 500 and 1000 currency notes

After the Modi government scrapped the use of the Rs500 and 1000 currency notes, the people in Canada of Indian origin are facing a huge challenge.

The number that are recorded in Canadian banks is staggering. It is the highest denomination in this week through this world.

And PM Modi did say one thing about thr tax payed as black-money

He pronounced a movement was being taken to fight corruption, income laundering and counterfeiting in India, where there is a poignant volume of supposed undeclared, untaxed “black money.”

A series of Indian in canada have left their notes at home and chec kinh ouy the latest happening.

“People have created an imaginary reserve bank. We are watchful of that” said a senior official in the Indian High commission.

Due to unethical acclimatization rate of money or the unusual trading of money, some people have went on to explain that they haven’t still exchanged their money in Canada.

One of the NRIs in Canada has gone to the extent of saying “We don’t know what to do and there are friends who are facing the same problem”

Some in Canada have suggested a executive government-mandated indicate to barter a dropped bills for a new rupees as a solution.

Many greats economists are of the acclaim that the plan to scrap the black money is excellent by PM Modi government. But the execution part has taken a hit, says economic gurus in Canada.

May be the risk had to be taken some or the other day. But with the large scales of positive impacts it is going to give, is not measurable.

There would be huge amount of money flow in the country, which is of course in the cashless format. This increased the transparency in the market and paying of taxes at the right time. GST here will be smoothly executed.

Canada-Indians are of the opinion that the a move is required by the government. Even the embassy people are unaware of the required information after the demonetization. So if the embassy diplomats are not in a position to help, the whole Indian Diaspora  is ill-informed.

But every Indian agrees of the fact that this decision taken by the government will combat corruption, money laundering and counterfeiting in India, where a large amount of so-called black money is not under the eye of the government

So the taxes and the interest rates are high.

Slowly when the chaos and hullabaloo goes  down, there will be a fresh India looking ahead in acting as a role model and a soft power in the world.