As the news pours in that the Govt of India has banned the usage existing 500 and 1000 rupee notes, I started discussing with my wife what the repercussions of this would be. Neither of us are experts in matter of economics, so we soon digressed into questions like:
1. If businesses are collecting cash even after this move(there are a lot of big hospitals that take ‘cash only’), won’t we have this problem soon with the new 2000 rupee and 500 rupee notes? Shouldn’t the government take actions against businesses that take only cash?
2. Why aren’t the old 1000 rupee notes replaced with the new 1000 rupee notes, why replace with 2000 rupee notes.
3. Shouldn’t this have to be approved by lok shabha and rajya sabha? If only we paid any attention during our Civics class!… speaking of Civics and the sabhas, why do they have such hard-to-remember number of seats, 500 something and 200 something. If they had rounded off those numbers, I might have paid more attention in the class. Wife quipped ‘maybe they built the parliament first and realized they had only so many seats to accommodate.
oops, I digress again… anyway, if any of you understand any of these, please let me know.