Melting notes soon!
When Narendra Modi announced the demonetization, his main intention was to curb the black money. But to the shock, biggies in several parts of the country were booked, for exchanging the notes in crores.
So the real time jolt of the demonetization was only felt by the common public, who is finding tough to exchange their notes or withdraw their money from the ATMs. Adding to the list of several amendments made after the demonetization, Modi government is now reportedly planning for the melting notes.
Regarding this, every note will have a production date. After 6 months from that date, the note will get melted by itself and thus goes out of the circulation. National Science Research Mission came up with this technology and RBI is currently observing it.
As there would be validity for the notes, it cannot be hidden for long time and so the customers will be forced to deposit such notes only in the banks, which in turn encourages both cashless transactions and also curbs the black money. If this turns true and comes into implementation, it should be seen, how far it secures success.
