Top demonetization myths busted

02 Dec, 2016

As the country stares on in panic, while the ATMs refuse to function, the short term perils of demonetization are quickly taking over the lives of the common man. Though PM Modi has correctly taken the high ground to rig the country of the black money menace, the shortage of ready cash is striking a chord of restlessness in people’s hearts – after all the auto-rickshaws and buses do not take Debit or Credit cards. 

As it happens in any other such crisis, the rumour mill is taking over to add to this unending panic. No one knows what to believe and what information to not give their ear to. Thus, here are some of the myths that people should not believe a word of. 

There will be a demonetization of Rs. 100 notes

Though the panic is understandable, there is no government intent of demonetizing Rs. 100 notes. The notes of Rs. 500 and Rs. 1000 were the only ones that were under the purview of demonetization, and now all the country has to do is bounce back from the lack of paper money crisis. 

Rs. 100 notes are used too far and too wide to be demonetized without maybe causing a major economic crisis in the country. Thus, there is no directive, not is there going to be one anytime soon, to demonetize and decommission these notes. 

Information was leaked to corporate houses and political heads in advance

There is widespread distrust in politicians, and it may even be justified. However, the demonetization issue was kept closely under wraps. No one, not even leading politicians, or corporate houses, had a hint from before. This is one such issue, which the entire nation was informed of at the same time. Nobody had the insider track on this one. 

New notes have digital chips

Some people are of the false notion that the new notes have digital chips in them. They think that these will help track black money hoarders. However, this could not be far from the actual case. There are no digital tracking devices in the new currency. 

The new notes bleed colour

Because of the vivid pink hue of the new Rs. 2000 notes, people are of the false notion that they might bleed under water. However, this is hardly true. All monetary notes have intaglio printing, i.e., a security feature that helps them retain their form under adverse weather conditions. The new notes are no exception. Thus, people can be rest assured, though these may have cause heartburn in the country, they do not bleed. 

10 rupee fakes

In addition to the paper currency, the rumour mill has caught up to the metal currency as well. People are of the false impression that 10 rupee coins with the rupee symbol are fake. This too is a laugh. 

There are two types of 10 rupee coins. Some have the rupee symbol, and some do not, depending on when they have been minted. However, the countrymen and countrywomen can be assured that both are completely legitimate. 

Thus, these are a few myths that people should not be lending a ear to. These only cause unwarranted dismay in the masses and deserve to be busted, much like the black money menace. 

If you are also interested in getting your articles published here, please mail them to This email address is being protected from spambots. You need JavaScript enabled to view it.

See here

Kotak moneywatch newsletter