Here is the list of Top 10 categories which are most effected after Prime minister Narendra Modi’s strategic clamp down on Fake Money/black money by invalidating ₹500 and ₹1000 currency notes .
The ” burning Kashmir turned peaceful ” is enough to say the effect of currency ban on Terrorists. The anti nationals are running out of money to run their protests and sponsored terrorists acts in the country.
Its a open secret that political parties rely on black money, got from industrialists and other sections of businessman . They use the sacks full of black money to distribute in exchange for votes. And that the reason, most of the political parties are criticising the decision.
Real Estate and Land Mafia
This sector is most affected with the smart move of Modi as it always tends to deal in 70% Black and 30% white transactions. After Ban, the registrations of land and properties have fell to dam low.
Movie business also done in Black, most of the star heroes take remunerations in cash(unaccounted) and the producer also deal through “Black” (cash) transactions. The recent seizing of 50+ corres from Baahubali makers tells the intensity of currency ban on Film industry.
For past few years, Illegal betting on sports has turned into multi crore business as people are more interested in earning easy money . But now every transaction is under scrutiny of Income Tax department and it would not easy to pay to such illegal bettings.
This is the popular and informal way of money transfer system which is badly affected by currency ban. Crores of money used to be transferred on faith to other countries and again come as investments to the India, leading to Money Laundering. But after currency ban, this business has stopped for time being.
One can say that Modi’s decision to ban high denomination notes has come as a Jolt to Fake currency in the country. Thousands of coroes fake currency was in circulation, As many as 250 out of every 10 lakh notes in circulation are fake, according to a study conducted by the Indian Statistical Institute. The study revealed that fake notes with a face value of Rs 70 crore used to be infused into the system every year. But now Fake notes just disappear .
It is open fact that fake trusts and charitable organizations has become centers for swindling money and converting black money into white. Now every trust has to show single rupee of their donations .
Private Education Institutions
Every private school or college takes thousand of rupees for building fund / donations purpose and other fees in cash . But now parents and the institution managements have to answer about their spendings and earnings respectively. It’s a Checkmate situation for them.
Agriculture Land Lords
Since agriculture income is nontaxable , it has become heaven for big landlords and make mockery of the system with this loophole. They used deal everything in cash and support the political parties to get party tickets to contest. But now, Money turns accountable for them.