Essae News

“Demonetization initiative” by the Government of India

November 14, 2016

“Demonetization initiative” by the Government of India

Ever since the demonetization move has been initiated by Prime Minister Narendra Modi, people across all organisations and sectors are expressing their views. While the move has been applauded by some, many are viewing it negatively too. The surprise move by the Government of India came as a shock to the entire nation on the night of 8th November 2016, when the Indian currency (500s and 1000s) was stripped of its status as legal tender.

A large majority of people believe it is going to cleanse the society, at least in some way. Many also felt that the initiative was right while the implementation wasn’t. Some even felt that in the quest of attacking the hoarders and tax evaders, the commoners have got dragged too. Though the initiative in a wonderful move that will bring transparency in the system, commoners and poor people have been inconvenienced. People are queuing up outside banks and ATMs in order to change a mere piece of paper into legal tender.

With all kinds of talks doing the rounds, here is what Mr. Prabhu Chandran, Managing Director, Essae-Teraoka Pvt Ltd had to say in his recent interview with Deccan Herald:

Obviously, it makes it difficult for people with black money. The good thing is it would create a level playing field for the industries. Indirectly, it’s going to help people who are transparent in their transactions. We can’t say it will completely stop money laundering but yes, to some extent. Combined with GST, this will help the organised sector.”

The sudden transition of high value notes into papers has left many clueless. In a country, where a large majority does cash-to-cash transactions, the decision has not come without its woes”.

In a candid conversation with Mr. Chandran, he went on to describe the rich heritage associated with ‘Essae’. Here’s what he had to say:

51 years ago, our honourable Chairman- Emeritus Sri. S. A. Chandran founded the Essae Group with the firm conviction that “Good Values & Healthy Ethics in both professional and personal life will always pay rich dividends in the long term for all stakeholders”. There is no right way to do a wrong thing is a powerful message he has taught us throughout. We Essae-ites are all very proud to be part of this rich value system & heritage”.

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