BESNA OF 500 AND 1000 NOTES

SESSION IN ECONOMICS BY MANAN CHOKSI, EXECUTIVE DIRECTOR, UDGAM SCHOOL In the wake of the questions created in the minds of the youngsters by the latest step taken by the Government, Mr. Manan Choksi, Executive Director of Udgam School for Children, addressed the students of Class XI and XII. As soon as the news about the ban on 500 and 1000 rupee notes went on air, there was palpable excitement all around. Rumour and humour ruled the day with people going berserk and thronging the ATM counters (and gold shops). A session to educate the students regarding the implications of the recent move was held in the school auditorium today. Mr Manan Choksi, a Chartered Accountant and Economist, spoke to the students about the government’s decision and clarified many doubts. He began by explaining about the nexus between cash and crime based on an US study that absence of higher currency notes has been seen to reduce crime substantially. He further elaborated about the effect of the decision across various industries. He urged the students to educate others in order to reduce panic reaction and speculation, unnecessary emotional response and misinformation. Mr Choksi educated the students about the larger picture behind the move. He elaborated the benefits that can be expected from this such as reduction in corruption, drop in terrorist activities, exposure of black money and withdrawal of fake currency. He had an interactive session with the students about the various alternatives to larger notes, loopholes in the tax laws, examples of other government policies, myths and truths of the recent policy, etc. A mock besna of 500 and 1000 rupee notes was held at the end of the session to add a little bit of drama and to drive in the point that ‘Honesty is the best policy’.