Demonetisation and its Impact
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Demonetisation is the given topic to me. Demonetisation means banning old notes, and replacing them with new ones. Demonetisation was Implemented by our Prime Minister. As a part of demonetisation old notes like 500,1000 rupee notes are banned.
Generally, demonetisation means replacing old ones with new ones. The main motto of demonetisation is to eliminate black money. People have to exchange their old notes in bank with new notes. Government thought that, they will eliminate black money by demonetisation. But, common people faced a lot of problems. They stand in the queue for hours in the bank as well as at the ATM. At the time of demonetisation lot of ATM s did not work. In the ATM s people got only 2000 rupee note. This is also a big problem. for 2000 rupee note, no one will give you change. At the time of demonetisation GDP has reduced a lot. All the business company s collapsed. Some people did not get any change for 2000 rupee note, some people did not get money from ATM s. Digital India played a major role in demonetisation. Then, people used pay their amount through E wallets, net banking.
The best part is Digital India. The people use the smart way to pay the bill. E wallets like paytm, free charge played a major role. All the state governments introduced their own E wallet. By this demonetisation IT company s developed a lot.
I think there will be more advantages than disadvantages. We were faced a lot of problems but, i can assure you that we will have a better future.
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Demonetisation of all ₹500 and ₹1000 rupees notes was announced by Government of India on 8th Nov 2016. The was implemented by the government as to curtail the shadow economy also crack down on the use of illicit and counterfeit cash to fund illegal activity and terrorism. The sudden nature of the announcement and the prolonged cash shortages in the weeks that followed created significant disruption throughout the economy, threatening economic output. The move was heavily criticised as poorly planned and unfair, and was met with protests, litigation, and strikes.
In the announcement, PM Modi declared that use of all ₹500 and ₹1000 banknotes of the Mahatma Gandhi Series would be invalid past midnight, and announced the issuance of new ₹500 and ₹2000 banknotes. Initially, the move received support from several bankers as well as from some international commentators. It was heavily criticised by members of the opposition parties, leading to debates in both houses of Parliament and triggering organised protests against the Government in several places across India. As the cash shortages grew in the weeks following the move, the demonetisation was heavily criticised by prominent economists and by world media. The Indian government had demonetised bank notes on two prior occasions once in 1946 and then in 1978 and in both cases, the goal was to combat tax evasion by "black money" held outside the formal economic system.
In the first four days after the announcement of the step, about ₹3 trillion (US$47 billion) in the form of old ₹500 and ₹1,000 banknotes had been deposited in the banking system and about ₹500 billion (US$7.8 billion) had been dispensed via withdrawals from bank accounts, ATMs as well as exchanges over the bank counters. Within these four days, the banking system has handled about 180 million (18 crore) transactions.
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Demonetisation is the given topic to me. Demonetisation means banning old notes, and replacing them with new ones. Demonetisation was Implemented by our Prime Minister. As a part of demonetisation old notes like 500,1000 rupee notes are banned.
Generally, demonetisation means replacing old ones with new ones. The main motto of demonetisation is to eliminate black money. People have to exchange their old notes in bank with new notes. Government thought that, they will eliminate black money by demonetisation. But, common people faced a lot of problems. They stand in the queue for hours in the bank as well as at the ATM. At the time of demonetisation lot of ATM s did not work. In the ATM s people got only 2000 rupee note. This is also a big problem. for 2000 rupee note, no one will give you change. At the time of demonetisation GDP has reduced a lot. All the business company s collapsed. Some people did not get any change for 2000 rupee note, some people did not get money from ATM s. Digital India played a major role in demonetisation. Then, people used pay their amount through E wallets, net banking.
The best part is Digital India. The people use the smart way to pay the bill. E wallets like paytm, free charge played a major role. All the state governments introduced their own E wallet. By this demonetisation IT company s developed a lot.
I think there will be more advantages than disadvantages. We were faced a lot of problems but, i can assure you that we will have a better future.It was implemented by our PM Narendra Modi. Narendra Modi is a great politician. He used to sell chai in railway stations. From chaiwala to PM.
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The burning topic of now a days is demonetization. It basically means exchange of old thing with new one.At the end of 2016 government came up with the term in our lives called demonetization. It was an introduction of new era with banning of old 500 and 1000 notes and introduction of new 500 and 2000 notes to the people. The main motto behind this action was to reduce corruption and bring more equality in terms of money.People were given deadlines to exchange there old notes in the bank with the new ones. The idea behind the introduction of demonetization seemed excellent but government forgot that India is a country with largest majority of people who are poor. There are thousands and thousands of people who don't even have accounts in bank.
The impact of demonetization wasn't very good. The old notes were banned in few hours but there was no clue of new notes in market, in ATMs or in banks. People who work had to now wait outside ATMs for long hours. The ATMs got crashed due to low balance. People were allowed to withdraw only two thousand in a day and 10,000 in a week. Many upcoming events in people's life got hindered. It took almost four months to bring everything back on track. The majority which was not holding any bank account suffered the most rather than those for whom it was meant to be.
Although demonetization came up with a positive intention black money just traveled from one corrupt person to another. The unbiased citizens suffered as always. Government could have thought more about the storm it was going to bring in people's life. We know people of this country have the capability to come up with more secure and uniform ideas.
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Demonetisation means the replacement of old currency by a new currency for preventing the economy from black marketing, defaulter etc. It is mainly used by a country for boosting up their economy and preventing the country economy from various defaulters and black marketers. In India, which is a second largest country in the world in terms of population have a large flow of monetary circulation in the form of traditional money. More than 70 percent citizen are using the traditional concept for fulfilling their needs.
On 8th November 2016 Our country 500 and 1000 notes get demonetized by our respected honourable prime minister. These two notes are in flow in Indian economy to the large extent. After the demonetization specially lower class and middle class people faced problems up to large extent . Number of workers get unemployed and lost their works which affected their livelihood.
On the other hand it creates lots of benefit for the country economy in the form of prevention of black marketing, knowledge of actual flow of 500 and 1000 notes in a country. Demonetisation broken the back bone of terrorist. Demonetisation is the most initiative step of our prime minister for development of country economy. It will creates lots of job in future and helpful in creating traditional monetary circulation to the digital monetary circulation.
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Demonetization of currency means discontinues of the particular currency from the circulation and replacing with a new currency. In the current context it is the banning of the 500 and 1000 rupee, denomination currency note as a legal tender. The government's stated objective behind the demonetization are as follows, it is an to make India corruption free. Secund, it is done to curb black money, third to control escalating price rise, Fourth to stop funds to illegal activity. Finally it is an attempt to make a cashless society and create a Digital India. There is a background of current decision of demonetization of 500 and 1000 rupee note. The government has taken few steps in this direction much before its November 8,2016 announcement.
The demonetization policy will help India to become a corruption free. The move will help the government to tack the black money. Those individuals who have unaccounted cash are now required to deposit their cash and submit PAN card for any valid transaction. The demerit of demonetization policy has caused huge rush of the people. They are running at the banks to exchange, deposit or withdraw notes. The sudden announcement has made the situation become chaotic. Temper are running high among the masses as there is a delay in the circulation of the new currency. Many poor daily wage workers are left with no job and their daily income has stopped because employers are made to pay their wage.
Economist are busy in listing out more merits and demerits of this policy. The government is taking all the necessary steps and actions to meet the currency demand as soon the trail and distribution of the people will be over with smooth flow of the new currency.
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Demonetization is introduced by our PM Narendra Modi. It's motto is to reduce the black currency in India which leads to corruption less India. It's strategy is if a person have black money he can't exchange his notes with new notes introduced.
Generally, Demonetization means changing the current standards and replacing the new ones. Government, as a part of Demonetization banned 500 and 1000 rupee note and replaced them with new 500 and introduced 2000 rupee note. Demonetization has a huge impact on society as it was suddenly introduced and span given was less, people faced a lot of problems by leaving their work and standing before the banks for hours to get their notes exchanged. The main target of Demonetization is on people who maintain black money but what happened is common man faced the problems due to Demonetization and the big people got their notes which is nothing but black money by dealing with banks by percentage exchange. Up to so many days ATM machines didn't work which is also a major issue. Demonetization effected GDP. All the businesses are into losses which made GDP to reduce. During Demonetization digital payment system came into light. By using paytm and net banking people bought their needs, but people who are unaware of these digital payment system faced a lot.
Even though people faced a lot problems, it is for the welfare of the country. People may face problems at present but in future Demonetization leads to corruption less country.
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Demonetisation of all ₹500 and ₹1000 rupees notes was announced by Government of India on 8th Nov 2016. The was implemented by the government as to curtail the shadow economy also crack down on the use of illicit and counterfeit cash to fund illegal activity and terrorism. The sudden nature of the announcement and the prolonged cash shortages in the weeks that followed created significant disruption throughout the economy, threatening economic output. The move was heavily criticised as poorly planned and unfair, and was met with protests, litigation, and strikes.
In the announcement, PM Modi declared that use of all ₹500 and ₹1000 banknotes of the Mahatma Gandhi Series would be invalid past midnight, and announced the issuance of new ₹500 and ₹2000 banknotes. Initially, the move received support from several bankers as well as from some international commentators. It was heavily criticised by members of the opposition parties, leading to debates in both houses of Parliament and triggering organised protests against the Government in several places across India. As the cash shortages grew in the weeks following the move, the demonetisation was heavily criticised by prominent economists and by world media. The Indian government had demonetised bank notes on two prior occasions once in 1946 and then in 1978 and in both cases, the goal was to combat tax evasion by "black money" held outside the formal economic system.
In the first four days after the announcement of the step, about ₹3 trillion (US$47 billion) in the form of old ₹500 and ₹1,000 banknotes had been deposited in the banking system and about ₹500 billion (US$7.8 billion) had been dispensed via withdrawals from bank accounts, ATMs as well as exchanges over the bank counters. Within these four days, the banking system has handled about 180 million (18 crore) transactions.
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Demonetization and its impact on Indian Economy
Demontization is a term which denotes the cease of a currency note and thereby the currency notes cannot be used as a legal tender.
In India demontization has been done for 3times, first by Jawaharlal Nehru, second by the janta party government after the emergency and 3rd time by our present Prime Minister Mr. Narendra Modi. The announcement was made by the PM on 8th november and was declared that from 9th november onwards the currency notes of rs500 and rs1000 will not be conisdered as a legal tender. The main objective of this major step was to identify the persons lending black money and also to indentify the tax defaulters.
As the trade and commerce of our country largely depends on cash transactions, a great hinderance was caused due the demonitization or 'notebandi'. With people scrambling to pay cash for goods and services the step is likely to take up a big toll on the country's economic growth. The savings of different households have also turned into 'trash' after then banning of the 500 and 1000rs currency notes. As consumption makes up a large part part of our economy about 56%, so it is likely tp pull down the GDP growth. This will also lead to a change in the investment patterns of different household which will unanimously affect the economic growth of our country.
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