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Demonitization

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Published in: B.Com Tuition | CAT Exam | Economics
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Notes On Demonetization. 

Shazeeb I / Delhi

39 years of teaching experience

Qualification: B.Tech/B.E. (Sarvottam institute of technology and management - 2017), Diploma (Jamia millia islamia - 2014)

Teaches: All Subjects, Economics, Geography, Mathematics, Science, Mechanical

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  1. 1- Demonetisation is the act of stripping a currency unit of its status as legal tender. 2- Demonetisation is necessary whenever there is a change of national currency. 3- The old unit of currency must be retired and replaced with a new currency unit. 4- The process of demonetisation involves either introducing the new note of the same currency or completely replacing old currency with the new currency. 5- On 8th November 2016, Indian government decided to demonetize the rs 500 and 1000. That is the two biggest demonetization note. 6- These note accounted for 86% of the country cash supply. 7- Demonetization is done for the overall economic development for India 8- Bold move, good decision with poor execution 9- It's nice to see a PM who works, has innovative ideas and wants to make a change. We have had leaders who sat quietly and did little. It is good to see a man of action Reason behind demonetisation: i. To eradicate counterfeit currency ii. Fight tax evasion iii. Eliminate black money iv. Promote cashless economy Advantages of demonetisation: - Tax payee increases - Transparency in our economy and banking system - Black Money tracking - Increase the job opportunities in future. - Reduction in illegal activity-terrorism, and money laundering - Jan Dhan Yojana - Inflation decrease- reduction in cost of petrol-diesel - RBI economy increases-results in a stronger economy and attracts foreign investment - Reduction in real estate prices and interests in house loans - Black money is reduced not removed there still a few loop holes in the law and our banking sector I believe - Increase the transactions in digital system Demerits of demonetization of currency notes: - Reduced Money Circulation - Public inconvenience - ATM Calibration - People living in rural areas are suffering due to lack of proper bank and ATM - Small scale brokers are suffering - Former are suffering - The people have -ve impression on demonetisation - India was not ready for this drastic change due to which some of the people died Conclusion: We support demonetisation. Some ideas for smooth running, 1 . Opening bank for 24*7 by hiring some new intern 2. Fixing the ATM 3. Removing withdrawal limits as fast as possible 4. Giving an incentive to people to come to the bank. A meal coupon would go a long way too

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