The Indian government has been trying to curb the use of cash as a means of payment. With the introduction of demonetization, it is now possible to pay for goods and services with digital money such as credit cards or online wallets.
The essay based on demonetisation is a short essay that discusses the effects of demonetization in India.
Demonetization is the process of retiring a country’s old currency and replacing it with a new one on the market. Demonetization involves the full abolition of obsolete banknotes.
Demonetization entails the abolition of the 50 rupee note and the introduction of a new 50 rupee note into the market. After such notes are banned, they lose their use; they revert to being ordinary paper, and individuals are unable to utilize them for any purpose.
In 2016, Indian Prime Minister Narendra Modi adopted this technique of demonetization of money in the nation, permanently banning notes of rupees 500 and 1000 from circulation.
In India, demonetization is taking place.
This technique was adopted by the Indian government in 2016. Prime Minister Narendra Modi of India has decided to demonetize the 500 and 1000 rupee notes.
He made this decision on the evening of November 8th and declared the following day that these notes would no longer be used, that they would be referred to as paper, and that they would no longer be used.
After banning these notes, he promised that people should swap them with the bank and that only rupees hundred rupees notes, rather than 500 or 1000 rupees notes, should be used for larger transactions.
It was the government’s most significant move, affecting about 80-85 percent of the country’s circulating currency. He allowed individuals nearly two months to exchange money from the bank, allowing them to swap 500 and 1000 rupee notes.
He uses this method to recover black money and tainted funds from individuals who refuse to pay taxes and hide their assets. Many people are angry because of this approach, yet it has made a significant difference in the country’s growth.
People’s Problems As A Result Of Demonetization In India
People are also suffering from the consequences of these demonetization techniques, since there are numerous shortages of change.
People must go to the bank and wait in line for many hours to convert their money. There was also a restriction on how much money may be exchanged per account, ranging from $10,000 to 20,000 each week.
As a result of the impact of demonetization, a large quantity of corrupt money and black money has been created by many individuals.
Following the prohibition on notes, the government began producing new rupee notes in 2000, which were released at the beginning of the month in 2017.
It has created many difficulties for the people, but the Indian government’s move will result in our country’s tremendous growth.
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