LIFE AFTER DEMONETIZATION
Demonetization – This word is most commonly heard now a days by everyone. Demonetization is stripping of the old currency notes which means the banning of old denomination notes in the economy. On the evening of 8th November 2016, our Prime Minister, Shri Narendra Modi addressed to the nation and announced that Rs with the denomination of 500 and 1000 would not be considered as a legal tender, instead the new notes with the denomination of 500 and 2000 will be issued and the people who have the old currency notes can get them exchange with the nearest banks. Saying this demonetization will be wrong , hence we can call this remonetization along with demonetization.
In the beginning of 2016 Reserve Bank of India found that there was a rapid circulation of high denomination notes that is of 500 and 1000 rs which clearly stated the rapid increase in the corruption ,terrorism and black money in the economy and this was creeping like a termite in the whole country .Various initiatives like the Pradhan Mantri Jan Dhan yojna and Income Declaration Scheme were taken by the government but did not get excellent results .So to curb these major problems the decision of demonetization was taken.
The country people were stunned by the move taken by him. This news created a chaotic condition in the whole country. People started counting their money which they had collected from years legally or illegally, some started investing their black money in gold and some started calling their near and dear ones for help to convert this black money into white money. The long ques outside the banks and ATM was the order of the day. These lines with each passing day were getting longer and longer.
Demonetization also had a drastic and direct effect on corruption terrorism and black money.
- The black money holders were left with bundles of 500 and 1000 notes which are now nothing but just a piece of paper.they are left with only two ways either declare it and pay tax or burn that money out.
- Activities like bribes and illegal trade will be stopped. This will disclose the real faces of the corrupt politicians and ministers .
- The use of plastic money like credit will increase. With the mandatory use of plastic money,awareness among all will increase which will increase the literacy rate in the economy.
- There will be no difference between the rich and the poor. Demonetization will bridge the gap between the haves and haves not.
- peoples expenditure on luxurious things will stop .they will know the value of money
- News relieved that in many parts of india sacs full of 500 and 1000 notes were burnt by the people as they cannot go to the bank for exchange because if they do so they will be caught
This shows that demonitisation has somewhere curbed these activities we cannot say that these problems will be permanently stopped but yes for some years these activities will not be repeated..
Where demonetization has been somewhere curbed the corruption ,black money and terrorism,on the other hand it has created a pitty and miserable situation for the common life.There life has completely change after demonetization. It is not that demonetization has been done for the first time
In India but this time it has become very difficult for the common country people. They are facing lots of problems after demonetization. There are kilometers of lines outside the banks and ATMs. The people from morning are standing in these long ques to get their money exchanged or withdraw. They stand their and wait for hours and when their turn comes there is no cash left.because of the limit of withdrawing less money the ques are getting longer and longer. A common is leaving all his work to just get that money which is actually his.he know nothing about the family about his children because he is standing in that line to get his money. It has been 1 month but still the ques are the same. This move has deeply impacted the working sections of society like drivers, maids,plumbers electricians, chaukidars, rikshaw pullers,cooks ,sweepers who basically gets earnings in cash and what about them who do not even have bank accounts. We can just imagine how would have they manage. Lots and lots of videos are being uploaded on social media where people are vomiting out their frustration and anger.Recently a news relieved that a businessman was caught with bundles of new currency notes which has burst the tolerance level of the common people. These people in the greed of getting some money stand in the line as a proxy of the black money holders which in turn creates a problem for them only as their null accounts are suddenly filled with lakes of money. This saying clearly fits in this situation,”The pond was cleared to catch the crocodiles but no crocodiles were found as they can live on land too but all the small fishes were killed”
At last I would like to conclude by saying that as I am a true Indian citizen so i would give my view in economic terms and yes I am definitely in favour of our Prime Minister. keeping in mind the bright future and goodwill of the country I believe that whatever he is doing is of par excellence.Yes this will create some issues in the country in the beginning but looking from the country’s point of view ,this move is enhancing the growth of the country. The high denomination notes was the only reason for corruption and terrorism in the economy and killing these notes will ultimately stop the corruption and terrorism. You all must have noted that after demonetization has been done, no terror videos are being shown on the television so you can very well imagine where will our economy stand in the future. We say that India is a developing country but now we can proudly say that India is on the way to a developed country and demonetization is the very first step towards it. The problems people are facing today are temporary but the benefit of this is of long term. Every citizen should support him. Don’t think on behalf of an individual but think from the point of view of our economy, then will know why did he do so.I would suggest to all my countrymen that support demonetization .Your support will make India a terrorism and corruption free economy.