Demonetization – What Do You Think?

in-pictures-36-hours-after-demonetization-thousands-line-up-to-exchange-notes-at-mumbai-banks
People ready for exchanging their old currency notes with new one, after the announcement by PM Narendra Modi

One of the biggest reform of current decade can possibly be demonetization of 500 and
1000 currency notes, if only after it bangs a success campaign. History is the evident of the fact that, revolutions sometimes, can turn into blunder of the decade due to poor implementation of the scheme. To make it a BANG ON, we as the aam aadmi of this country have to play a crucial role.

Timeline

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Citizen’s standing in queue for changing the denomitized currency notes in 1978

This is not the first demonetization campaign in India, rather it is the third time that scrapping of high currency notes has happened. First it happenedĀ in 1946, and second in 1978. But this time it is truly a bang on by PM Modi. Indira Gandhi thought of this process in 1970s and had wanted it to be top secret regime but things didn’t went as planned and information was leaked. Subsequently, the idea was dropped and was re-initiated by then PM Morarji Desai in 1978.

Also Read : Demonetization effect on elections

As speculated, this step was not taken in hurry. This mission was a planned from the day PM Modi took charge. Firstly by opening the savings account with zero balance through Jan Dhan Zojna and so the poor people got their bank accounts. Then, the Declaration Scheme was initiated. On the day 8th of November, 2016 Presidential results were awaited from the USA and while the whole media was busy covering that very broadcast, the news was cracked in the media-circles. Yet another diversion created by the Govt. was a ban on NDTV. So in this way none of the media knew about any move of the PMO .

Highlights of this demonetization regime are as under :-

  • Making a cap and closing the fake currency produced and supported by our western neighbor.
  • This decision will also affect to the narcotic network wide spread throughout the country.
  • Moving the notes to more secured procedures.
  • Terminating the parallel economy running in our country.
  • Bringing everyone in the Banking system.
  • Checking inflation in real-estate and reducing Gold imports.
  • Encouraging citizens for cashless system.
  • Reducing black money as well as corruption.

Conclusion

As the think-tanks and some people are talking about harassment of the poor due to demonetization, well there is no such thing as RRBs are present in every nook and corner of the country. Admittedly, there is some inconvenience to people in big cities and we request them to remain relaxed and don’t get panic.

2 comments

    1. old notes, which are being deposited into the banking system will be destroyed in a legitimate process by RBI. And the black currency kept in cash will just be a piece of paper.And the same amount of money is being sacked into the mainstream economy.
      For any further supplementary please inform..
      hope I cleared your thoughts, thank you.

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