economy in the world to China. Demonetization is the act of stripping a currency unit of its status as legal tender. It is because government cannot manage each and every person. The news immediately met with muc. Demonetisation in India, demonetization for us means that Reserve Bank of India has withdrawn the old Rs 500 and Rs 1000 notes as an official mode of payment. When PM Modi announced that Rs with the denomination of 500/- and 1000/- would cease to be the legal tender from 9th of Nov, the whole country was stunned.
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Read Also : Essay on Impact of note ban in India? References v Vishal Gupta Demonetisation in India with its social and economic impact November 18, 2016. This move is expected to cleanse the formal economic system and discard black money from the same. An overnight announcement giving no time for preparation left a large percentage of the country cashless. Effect on Demand: The overall demand is expected to be affected to an extent. There are multiple reasons why a country demonetizes its currency, some reasons include to check the inflation, to curb the corruption and to promote the cashless transactions.
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Objectives of Demonetization in India continuous narrative essay spm Ø To track fake currency. The government assured the public that the unprecedented move was made to clamp down on the inordinate amount of black money hoarded by individuals, and promised a better economic system in the near future, with over 80 of the unaccounted money wiped off from the. Demonetization of indian currency, effects of demonetisation, impact analysis of demonetization in india. However with the recent rise in festival demand is expected to offset this fall in overall impact. As far as I know, the decision may brighten the future of nation, but its social benefit and loss cannot be calculated right now.
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