Demonetization is good for Indian economy
or not ?
Demonetization will surely kill corruption practices in
India. By this people which are having black money will be affected because
they cannot exchange very large amount of money as soon as possible because
this announcement was done at midnight & also they are fearing about their high secure job & reputation too.
By this our economy will have great affect. This will also improve our banking
system by making people cashless.
This was the best ever move
taken by our Prime minister Shri
Narendra modi . The announcement was made at 20:00 IST on 8 November 2016 that
from midnight of 8 November banknotes of Rs 500 & Rs 1000 are ban & new
series bank notes of Rs 500 & Rs 1000
are available at nearest bank
& get exchange old notes to new series of notes . So by this our country
also get protected from terrorists who are making fake currency & smuggling
of arms & dealing with terrorists will also stopped because Indian
government will take a record from now .
This demonetization also
create inconvenience to the common man by standing in a very large queue for
exchange banknotes this also gives a huge effect on small business,
agriculture, & transportation. It is expected approximately Rs 5 lac crore
may come to the government in the form of taxes and penalties. This amount is
enough to take care of India's entire expenditure & revenue for one or two
year.
This is the first time in
my life I have seen that a person who is living on his liabilities, honesty and
morality is feeling safe in this country. Our economy will be benefited by the
reduction of black money. As we all know that black money are to be found in
large notes that is Rs 500 & Rs 1000 that's why there was ban on these bank
notes only. Later it will help to minimize the total currency circulation in
the Indian economy. By this effect it was seen that 86% of currency value in
circulation was withdraw without replacing bulk of it.
This demonetization will
bring equality between people in terms of money because maximum number of black
money has been captured till now. There was one more news about new series bank
notes that it comes with a chip fitted inside it. By this in future there would
be no one who thing about of making black money. And conclusion was that
demonetization is good for Indian economy.
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