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Thursday 16 February 2017

Demonetization is good for Indian economy or not ?

By Dr IM  |  09:13 No comments

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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Author: Dr IM

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