2 min speech for asl on demonetization
Answers
Demonetization,
as we all know is the act of stripping a currency unit of its status as legal tender.
Recently Indian government has demonetized the high value currencies i.e
currency notes of 500 and 1000 with objective to unearth the black money, and
to curb the corruption, counterfeit currency as well as terror financing.
I believe the ideology behind the implementation of the policy was for the betterment of this nation as the menace of corruption is weakening the efforts to remove poverty. But as peerless the plan might look, we have seen major drawbacks of this policy through the course of time.
Firstly, the blue print of execution saw many uncertainties. The limits and dates of exchanging currency kept changing which created a sense of confusion among the mass.
Secondly, the scheme targets the tax evaders who hoard their black money not in notes but in gold and property thus taking an easy way out of the policy set to trap them in. Moreover of the total black money present approximately 72% is parked outside in Swiss Banks. Hence, the scheme is applicable to retrace a small amount of black money putting at stake the economy of the country.
Also through the course of time we have also seen that fake notes of the new currency have already started circulating in the market.
Thirdly, it will be very difficult for half of the population who are not well versed with the card transactions and are forced to stand in queue to get money which is in acute shortage in banks and ATMs and this is leading to innocent deaths. The poor are hit the hardest who don’t have access to basic amenities are forced to encounter the world of beaurocracy and card transactions which they are not ready for.
Moreover the lack of money has forced the factories to shut create an unemployment scene among labourers. The common people are also suffering from the same as the prices of non essential commodities have fallen whereas the prices of essential commodities have increased.
To sum up, I would like to say that despite the efforts put in to curb the menace of black money the shrewd and the clever find a way around demonetization and what’s left is the complications and trouble faced by the common people.