3 minute speech on demonetization
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Answered by
267
Ho dear...
On November 8th 2016, India’s prime minister made the announcement of demonetization of all 500 and 1000 rupees notes. Thus, the government announced that both the Rs. 1000 and Rs. 500 would not serve as legal tender.
Thus, the cash in circulation were to be replaced by other forms of cash (digital forms). This caused a rush to the banks.
The old 500 and 1000 rupee notes were to be deposited with bank withing 31st December, 2016. That meant that money, in the form of old 50o and 1000 rupee notes, were to become useless post 31st December, 2016.
The cancelled notes were to be deposited with the bank and /or replaced with new 500 and 2000 rupees.
New types of notes which are of the same currency were introduced in the market.
The challenge had been the slow circulation of the new currency.
Most of the banks didn’t had enough new currencies. Even today, this new challenge is still there and is expected to continue for a certain period of time.
At ATMs there was some daily cash withdrawal limit. In addition, there was a weekly withdrawal limit as well (for example rupees 24000 per week).
In the business world, there had been a cash crunch since not many customers had access to the large amount of the new currencies.
On November 8th 2016, India’s prime minister made the announcement of demonetization of all 500 and 1000 rupees notes. Thus, the government announced that both the Rs. 1000 and Rs. 500 would not serve as legal tender.
Thus, the cash in circulation were to be replaced by other forms of cash (digital forms). This caused a rush to the banks.
The old 500 and 1000 rupee notes were to be deposited with bank withing 31st December, 2016. That meant that money, in the form of old 50o and 1000 rupee notes, were to become useless post 31st December, 2016.
The cancelled notes were to be deposited with the bank and /or replaced with new 500 and 2000 rupees.
New types of notes which are of the same currency were introduced in the market.
The challenge had been the slow circulation of the new currency.
Most of the banks didn’t had enough new currencies. Even today, this new challenge is still there and is expected to continue for a certain period of time.
At ATMs there was some daily cash withdrawal limit. In addition, there was a weekly withdrawal limit as well (for example rupees 24000 per week).
In the business world, there had been a cash crunch since not many customers had access to the large amount of the new currencies.
Answered by
235
Demonetization!
Demonetization means the change of units of currency as it recently happened on 8 th Nov 2016 our Prime minister Narendra Modi declared that the notes of 500 and 1000 would not be given any value so the submission of cash was done in banks through ATMs too it was exchanged .
The great and biggest theme behind it was to discourage corruption and black money .
Big Big dealers and business men used this black money for getting their wishes done etc etc....... and money was of government means but bad ideal creatures were using it for their stupid wishes and thinking themselves to be at the top of the world but the faces came out through this demonetization and it helped India a lot in its progress as great amount of money came up .
People were cursing Narendra Modi ji because their daughter's marriage was in danger , such ridiculous reasons they were giving but I don't think it to be correct because whatever he did was for the welfare of our country and new notes came up of ₹2000. It was really helpful for the progress of our nation. I salute my country and my prime minister Narendra Modi ji for his great work. Whatever he did was best for innocence and good people. If you do bad you will have to suffer. And he did against corruption which is the root of all evils so whatever he did was the Welfare progress and development of our country India. Hope it helps!
Demonetization means the change of units of currency as it recently happened on 8 th Nov 2016 our Prime minister Narendra Modi declared that the notes of 500 and 1000 would not be given any value so the submission of cash was done in banks through ATMs too it was exchanged .
The great and biggest theme behind it was to discourage corruption and black money .
Big Big dealers and business men used this black money for getting their wishes done etc etc....... and money was of government means but bad ideal creatures were using it for their stupid wishes and thinking themselves to be at the top of the world but the faces came out through this demonetization and it helped India a lot in its progress as great amount of money came up .
People were cursing Narendra Modi ji because their daughter's marriage was in danger , such ridiculous reasons they were giving but I don't think it to be correct because whatever he did was for the welfare of our country and new notes came up of ₹2000. It was really helpful for the progress of our nation. I salute my country and my prime minister Narendra Modi ji for his great work. Whatever he did was best for innocence and good people. If you do bad you will have to suffer. And he did against corruption which is the root of all evils so whatever he did was the Welfare progress and development of our country India. Hope it helps!
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