Question

demonization 3 minutes full speech

Answer 1

Good morning all. Today I would like to speak about the one of the most important thing happening in India; Demonetization. In this speech, I would like to draw your attention to why it’s been done? Who did it? What’s the impact of it? I am trying my best to make this speech a neutral one. I am just a high school student, I am not affiliated with any political party, yet J. Let’ start with what actually demonetization is.

Introduction to Demonetization in India and Its Status

So, what the demonetization? As per Investopedia, a demonetization is an act of removing the legal status of currency as “Legal Tender”. Means old notes or even coins must be retired and replaced with new ones or completely new currency can be introduced like Rs. 2000 note which was not available earlier.

On 8th November, PM Modi’s announcement was the breaking news across India. Rs.500 and Rs. 1000 notes (currency) are made illegal from a stroke of midnight. One might think, why it’s been done? Indian government’s goal was to remove all counterfeit (fake) currency from the market which is used in tax evasion, corruption and even in funding terrorist activities. These two currency notes are the most used currency in the Indian market, it had 86% share in the market. This was a very big and risky decision and as some aptly said it is a “Masterstroke“. Some even say it is a “Surgical Attack” on black money. In simple words, old Rs 500 and Rs. 1000 notes are worthless now, they are just a piece of paper.


The opposite of demonetization is remonetisation, which means restoring the demonetized currency as legal tender. And a lot of political parties from the opposition are fighting for it.

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Impact of demonetization within India and Foreign Relations

Demonetization has a big impact on Indian market and citizens like you and me. People flocked the banks to changed their currency and stood in long lines in front of bank and ATMs for hours to draw their money also bank employees overworked with all their might so that each individual can take a sigh of relief. Surely, we have problems in but we also need to understand the importance of it. Just imagine if it was told a month ago, then all black money launderers could have managed their money in this or that form. That’s why it has to be a sudden and surprise act.

India is not the only country which used demonetization to deal with corruption, inflation or tax evasion. In Europe, when they introduced the Euro as European Union currency old currency was demonetized. In 2015, Zimbabwe demonetized their currency to eradicate their hyperinflation.

Demonetization can also be used to promote the “Cashless Economy“. As PM Modi aptly said, we might not be a completely cashless society soon but at least we can be “Less Cash Economy“. Under cashless economy, people conveniently pay for goods and services in a digital way than the cash from a small tea vendor to local grocery shops almost everyone learned the use of digital payment and that’s a big achievement which is helping India becoming a digitized nation. Tough we Indians love to handle the cash, such event was necessary to change the mindset of people who loves cash.


On another side, we can see a positive reaction from all over the world. Other countries who want to invest in India think that Indian government trying to solve Indian red tape and corruption. It will draw more foreign investment in the country which will help Indian government to become a business-friendly country.

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Conclusion

To sum up everything, I would say; demonetization was a really a masterstroke. It will not only help in fighting against corruption, black money, and tax evasion but also to increase economic growth, decrease poverty, and have an affordable healthcare and living. I as Indian stand strongly behind this move. Though all good said about this, I think the way it was planned and handled could have been better. Otherwise, I support the demonetization.

Speech Ending

I would like to thank principal madam for allowing me to speak about demonetization. I hope this speech has helped you a bit in understanding what is going on and what’s been done. On that note, I will stop now. Thank you very much for listening to me.

Answer 2

Demonetisation is one of the recent major changes in the Indian economy where the old currency notes of INR 500 and INR 1000 became illegal or valueless in the Indian economic market.The demonetisation happened in November,2016.

Instead of the old currency notes of INR 500 and 1000 ,new currency notes of INR 500 and INR 2000 were introduced in the market.

This initiative helped a lot to track down the illegal black money in the Indian economy.