Question

essay on demonestisation of currency and its objectives​

Answer 1

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Long and Short Essay on Demonetization in English

Below we have provided long and short essay on demonetization of varying word lengths. You can choose the

Short Essay on Demonetization in India – Essay 1 (200 words)

Demonetization stands for scraping of a currency by the government from being used as legal tender. When a legal tender is demonetized by the government, it becomes scrap instantly, losing its worth in the market. When a government pulls the old currency out from the market, it might issue a new currency replacing it.

The information of demonetization is kept confidential till the last day; otherwise, it would defeat the purpose of demonetization itself. The main objective of demonetization is to counter tax evasion and circulation of black money, as well as counterfeit or fake currency.

If the information of demonetization is somehow leaked, the tax evaders and black money holders will get ample amount of time to convert their money in other legal forms like – land, gold, jewelry etc, thus, the money will never reach banks, defeating the very purpose of demonetization.

On 8th November, 2016, at 20:15, in an unscheduled address to the nation, the Prime Minister of India, Mr. Narendra Modi announced the cabinet’s decision to ban currency notes of denominations Rs. 500 and Rs. 1000. Though, it wasn’t the first time, and previously demonetization had been effected in India in 1946 and 1978.

Though, the move had the support of banks and a large portion of general populace, it was criticized by political parties and other factions, who thought that it was unplanned and will only damage the economy of the nation.