ESSAY ON DEMONETISATION
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Demonetization is one of the most trending topics which occupied the columns of Indian newspapers in 2016. INDIAN PM Narendra Modi took a bold step against the black money holders by declaring demonetization in November 2016. Initially, implementation of demonetization in a populous country like India was not a cakewalk for the government.The sudden declaration of demonetization in the country has created lots of chaos and confusion among the common people of the country, but gradually everything becomes normal. But as a result of demonetization in the country, an essay on demonetization (simply we can say demonetization essay) or article on demonetization has become a common question in different board exams for the students there is a sudden demand of Demonetization essay among the students. Hence, GuideToExam brings to you the ultimate solution by providing you all your needful information regarding demonetization essay.
Essay on Demonetization 2017
The discontinuity of a particular currency from circulation and a replacement of it with a new currency is called Demonetization. In the present setting, it is the restricting of the 500 and 1000 section money notes as a lawful delicate. In other words, it can also be said that A demonetization is an act of stripping a currency unit of its status as legal tender. It occurs when a particular form of money is pulled from circulation and a new note or coin is introduced in the market as a replacement of withdrawn form of money.
Objectives of Demonetization
The government has different objectives behind this demonetization. The first and foremost objective is to attempt to make India a corruption free country. In his different speech on demonetization Indian Prime Minister Narendra Modi clearly, points out that this bold step has been taken to get a control over corruption in the country. Secondly, it is done to curb black money, thirdly it is also a step to control escalating price rise, fourth to stop fund flow to illegal activity. On the other hand demonetization in India is also a very well planned step of govt of India to earn proper tax from the citizen. With the help of a different article on demonetization or essay on demonetization in different media, economist and responsible citizens tried to make the common people aware of the benefit of this steps taken by the government.
Image Credit: Forbes
In a demonetization essay or article on demonetization, it is also necessary to put some light in the background of this process. There is a background to the current decision of demonetization of 500 and 1000 rupees note in India. The government has declared demonetization across the country on 8th November 2016. But much before the announcement of demonetization, the government has taken few steps in this direction. As the first and foremost step government had requested the citizens to open free bank accounts under Jan Dhan Yojna. Again the government has asked the people to deposit their money in Jan Dhan account and do their transactions through sparing money procedure or proper banking procedure only. Thereafter the step that the government started was an obligation declaration of the compensation and had given October 30, 2016, due date consequently. This can be considered a major step by the government in the process of demonetization. (In order to write a complete demonetization essay or article on demonetization or essay on demonetization the essay would be incomplete without mentioning this major point). Through this procedure, the government or administration could tidy up a gigantic measure of undeclared wage. Regardless, there were various who still aggregated the dim money, and remembering the ultimate objective to deal with them; the administration detailed the demonetization of 500 and 1000 money notes.
HOPE IT HELPFUL DEAR
Essay on Demonetization 2017
The discontinuity of a particular currency from circulation and a replacement of it with a new currency is called Demonetization. In the present setting, it is the restricting of the 500 and 1000 section money notes as a lawful delicate. In other words, it can also be said that A demonetization is an act of stripping a currency unit of its status as legal tender. It occurs when a particular form of money is pulled from circulation and a new note or coin is introduced in the market as a replacement of withdrawn form of money.
Objectives of Demonetization
The government has different objectives behind this demonetization. The first and foremost objective is to attempt to make India a corruption free country. In his different speech on demonetization Indian Prime Minister Narendra Modi clearly, points out that this bold step has been taken to get a control over corruption in the country. Secondly, it is done to curb black money, thirdly it is also a step to control escalating price rise, fourth to stop fund flow to illegal activity. On the other hand demonetization in India is also a very well planned step of govt of India to earn proper tax from the citizen. With the help of a different article on demonetization or essay on demonetization in different media, economist and responsible citizens tried to make the common people aware of the benefit of this steps taken by the government.
Image Credit: Forbes
In a demonetization essay or article on demonetization, it is also necessary to put some light in the background of this process. There is a background to the current decision of demonetization of 500 and 1000 rupees note in India. The government has declared demonetization across the country on 8th November 2016. But much before the announcement of demonetization, the government has taken few steps in this direction. As the first and foremost step government had requested the citizens to open free bank accounts under Jan Dhan Yojna. Again the government has asked the people to deposit their money in Jan Dhan account and do their transactions through sparing money procedure or proper banking procedure only. Thereafter the step that the government started was an obligation declaration of the compensation and had given October 30, 2016, due date consequently. This can be considered a major step by the government in the process of demonetization. (In order to write a complete demonetization essay or article on demonetization or essay on demonetization the essay would be incomplete without mentioning this major point). Through this procedure, the government or administration could tidy up a gigantic measure of undeclared wage. Regardless, there were various who still aggregated the dim money, and remembering the ultimate objective to deal with them; the administration detailed the demonetization of 500 and 1000 money notes.
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Origins of the idea: Demonetisation has earlier occurred two times in the Indian economy, both times the goal was to combat tax evasion through black money. The first demonetisation occurred in 1946, during the rule of the interim government under Jawaharlal Nehru. It was undertaken to target the tax-evading business corporations which were hiding the huge profits they had made by supplying the Allied powers in World War 2. The move was not viewed too positively by the then Governor of the RBI, Chintaman Deshmukh. He remarked that the government would be lucky to get Rs. 10 crores as tax after the implementation of demonetisation.
The second demonetisation took place in 1978 under the Janata Party governmentthat had come into power after the defeat of the Congress party in the elections just after the Emergency of 1975-77. The process involved the demonetisation of Rs. 1000, Rs. 5000 and Rs. 10000 notes. The objective was, again, to combat tax evasion through black money. As in 1946, it did not enjoy any particular success.
The second demonetisation took place in 1978 under the Janata Party governmentthat had come into power after the defeat of the Congress party in the elections just after the Emergency of 1975-77. The process involved the demonetisation of Rs. 1000, Rs. 5000 and Rs. 10000 notes. The objective was, again, to combat tax evasion through black money. As in 1946, it did not enjoy any particular success.
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