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Write an essay on Demonetisation
200 words...
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Answers
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Demonetization is the act of stripping a currency unit of its status as a legal tender. Their are many reason why country demonetize their local unit of currency. This is usually done whenever there is a change of national currency, replacing the old unit with the new one. Some reason include to combact inflaction, to combact corruption and to discourage the cash system.the process of demonetization involve either introducing new notes or coins of the same currency or completely replacing the old currency with the new one. In 2016 the Prime Minister of India started demonetization of 500 and 1000 rupee note.The two biggest denomination notes. These notes accounted for 86% of the country’s cash supply. The government’s goal was to eradicate counterfeit currency, fight tax evasion, eliminate black money gotten from money laundering and terrorist financing activities, and promote a cashless economy. By making the larger denomination notes worthless, individuals and entities with huge sums of black money gotten from parallel cash systems were forced to convert the money at a bank which is by law required to acquire tax information from the entity. If the entity could not provide proof of making any tax payments on the cash, a tax penalty of 200% of the tax owed was imposed..
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