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Explain Why demonetisation was
introduced by PM of India ❔
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Answers
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Demonetization for us means that Reserve Bank of India has withdrawn the old Rs 500 and Rs 1000 notes as a official mode of payment. According to Investopedia, demonetization is the act of stripping a currency unit of its status as legal tender.
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This is due to.....
1) To tackle black money in the economy.
2) To lower the cash circulation in the country which "is directly related to corruption in our country, " according to PM Modi......
3) To eliminate fake currency and dodgy funds which have been used by terror groups to fund terrorism in India.
4) The move is estimated to scoop out more than more than Rs 5 lakh crore black money from the economy, according to Baba Ramdev, a staunch Modi supporter.
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The Prime minister of India Narendra Modi claimed that the action would curtail the shadow economy and reduce the use of illicit and counterfeit cash to fund illegal activity and terrorism