Question

merits and demerits of demonetization​

Answer 1

Demonetization of Currency - Merits and Demerits

Merits of Demonitisation. The demonetization policy will help India to become corruption-free. ...

Demerits of Demonitisation. The announcement of the demonization of the currency has caused huge inconvenience to the people. ...

Conclusion. Economists are busy in listing out many more merits and demerit of this policy

Answer 2

Explanation:

Advantages and Disadvantages of Demonetisation

Advantages of Demonetisation

A major advantage of demonetisation is that it helped the government track black money. ...

A major advantage of demonetisation is that it helped the government track black money. ...A major reason behind demonetisation was that a big part of black money was being used for funding terrorism, gambling, in inflating the price of major assets classes like real estate, gold and other social evils.

Another benefit is that due to people disclosing their income by depositing money in their bank accounts government gets a good amount of tax revenue which can be used by the government towards the betterment of society by providing good infrastructure, hospitals, educational institutions, roads and many facilities for poor and needy sections of society.

Disadvantages of Demonetisation

The only demerit is that it has no merit. It was a one time event to suck cash out of the economy. People temporarily resorted to cashless transaction. But Im afraid this wont continue, as humans tend to slip back to habits that they find more convenient. So if the government wants its citizens to go digital entirely, there should be incentives or enforcements or mechanisms to ensure that happens on a steady basis. Shock treatments will only give temporary results.

The biggest disadvantage of demonetisation has been the chaos and frenzy it created among common people initially. Everyone was rushing to get rid of demonetised notes while inadequate supply of new notes affected the day to day budgets of citizens.

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