Please provide 200 words on demonetisation for report writing.
Answers
recently, Indian government had been announced Demonization on 500 and 100 rupees note. This step has been Master stoke for Indian economy by various of experts.This is not a 1st time earlier it was done in 1946 on 1000 and 10,000 rupees note to deal with unaccounted money.second time, It was done in 1978 by Indian government lead by morarji Desai, when 1000,5000 and 10,000 note were demonized the major objective of the step is to unearth the black money, to curb the corruption as well as terror financing. This step was considered as biggest cleanliness drive against Black money in the Indian economy.As per RBI report 87% of transaction in India was cash transaction.Some corrupted people used the black money to build the parallel economy,it's help to terror financing which in turn hampers the growth of development of the country. currently, 86% of higher value currency note circulation in India. Demonization Will help in reduction of fiscal deficit and promote caseless transaction which can be easy to monitor.
There are many pros and cons of Demonization also for instance,it create panic among the common man, local shopkeeper, trader are facing problem.It will affect Small medium Enterprise sector in India.
Demonization is the great and brave step of central government. it's affects the general people to some extent but for the benefit of future generation.
In an out-of-the-blue-move, the Central Government has declared demonetization of Rs 500 and Rs 1,000 currency notes, which has caused political, economical, and social turbulence in India. It is not the first time currency is being changed. It has happened earlier also. Demonetization was implemented first in 1946, in 1956, and in 1978 also. The purpose behind previous demonetization reforms were the same as is now—curbing counterfeit money and black money. This crusade against the black money has been welcomed by the masses. However, there is furor of protests, complaints, and resistance to the move from those who have been hit hard, especially the corrupt politicians and businessmen. Politicians such as Mamta Benarji, CM West Bengal, and Kejriwal, CM Delhi have protested against the move.
It has been reported that India is on top of the list of countries that have kept their black money in Swiss Banks. India with $1,456 billion or $1.4 trillion has more money in Swiss banks than the rest of the world combined. So you can imagine the extent of black money problem in our country. Similarly, within the nation the amount of hidden black money in the form of 500 and 1000 rupees notes is equally staggering. If the same amount is brought back to our country, our economy will flourish fast. PM Modi’s intention behind the move is purely to break the back of those people who have the black money or are involved in black money activities. Secondly, some anti-national agencies are using this black money and fake money to destabilize India. Pakistan and China are directly involved in these activities. PM Modi’s move aims at disrupting their anti-India activities by banning these notes, as it has been confirmed, these anti-India agencies use fake 500 and 1000 rupees notes by printing them.
This crusade against the black money has been welcomed by the masses. Though people have been facing certain inconveniences such as long queues at Banks and ATMs, however, the Government is trying its best to lessen these inconveniences.