Question

Read the article and answer the questions. The following excerpt from a newspaper article that was published in Times of India on 27 September 2019. Demonetisation Demonetisation is a situation where the Central Bank of the country (Reserve Bank in India) withdraws the old currency notes of certain denomination as an official mode of payment. On November 8, 2016, Prime Minister NarendraModi in a surprise announcement said the existing higher denomination currency (Rs 500 and Rs 1000) will cease to be legal tenders. PM said this is government’s biggest push to fight black money and end corruption. The opposition, however, criticised the government for poor implementation of the scheme and said a lot of people have died standing in queues trying to get their hands on the new currency. The government also introduced new Rs 500 and Rs 2000 notes and urged people to move towards cash-less economy. But the opposition has been protesting the government’s decision, even stalling Parliament. A ‘Jan AakroshDiwas’ was observed by Left and other major parties. This is not the first time that demonetisation has been implemented in India. In 1936, Rs 10,000, which was the highest denomination note, was introduced but was demonetised in 1946. Though, it was re-introduced in 1954 but later, in 1978, the then Prime Minister Morarji Desai in his intensive move to counter the black money, introduced The High Denomination Banks Act (Demonetisation) and declared Rs 500, Rs 1000 and Rs 10,000 notes illegal. a) What is your opinion on the above news? b) Do you think there could have been a better way or strategy to implement/execute the scheme? c) Has demonetisation achieved its objectives? Explain. d) How would you assess the demonetisation scheme of the government with that of Muhammad bin Tughlaq’s introduction of token currency?

Answer 1

Answer:

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