report writing on demonetisation
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Demonetisation of high value currency notes has helped the Indian Government in addressing the problem of black money, terror funding and circulation of counterfeit currency, matters which had been affecting the growth of the economy and denting the security of a peace-loving nation.
But, along with the positive outcomes of demonetisation, there were a few unexpected problems that sprung up during remonetisation. Adequate preparation was not taken to print the new currency notes and, hence, the farmers and rural population were very adversely affected due to shortage of legal tender. People suffered in cities too. Long, serpentine queues were a matter of routine in front of banks, which sometimes ran out of cash; to compound matters, even the ATMs went dry of cash. Trade and commerce suffered too as India has a long way to go in becoming a digitised economy, as it mostly relies on cash for market transactions.
In the current financial year, the GDP is going to be adversely affected. But, the long-terms effects of demonetisation should stand the country in good stead.
But, along with the positive outcomes of demonetisation, there were a few unexpected problems that sprung up during remonetisation. Adequate preparation was not taken to print the new currency notes and, hence, the farmers and rural population were very adversely affected due to shortage of legal tender. People suffered in cities too. Long, serpentine queues were a matter of routine in front of banks, which sometimes ran out of cash; to compound matters, even the ATMs went dry of cash. Trade and commerce suffered too as India has a long way to go in becoming a digitised economy, as it mostly relies on cash for market transactions.
In the current financial year, the GDP is going to be adversely affected. But, the long-terms effects of demonetisation should stand the country in good stead.
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