short essay on demonetization
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This concept surely seems familiar to all of us, as it is now filling newspapers and newsrooms across the country.
Demonetization is the legal act of making a currency invalid, and replacing it with a new one.In other words, it involves the removal of the currency altogether or of a particular denomination, say Rs 1000, from circulation, and issuing a new set or new one of equivalent value or denomination.Demonetization takes place also , when the currency of a nation changes.
Many instances of demonetization have taken place in the world.One classic example would be the withdrawal of currencies in countries under the European Union to replace them with Euro. However, it was not a sudden and unexpected move.People in those countries were given enough time to convert the old currencies to the euro to ensure a smooth transition.
Such a move could definitely affect people, but as a process, demonetization has proven effective in controlling counterfeit and black money in any country.
Demonetization is not a new concept since India has gone through the same twice - in 1946 and 1978.
Demonetization is the legal act of making a currency invalid, and replacing it with a new one.In other words, it involves the removal of the currency altogether or of a particular denomination, say Rs 1000, from circulation, and issuing a new set or new one of equivalent value or denomination.Demonetization takes place also , when the currency of a nation changes.
Many instances of demonetization have taken place in the world.One classic example would be the withdrawal of currencies in countries under the European Union to replace them with Euro. However, it was not a sudden and unexpected move.People in those countries were given enough time to convert the old currencies to the euro to ensure a smooth transition.
Such a move could definitely affect people, but as a process, demonetization has proven effective in controlling counterfeit and black money in any country.
Demonetization is not a new concept since India has gone through the same twice - in 1946 and 1978.
angelmathew:
and in 2015
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when the word demonetization enters in our ears, the first scene that comes to our mind is full of people standing in queues for a long time to get some new notes.In simple words, demonetization is just a simple process wherein we get some new and unfamiliar notes in the exchange of the old ones.Many people are in favour of this and many against .At the positive side,black currency gets abolished,rates of goods increase,thus,the profit of traders is more .On the negative side,there is no difference in the scene but there are more problems.the ministers having higher posts give their black money in the hands of poor people and tell them to exchange them in their name.If they do so,some share of the money obtained back,would be given to them.The big actors and famous personalities having black money,deposit their money in foreign countries so they could'nt be exposed.The poor people suffer more as their wages get decreased by the people to whom they offer their services to because peole do not have enough new currency notes and thus they try to compromise in every expenditures.
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