summary of " on being an india" by Ruskin bond.
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Demonization is the withdrawal of particular value note from the circulation.Through Demonization the old currency is replaced by new currency or currency circulation is blocked. multiple reasons for Demonization some include caseless transaction and counterfeit on block money.
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.
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