what is demonitization
Answers
Explanation:
Demonetization is the act of stripping a currency unit of its status as legal tender. ... Sometimes, a country completely replaces the old currency with new currency. The opposite of demonetization is remonetization, in which a form of payment is restored as legal tender
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Answer:
Demonetization of currency means discontinuity of the particular currency from circulation and replacing it with a new currency. At present an example of same is banning Rs 500 and Rs 1000 notes and bringing them out of circulation.
The agenda behind this move of Modi are:
* to make India corruption free.
* to curb black money,
* to control escalating price rise,
* to stop funds flow to illegal activity,
* to make people accountable for every rupee they possess and pay income tax return.
It is a move of Modi towards Digital India.
The merits of demonitization are:
1) It will help India to become corruption-free.
2) It will help the government to track the black money.and curb money laundering.
3) It will stop funding for unlawful transactions.
4) It will stop the circulation of fake currency.
The demerits of demonitization are:
1) It has caused huge inconvenience to the people.
2) Many poor daily wage workers are left with no jobs and their daily income has stopped because employers are unable to pay their daily wage.
3) It has deeply affected business.