write a essay on denomination
Answers
On the evening of 8th November 2016, Prime Minister Narendra Modi made an unprecedented speech on national television stating all currency notes of denominations Rs. 500 and Rs. 1000 were to lose legal sanction from midnight. In his 40-minute address, Modi said that notes of Rs. 500 and Rs. 1000 would merely be “just worthless pieces of paper”. Modi talked about how India has become the “bright spot” in the global economy and the government’s dedication to fight against poverty .
While currency notes of Rs. 500 were to be re-issued, Rs. 1000 currency notes were completely banned. Additionally, new currency notes of denomination Rs. 500 and Rs. 2000 were introduced in limited numbers from November 10. However, all notes in lower denomination remain unaffected.
ATMs were not operable on 9th and 10th November, only 50 days were provided for exchanging and depositing notes in banks and post offices, and even though officially some emergency places like hospitals, train/bus bookings, petrol pumps, etc. were supposed to accept these invalid OHD notes till 11th November midnight.
The objective :
The government’s stated objective behind the demonetization policy are as follows;
First, it is an attempt to make India corruption free.
Second it is done to curb black money,
Third to control escalating price rise,
Fourth to stop funds flow to illegal activity,
Fifth to make people accountable for every rupee they possess and pay income tax return.
Finally, it is an attempt to make a cashless society and create a Digital India.
Merits of Demonitisation :
The demonetization policy will help India to become corruption-free. Those indulging in taking bribe will refrain from corrupt practices.
This move will help the government to track the black money. Those individuals who have unaccounted cash are now required to show income and submit PAN for any valid financial transactions.
Answer:
write a essay on denomination