Demonetization has had its own effects. Some like the decision, while many others hate it. The decision for banning old 500 rupees and 1000 rupees Currency notes in India has been a bold one indeed. But it was required to control black money. Over many years corruption has led to people hoarding large amount of Indian notes at their homes. Many experts have stated that there is no way to completely get rid of black money, even the best economies in the world have certain percentage of black money that is in circulation. Another reason why the Indian Notes of the denomination 500 and 1000 were banned overnight is that a lot of fake currency notes in India were circulating. These fake Indian notes were used for funding various illegal activities and also many terrorist organizations. India is already facing a lot of threats from our neighboring countries and a stern decision was required to tackle this big problem.
Just a few months before old currency notes in India were demonetized, there were several terrorist attacks across the border. Indian Military was also did not stay quiet and responded with a surgical strike. When tensions like these are always on the rise, I think withdrawing Indian notes from circulation was not only a brave decision but also an intelligent one. There were many reports that even the closest of Mr. Modi’s associates did not know that he would be banning currency notes in India of the denomination 500 and 1000. There was also another side of the entire event that was portrayed by the media. We saw how people in rural India were finding it difficult to get their old Indian notes exchanged. There were some reports that many lives were lost as they were not able to pay hospital dues and nobody was accepting old currency notes in India of the denomination rupees 500 and rupees 1000.
Now, it is all up to you, how you want to look at this significant event that took place last year!