Notes of India today come in various denominations namely 5 rupees, 10 rupees, 50 rupees, 100 rupees, 500 rupees and 2000 rupees. It was only a few months back when 1000 rupee notes were banned overnight. Along with that, 500 rupees currency notes of India were also discontinued. The news came as a shock to all the Indians. Prime Minister Narendra Modi, in his speech said that the move was intended towards putting an end to corruption. According to his reports, a lot of black money was being accumulated over the years, hampering the nation’s economic growth. Apart from that, a lot of fake Indian Notes were also being circulated. Most of it was being used by terrorist organizations. After the ban on these specific notes of India, citizens had to face a lot of trouble. Withdrawal limits were reduced considerably in banks as well as ATMs. They had to wait for several hours to get their old Indian Notes exchanged. The situation was even worse in rural areas where there are fewer bank branches.
Many Indians found it to be a publicity stunt but many were really happy because it had a big impact on corrupt minded people. They had no other option but to burn down unaccounted old currency notes in India that they had hoarded in their homes. Several crores of rupees went back to the national economic repository due to income tax raids and bank deposits. Every action has an equal and opposite reaction. Every coin has two sides. But if you were to weigh the merits and demerits of banning currency notes of India, I think that the plus points would be much higher than the minuses. But you never know; the ruling government might have their own interests in implementing these drastic policies.