Ban On Currency Notes In India – Boon Or Curse?

There have been mixed reactions when Prime Minister Narendra Modi banned 500 rupees and 1000 rupees currency notes in India. This was actually bound to happen because it was a very bold decision that many wouldn’t want to take in their political career. It was not for the first time that our country has taken such a drastic step. The first time when Indian notes were suddenly banned was in the year 1947. During this ban, the then valid 1,000 and 10,000 rupees banknotes were discontinued. The second time when notes of India were banned was in the year 1976 by Prime Minister Morarji Desai. There are many experts who have compared these note bans with each other, the results of which are very interesting and fascinating. One of the major reasons for banning rare notes of India has been the fact that a lot of black money was being laundered in the market, which was having a direct impact on our country’s economy. Whatever the reason could have been, the most affected in the entire mayhem was the common man who had to stand in long queues to get their old Indian notes exchanged. Another problem that occurred during the demonetization of currency notes of India was that ATMs kept running short very frequently, due to which people had to keep coming back for more. Indian Notes
Only experts can tell you about the exact consequences of banning old notes of India. But what is the point when the common man was troubled in the entire process? There also have been reports that many bureaucrats and industrialists already knew in advance about the ban of Indian notes. The opposition parties have been questioning the integrity of executing such a mammoth decision. Yes, there also have been several positives to analyze and rejoice about. For example, people started depositing all that they had and the Indian treasury has become much richer.
Everything said and done, politics has always been a game of cards, which the ruling party plays with utmost care. They wouldn’t want to show their best cards at the moment. There would definitely be a bigger motive behind this whole initiative.


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