More

    Demonetization of Indian Currency in Society

    Home Business Demonetization of Indian Currency in Society

    Government of India on 8th November 2016 declared to the people that the existing Rs. 500 and Rs. 1000 will not be a legal tender for transactions. The news came when the Prime Minister of India Shri. Narendra Modi made the announcement in a surprise television address.

    Demonetization

    In the place of old currency notes new Rs. 500 and Rs. 2000 will be in circulation in the banks and in the ATMs. The currency of remaining denomination will be available as usual in the country.

    Why was this step taken by the Reserve Bank of India for the nation?

    The demonetization will bring new changes among the people of India by reducing the effect of funding foreign terrorist activities against India, minimize the level of bribery, and bring down the presence of black money in the hands of the social countrymen.

    The move is a great one as the total currency in circulation amounts to 16.42 lakh crores whereas only Rs. 500 and Rs. 1000 amount to around 14.18 lakh crores. So the effect is a big boon to the nation.

    To regulate the effect of immediate changes petrol bunks, government hospitals, railways, airlines and some other government recognized organisations will still accept the use of old currency bank notes till 24th November 2016.

    The Finance Minister of India Arun Jaitley has informed that this movement will bring in better economic and social system, increase the size of economy and the revenue potential of the country.

    The positive effects of this movement have brought out the following impact in the society for the common man:

    • People are standing in long queue to collect cash from the ATMs.
    • People are gathering in the banks to exchange their old currency notes.
    • For people holding unaccounted money have brought about the following impact:
    • Making gold purchases from the jewelry.
    • People started donating money to social and charitable organizations
    • Bank customers have distributed their money through multiple bank transactions.
    • Black money is dumped to get rid of the same.

    It is a well appreciated norm taken by the Government of India to help improve the currency circulation in the social hands of honest people of the country.

    However it will take a few months to get things stabilized in the social network and make things operate as normal.

    Share Post

    profile photo
    Panchal C A
    Panchal C A is a native of Kerala in India. He has completed his B.Tech and MBA from Mahatma Gandhi university and Cochin university respectively. His hobbies include playing table tennis, reading books, and social networking.

    Latest Blogs

    Leave a Reply

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Recent Comments

    Recommended

    Inspiration 75

    Titus 3:7 so that being justified by his grace we might become heirs according to the hope of eternal life. https://youtu.be/_YZmjuexHbs?list=UUHbZvVK8hfCsp-6nEZWf9BA

    Best Suburbs to Live in Maryland

    In Maryland, suburbs are some of the most exciting and interesting places for living. Many have a perfect mixture of high income, low unemployment...

    Top 10 Android App Development Frameworks (Updated)

    As per the Statista report, the number of apps in the Google Play Store is 2.96 million apps. More than 2 billion people download...

    5 Reasons You Should Travel Solo

    Traveling solo can be an enriching experience, especially if you want to get to know yourself, explore someplace new, and grow personally. However, many...

    How To Use Healthy Tips To Care...

    For a long journey of your PC it is important to take care of it periodically else be ready to spend more money on...

    Newsletter

    Subscribe to stay updated.

    Sharing is Caring!

    Help spread the word. You're awesome for doing it!