INTRODUCTION OF DEMONETIZATION

             " I N T R O D  U C T I O N"





Demonetization is the act of stripping a country unit of its status as legal tender. Demonetization is necessary whenever there is a change of national currency. The old unit of currency must be retired and replaced with a new currency unit. The opposite of demonetization is remonrtization where a from of payment is restored as legal tender. 











Declaration of 86.9% of currency under circulation ( Rs. 1000/- and  Rs . 500/- note) with approx value of Rs. 15.44 lakh cr. as illegal tender in just a blink of time on eve of 8th November ' 2016 mandated the creation of this immediate interruption in daily lives. It was 3rd such decision the first two being taken on 12th January 1946 and 16th January 1978 with partial success. It rendered everyone surprised as this was momentous decision and unexpected one which was declared without any prior information in the evening at 8. 15 pm addressed by our Honorable prime minister Shri Narendra Modi.




Dr. B. R. Ambedkar through his book  " problem of indian Rupee" recommend changing currency every 10 years to crub inflation and black money. This move is targeted for flushing the stock of black money out of our economy and getting them legitimate banked and taxable so that it become a part of our economy. It was taken with a view to clean up the Indian economy and to nudge it towards greater formalization and degitalization . It is beloved that action was necessitated as the currency under circulation was at Rs .18. 54 lakh crore about 12% of our GDP was too huge and unsustainable and needed reduction. Demonetization also held to promote cashless/ online transaction.









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