Scope of demonetization

        SCOPE OF DEMONETIZATION 





Under demonetization , entire currency notes of denomination of 1000 and 500 of value 15.44 lakh crore were withdrawn by Govt. This was about 86.5%of the currency under circulation and immediately caused a cash crunch and liquidity crisis. The decision was implemented from 8th November '2016 and seeing the importance of the decision was announced by the Prime Minister himself. The people were advised to deposit the cash available with them in their bank accounts till 30th December '2016 and if they failed to do so, it would become illegal to keep any such old currency. A small amount of Rs.2500/- person was allowed as exchange with new currency for emergency needs, which curbs on withdrawal from the bank accounts. Which was limited to Rs10,000/- person per week. Also certain payment like hospital and pharmacy, electricity and house tax bills were allowed to be paid in old currency for some time. There were long queues before the banks and people faced a lot of difficulties in meeting their day to day expense and many even lost their lives.




Evasion Attempts After Demonetization:

* Converting black money into gold 

*Donation in temples and other

* Multiple bank transactions 

*Booking large number of tickets in railway and airways

* Depositing money in the accounts of their parents, relatives and friends 

* Enticing people with some percentage of money for exchange 



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