"From the midnight of 9th November, our ₹500 and ₹1000 will be worthless".
An announcement by NaMo shocked country as no one believed their eyes what they have seen. He stated that you can deposit your ₹500 and ₹1000 notes in banks. New colored and designed notes with Mahatma Gandhi's charming smile were launched.
A country in scurries after this decision. Bustle in the corrupt people who were deposited masses of money in their houses to save taxes. Terrorism is halted for some time, during that phase no news came of pelting of stones in Kashmir coz they have been hired by the terrorist groups and due to this decision they have no money to do so.
This helped us to tackle counterfeit currency that has been transferred from border countries to stagger our economy.
New Currency with new security features to tackle fake currency was launched.
Long queues to deposit money and exchange them across the banks.
Citizens suffered several difficulties and challenges but they keep company with the government.
Many arrested for illegal possession of a large number of new notes, Income tax raids, CBI raids.
Economist suggested that this will dip our economy and decrease our country's GDP.
On 31st August RBI declared that around 99% Old notes came back to them.
This gives sparks for opposition to target ruling govt, they came back with a strong reply by
starting out a campaign on Twitter #DemonetisationFailed.
Country's GDP dips for 2% in the 1st quarter. Which was already told by analytics that this situation will come. This decision help India's economy in future times as it will decrease terrorism, fake currencies.
SUCCESS OF DEMONETISATION
Still, we have to wait and watch the other outcome of it in the coming future.
#DemonetisationSuccess
An announcement by NaMo shocked country as no one believed their eyes what they have seen. He stated that you can deposit your ₹500 and ₹1000 notes in banks. New colored and designed notes with Mahatma Gandhi's charming smile were launched.
This helped us to tackle counterfeit currency that has been transferred from border countries to stagger our economy.
New Currency with new security features to tackle fake currency was launched.
Long queues to deposit money and exchange them across the banks.
Citizens suffered several difficulties and challenges but they keep company with the government.
Many arrested for illegal possession of a large number of new notes, Income tax raids, CBI raids.
On 31st August RBI declared that around 99% Old notes came back to them.
This gives sparks for opposition to target ruling govt, they came back with a strong reply by
starting out a campaign on Twitter #DemonetisationFailed.
Country's GDP dips for 2% in the 1st quarter. Which was already told by analytics that this situation will come. This decision help India's economy in future times as it will decrease terrorism, fake currencies.
SUCCESS OF DEMONETISATION
- Starting of a new era, Digitalisation of services in India to ensure that Government services are easily available to peoples regardless of their status, financial position in the country.
- New taxpayers India got.
- New amounts of bank accounts were opened specially in rural areas that help villagers to save their money in a safe place.
- Interlinking of ID's that help to detect any kind of fraud.
- Digital payments help smaller companies to grow their business.
- All returned money in banks is not white as it consists of the money that has been collected through raids and custody of notes.
- The formalization of Economy.
- It vexed terrorist organization as they have no money to invest.
- Unnamed properties seized.
- People surrendered their illegal possession.
Still, we have to wait and watch the other outcome of it in the coming future.
#DemonetisationSuccess
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