Demonetisation
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| Demonetisation |
On the 9th of November 2016. The Prime Minister of India made a sensational announcement that Rs 500/- and Rs. 1000/- notes would cease to be the legal tender. The purpose behind this move was to eliminate black money, corruption in cash dealings and more importantly, to break the back of the faceless people who were pumping fake currency notes into the Indian economy from across the borders. This money was also being used to export terrorism into India. It caused a furore among the common people. People who had stashed cash for their future felt that they had been left in the lurch by the ruling party's decision. The process behind this had been so secretive that very few people including Mr. Modi knew about it. Apparntly the government had anticipated the problems people would face as a result of this decision. But the serpentine queues outside banks and ATM's had a different story to tell. People had time till 30 December 2016 to deposit old currency and Rs 4000/- could be exchanged with new currency. As citizens of a developing economy, we must welcome and support the effortsof the government in introducing transparency in all dealings.