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Demonetization and its Consequences
The term demonetisation has become a familiar name in every Indian household since the government pulled the old Rs 500 and Rs 1,000 notes out of circulation. Prime Minister Narendra Modi’s decision to scrap high value notes of Rs 500 and Rs 1,000 has created a scarcity of cash in the system, leading to a lot of discomfort and annoyance among the people. Since our economy is heavily dependent on cash and less than half the population uses banking and internet for monetary transaction , demonetisation has hit trade and consumption hard.
The primary objective of this move was to curb the black money, corruption and fake money menace. All the people other than those who were indulged in malpractices welcomed the move. The whole opposition shook hand against this move under one pretense or the other. They called this decision a draconian law and wanted the govt to roll back it. Though the people faced a lot of inconvenience owing to shortage of funds, they did not criticize the government for the move.
There are visible advantages for demonetization and its consequences has benefited people. The first impact shall be that people will have lower expenditure power which will restrict them to make higher purchases.There shall be no lavish expenditures on marriages and other ceremonies. So the society will grow lesser materialistic and people more prudent. Corruption shall be down to a great extent as people will stop the tendency of accumulating money using wrong means. This big move will certainly abridge the gap between the haves and the have-nots. However, there may be some difficulties for a couple of months. But this inconvenience shall be temporary and for short-term. Also , it will help the Government to trace the black money. The demonetization policy will force people to pay income tax returns. Most of the people who have been hiding their income are now forced to come forward to declare their income and pay tax on the same.
On the other hand , demonetization has caused huge inconvenience to the people. They are running to the banks to exchange, deposit or withdraw notes. The sudden announcement has made the situation become chaotic. Business has been deeply affected . Due to the cash crunch, the entire economy has been made to come to a standstill. Many poor daily wage workers are left with no jobs and their daily income has stopped because employers are unable to pay their daily wage. The government has to bear the cost of printing of the new currency notes. It is also finding it difficult to put new currency into circulation.
However, if we compare the merits and demerits, it will be safe to conclude that the former outweighs the latter. Even though there is suffering and agony among the masses but the forecast is that its benefits will be seen in the long run. The government is taking all the necessary steps and actions to meet the currency demand and soon the trial and tribulations of the people will be over with the smooth flow of the new currency.