DEMONETIZATION
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Abstract
The whole country was taken a leak when Prime Minister Narendra Modi an November 8 announced that the currencies in the denominations of Rs. 500 and Rs. 1000 will be invalid post midnight. However the lower denominations Rs. 10, Rs. 20, Rs. 50, Rs. 100 and coins - will be valid. He further announced that New Notes of Rs. 500 and Rs. 2000 would introduce shortly, Thus giving millions of Indians a panic attack.
In1946, the currency Note of Rs. 1,000 and Rs. 10,000 were removed from circulation, the ban really did not have much impact, as the currency of such higher denomination was not accessible to the common people people. However, both the notes were rein reduced in 1954 with an additional introduction of Rs. 5000 currency.
Rs. 500 and Rs. 1000 Notes we introduce in 1934 and after four years in 1938, Rs. 10,000 notes were introduce that came in 1978, the then prime minister of India Mararji Desai announced the currency ban taking Rs. 10,000, Rs. 5000 and Rs. 10,000 out of circulation. The sole aim of the ban was to curl black money generation in the country.
It's weak in progress, there events dominated India's economic landscape last year, But whether they can be described as "progress" is debatable one definitely isn't. The unseemly they brawl that broke out even control of the TATA Group with Ratan TATA Returning as interim chairman after outslug incumbent Eyras Misty, A lot of dirty linen is being washed in public, putting party in the shade the political charges being traded elsewhere.
As the country says goodbye to the old 500 and 1000 Rupee Notes and with restrictions an exchanging money and taxation an high amounts of deposits. Indian economy is going through same serious charn.
Cash Crunch- The 500 and 100 rupee notes were the largest denomination of money. Which made up yar 14 lakh rores in circulation demonetization has a direct impact on sectors dealing with cash-Vendans, Auto Riksha wallons Taxidrivers, Daily wage earners and small traders.References
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