Money Matters:How Dexterous is Demonetisation?

The Prime Minister Narendra Modi is now sitting on a crown seat for his secret mission in the surprise demonetization of the currency notes of Rs 1000 and Rs 500 from the midnight of November 8, 2016. The main objectives behind the step was  to reduce black money, curbing generation of fake money, reduction of corrupt practice and assault on terror financing. It is the boldest ever attempt so far made in the country since Independent. He stood against the corrupted people, black money holders etc. It is also been heard that 1000 Rs will be completely banned. I found out that the new series of bank notes of Rs 500 and Rs 2000 denomination have been introduced for circulation from November 10, 2016. The new series of bank notes are distinctly different from the current ones in terms of color, look, design   and size. However will this demonetization process completely stop the evil activities?

  After the bold decision of the Prime Minister it has been seen that from 10^th November the general public have been standing in a queue from early morning 7am and waiting till the banks’ door open at 10 am. While the people specially the local vendors, thela walas, Sabji walas etc are greatly affected as instead of running their own business they also have to come and wait in long queue for the whole day. Though I support this very much effective measure to curb black money yet I think this is applicable for a very short period of time. There have been instances when people at different parts of the country have thrown torn notes of 500Rs and 1000Rs currency in drains or open fields.

Some even accuse  Modi’s decision as a completely new political game. Arvind Kejriwal, Chief Minster of Delhi claimed that, “Before 30 December 2016 if the central government is unable to collect back of demonetization of Rs. 500 and Rs 1000 then it will affect the economic status of our country.”

- Roushni Shaikh