Is demonetization A Success or Failure?
The word demonetization brings nightmare in everyone’s heart. 8th Nov, 2016, an unforgettable date for everyone in India. We have crossed two years. To curtail the black money in our country, Modi Govt has taken a bold step. Now a big question in front of us “Is demonetization A Success or Failure?” According to RBI 98% of the rupees from the market deposited in the bank with-in the range of four months. Indian’s learnt a lesson not to keep more cash in their house or home. Technology has taken the market in its control. Paytm, BHIM,UPI, TEZ lots of options came to India.
Let’s discuss the topic “Is demonetization A Success or Failure? “. Focusing on the point of its success:
1) Curtail Black Money
To limit the circulation of black money in the market, demonetisation is a great step. After this lots money came to the market. Businessmen avoid holding cash with them. More money in the market means more transitions. That means more people getting benefited.
2) Digitization of India
After the introduction of demonetisation, India has become the only country being highly exposed to digitization. If we ask here that demonetisation is a success or failure, we can say that it’s a success because it is helping us to be advanced in the field of technology. Demonetisation is the only thing that is responsible for the enhanced digitization in every field of trade and business. It’s good to have a digitized system of administration because it is cost effective and highly efficient.
3) Transition to a Cashless Economy
The greatest achievement out of Demonetization is the transition of the economy to a cashless and paperless one. This certainly can support in a very positive manner about the topic of discussion, i.e. “Is demonetization A Success or Failure?” The cashless process of economy is very helpful in all the fields like commodities, automobiles, retails, etc. The cashless economy is one of the best and reliable ways for safe transactions. It helps the people being at the safer side, because it has given the power to have a transparent mode of transaction.
Now, let’s discuss the topic “Is demonetization A Success or Failure? “. Focusing on the point of its failure:
1) Some objectives Seems to Be Unachieved
It gives a noisy picture about the achievement of the major objective of Demonetisation i.e. reduction of the counterfeit currency notes and the funding to the terrorist organizations. Here we can give a negative revert to the question “Is demonetisation a success or failure“?, because in spite of demonetization both the practices are still on. Many news channels and investigation bureaus have stated the news of its continuation. Some of the terrorist organizations have mutual transactions of more than 400 crores post to the demonetisation drive. Thus, it creates an ambiguity about the topic “Is demonetisation a success or failure“?
2) Salient Lessons Learnt from Demonetization
The term Demonetisation has taught us many salient lessons along with some pains which we have witnessed while getting our own money. This will certainly incline the topic “Is demonetization a success or failure?“ towards the negative pole. Because, the government did not think of taking the suggestions of the financial experts and other bureaucrats; prior to the introduction of Demonetisation. The main concept behind the introduction of Demonetisation was to surprise the black money holders. It has helped till some extent but the complete surprise is still awaited.
3) Highlights of Policy Making Bodies
As we are discussing about the term “Is demonetization a success or failure?”, here in this point we can express some reasonable facts about the govt. Policies related to demonetisation. The sudden introduction of the Demonetisation Drive on 8th November 2016 by the Hon’ble Prime Minister of India Mr. Narendra Modi proved to be the most furious nightmare for all the citizens of India. It was so because it invalidated 86% of the total Indian Currency. This was a major issue which needed high profile support from the Indian Govt. On an immediate basis which was unfortunately absent then. This created a chaos amongst the general public because many of the business entities and stores refused to accept the old Rs.500 & 1000 notes. Later, the finance ministry and the banking sector took some mutual decisions to control the situation which lasted for around 4 month from the date of announcement. This proves Demonetisation.
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