Wednesday, July 15, 2020
Home Opinions Demonetization: A bone or a bane?

Demonetization: A bone or a bane?

Also Read

 

8th of November will always be remembered as a historic day when a sudden shock is given to the nation by our prime minister of India by announcing the ban on Rs.500 and Rs.1000 note. The objective of demonetization was to curb the black money circulating in the economic system. Around 86% of the total currency circulating in the economy comprises 500 and 1000 rupees note.

There were many other objective linked to that bold move such as strike on terror funding, fake currency that is circulating in our economy. The black money is mainly found in gold, properties and bonds but no one can deny it that the circulation of black money simply starts from illegal cash transaction. However, According to the RBI reports 99% of the black money returns to the banks. So the question arises where has the black money gone? Has the government failed to remove the black money from the system?

Saying the move was fail is not good. As the black money which was earlier not known to us has now came to mainstream economy. Digital transaction has shown a sudden jump after demonetization. Tax and revenue collection has also gone up to a far extent after demonetization. But to increase the digital transaction and tax collection, was demonetization really required?

saying completely yes is just like the move was like “Using a sledgehammer to crack a nut”. it can be one of the objectives of the move but not absolute. However,there is also a drop in stone pelting in Kashmir as per the intelligence agency reports.

The move is successful in various aspect but saying it was complete successful is not true. But the move was bold and no one can deny from that as it shows the government intention to strike on the corruption and black money.

  Support Us  

OpIndia is not rich like the mainstream media. Even a small contribution by you will help us keep running. Consider making a voluntary payment.

Trending now

Latest News

Why should we demonise privatisation?

It is amazing how we continue to demonise private industries and industrialists despite the fact that the Nehruvian socialism and nationalisation led us to the precarious economic situation in 1991.

समीक्षा : शी जिनपिंग अपनी नाकामी छुपाने के लिए दुनिया से बैर मोल ले रहे है

जिनपिंग चीन में सबसे शक्तिशाली, फिर क्या डर सता रहा है उन्हें?: नाकामी छुपाने के लिए विस्तारवाद की नीति अपना रहे जिंगपिंग

KP Community status needs a reset

Kashmiri Hindu community continues to suffer and be homeless. Every govt have sold only fake promises to them without doing any ground work.

Snapping TikTok, signalling Twitter: Ban and beyond

Eardrums of Twitter, Facebook and Wikipedia must have felt the sensation of govt's slap on the cheeks of TikTok-plus-58

Open letter to liberals

Many of you while writing about black lives matter have juxtaposed that Muslim lives too matter. However comparing Muslim lives in India to black lives is like comparing apples and oranges.

Sky is the limit for Indian Air Force

In the modern technologocal warfare era, is Indian Air Force ready to "touch the skies with glory"?: An inquiry into this

Recently Popular

Why should we demonise privatisation?

It is amazing how we continue to demonise private industries and industrialists despite the fact that the Nehruvian socialism and nationalisation led us to the precarious economic situation in 1991.

Snapping TikTok, signalling Twitter: Ban and beyond

Eardrums of Twitter, Facebook and Wikipedia must have felt the sensation of govt's slap on the cheeks of TikTok-plus-58

The pursuit of mediocrity

Are there not topics that can be lampooned and satirized without the need to invoke the Constitution? How bad is your comedy that you have to invoke the Constitution anyway?

Who killed Sushant?

Initially his suicide was linked with bullying and nepotism. Rhea has been already interrogated in this case. The Mumbai police has already registered a case under professional rivalry and is investigating.

Manmohan Singh: the superhero who wasn’t

IMF dictated India's economy and FM- MMS was just a puppet in the hands of IMF. Interestingly, a lot many conditionalities related to IMF loan was not disclosed to the public.