Demonetisation move was long overdue and inexorable.The demonetisation of ₹500 and ₹1,000 banknote


Demonetisation move was long overdue and

inexorable.The demonetisation of ₹500 and ₹1,000 banknotes was a dauntless policy enacted by the Government of India on 8 November 2016, ceasing the usage of all ₹500 and ₹1,000 banknotes as legal tender in India. The announcement was made by the Prime Minister of India Narendra Modi which was long overdue and a dauntless effort to stop trading of illegal black money, terrorism and reduce corruption, drugs and smuggling in the country. The circulation of new Indian currency was a desirable and intrepid step. Historically, precursory Indian governments had demonetised bank notes. In January 1946, banknotes of 100 and 1,000 rupees were withdrawn and new notes of 100, 500 and 1000 rupees were introduced in 1954. The Janata Party coalition government had again demonetised banknotes of 1,000, 5,000 and 10,000 rupees on 16 January 1978. The new currency will eliminate forged currency. The Naxalite funding is through normal currency and is in the form cash. It will be very difficult for them to deposit their funding hence a serious setback for them and dominant opportunity for the nation. The demonetisation drive would clean the complete economic system, increase the size of economy and revenue base. Government  intentions are clear and the move is a vicious fight against black money and corruption. Modi’s stratagem appears geared to reinvent India as a more merciless , reliant  and taut nation. No suspicion he has shove India as the “biggest opportunity” for both business investment and career-building in the current global economy.


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