Demonetization is one of the boldest decisions taken by the government of India after Independence.The reasons given by the government to support the demonetization are as follows
1 It will control black money
2 It will check corruption
3 It will help in controlling terrorist activities in our country
At the time of the announcement of demonetization of Rs 500 and Rs 1000 notes the prime minister of India Mr.Narendra Modi appeals public to support it.And as per his words after 50 days everything will be fine.This sudden announcement completely shakes the each and every section of societies. Several rules are implemented such as you can deposit all your 500 and 1000 notes in your bank account till 31st of December.Hand to hand exchange of old notes for new notes up to 4000 from a bank after displaying valid id proof and much more.
After completion of one month of demonetization now, results are visible.The whole country is mainly divided into two groups i.e one group is in support while the other group is in against of demonetization. There is also a section of people who thinks that decision of demonetization is correct but there is a fault in a method of implantation.The decision of demonetization is criticized by almost each and every political party .Mr. Nitesh Kumar CM Bihar is the only exception on the list because he supports the decision. While his party JDU falls under the third group which blames the method of implementation.
1 Effect of demonetization on Black money after completion of one month
At the time of announcement Mr. Modi told that this sudden decision of demonetization will check the Black Money in the country and in this one month we had seen more than thousands of crores rupees in form of 500 and 1000 notes were burned, thrown in the river or destroyed by other means.Apart from this several crore of rupees collected by Income tax department and other government agency in raid.The Jandhan account fills with more than 100 crores rupees in this span of one month which is a surprise to each and every one and this is not the end the process still continues .On the basis of these, all we can say Demonetization checks black money but not 100% still more effort requires.
2 Effect of demonetization on Terrorist activities
It is very surprising that stone piloting in Kashmir which was started after the encounter of terrorist Burhan Bani and continues for more than four months suddenly stops after 8th of November after the announcement of demonetization. our country facing the problem of Naxalite but due to demonetization, the lave collect by Naxalites in form of cash are no more in use which will result in a decrease in number of Naxal attacks.
3 Is Demonetization help to check corruption ??
This is the most asked question by the public and political parties and no one can give the candid answer to this question.In a span of one month, you can’t give the proof whether corruption checked or not.After Demonetization one positive thing which come into limelight is Cashless Transition .the cashless transition definitely help to check corruption but before going for Cashless banking be sure of online fraud and take safety measures.
It is very early to say that Demonetization is a good or bad initiative taken by the government of India.Because as per one-month observation it is very difficult to reach a final decision.It is really doing well in some aspect as mentioned above but the people are still bound to stand in a long line for getting their own money.ATM are not functioning up to the mark only (30-40)% of ATM are in operating condition.Hope in coming days the government will take majors to check this issues.