Article on demonitisation.

So, what the demonetization? As per “Investopedia“,  demonetization is an act of removing the legal status of currency as “Legal Tender”. Means old notes or even coins must be retired and replaced with new ones or completely new currency can be introduced like Rs. 2000 note which was not available earlier.

On 8th November, PM Modi’s announcement was the breaking news across India. Rs.500 and Rs. 1000 notes (currency) were made illegal from a stroke of midnight. One might think, why it’s been done? Indian government’s goal was to remove all counterfeit (fake) currency from the market which is used in tax evasion, corruption and even in funding terrorist activities. These two currency notes are the most used currency in the Indian market, it had 86% share in the market. This was a very big and risky decision and as some aptly said it is a “Masterstroke“. Some even say it is a “Surgical Attack” on black money. In simple words, old Rs 500 and Rs. 1000 notes are worthless now, they are just a piece of paper.

To sum up everything, I would say; demonetization was a really a masterstroke. It will help in fighting against corruption, black money, and tax evasion. I ,as Indian stand strongly behind this move. Though all good said about this, I think the way it was planned and handled could have been better. Otherwise, I support the demonetization.