Demonetisation

What is Demonetisation ? Demonetisation is the process in which a particular currency or valuable mineral is degraded as a legal tender. Demonetisation is necessary whenever there is a change of national currency. The old unit of currency must be retired and replaced with a new currency unit.On 8 November 2016, Prime Minister of India Narendra Modi has taken Historical decision to change the fate of the India. He decided to swipe of the black money, and to remove fake currency from India. So he announced the demonetisation in an unscheduled live televised at 8 clock. He told that from 8 Nov 2016, 1000rs and 500rs notes are banned and All the citizens of Indian should deposit their old 1000 and 500 rs notes in the bank. He also introduced New 2000RS note and modified the 500rs Note. He also kept some limit to withdraw money from the bank and for exchange also.Before 8 clock this news was only known to Modi, Arun Jaitley -Minister of FinancJaitley, and Governor of the RBI Urjit Patel.These three were conducted a secret meeting and implemented the demonetisation. Earlier Government also tried to implement the demonetisation but due to some reasons, they have stepped back.Indian s were accepted this and welcomed with a huge positive vibe. Citizen of Indian were struggled a lot to deposit and exchanging there old notes in banks even though they are happy.Many old people were dead while standing in the Que at Banks though they supported Modi to bring change in society.Due to Demonetisation Indian economy was strucked and pulled back. This has shown more effects on farmers and also for small scale industry and Merchants. It has shown the effect on many other sectors of business also.NDA Government implemented Cashless transaction systems, this has been encouraged across the board, which will not rid India of its massive shadow economy but may make it a little tougher to conduct business. Also, this initiative indicates that such wide-ranging, deep-striking governmental actions to combat what it sees as corruption could happen again. Many people don t know about the Digital payment but Government encouraged every citizen to go cashless transactions.