Demonetisation means the closure of large denomination notes by the government in any country, which is of no use due to the ban. And neither can be exchanged with them. Neither can any item be purchased. So here we have explained about Demonetisation Essay.
On November 8, 2016, 500 and 1000 notes were banned by the Modi government in India. The news was like a sudden earthquake in the country. Citizens are given a specified time limit after demonetisation. Under which all people can go to the banks and exchange the closed notes. And you can take new notes of this price only.
Essay on Demonetisation in 250 words
India’s Prime Minister Narendra Modi decided to demonetise on 8 November 2016. And it was decided to give people 50 days to exchange old 500 and 1000 rupee notes. Every person was giving his opinion on this matter. This decision was a very strong decision in favour of the country. In the same way, we need to display the currency of our country.
In a democracy, the opposition is not only to criticize the government but also to praise the verdict, because politics only happens when the country is doing well.
But everything is of two types, that is, the bank manager has to use the opportunity to earn money by exchanging old notes and also to take some donations for this, due to this method some people make their money white. And the man in the country also has to face long queues for money. But as we all know, every good work also requires sacrifice. That is why our Prime Minister is also very grateful to the countrymen. Because the whole country was put together to make India a “corruption-free” country.
Such steps have always been needed for the welfare of society and the country. We need a man like Prime Minister Modi. Because we all need to know that only a person with courage can create a majority.
Demonetisation has seen similar effects in our country, such as some of these things also happened.
* It affects black money.
* Reduces terrorism by reducing funding in the form of fake notes.
* Yo raises money in government coffers.
Some similar effects were seen due to demonetization.
Demonetisation is a process in which the government closes the old currency prevalent in the country. And instead applies the new currency. Most big notes are exchanged under demonetisation. Similarly, demonetisation was announced on 8 November 2016 in India by Prime Minister Narendra Modi. Under which all the notes of 500 and 1000 were replaced. Demonetization is also known by another name and is given the name of demonetisation. At that time there were many fake notes and black money in India, due to which the economy of the country was weakening. It was through demonetisation that the government attempted to eliminate fake currency and black money.
Demonetization was not new to our country of India. This has happened many times before in our country. Our fourth Prime Minister of India Morarji Desai first introduced demonetization in India, in which 1000 and 5000 notes were discontinued. In the demonetisation that took place in 2016, people were allowed to exchange old notes by 31 December 2016. After that, the note could only be converted into RBI. A person could only replace 2000 at a time.
There was a shortage of money all over India during the demonetisation. All the transactions that took place went online. During the demonetization, people had to face many problems too. Due to lack of permanent currency, people were not getting married with pomp. He used to get one lakh rupees from the bank on showing the wedding card. Due to demonetisation, the government had received information about the wealth of all people. The person who had more money than who came was called black money! For this reason, they could not muster the courage to exchange notes from the bank. Or were also in the grip of the income tax department. Similarly, black money was largely eliminated due to demonetisation. The black money collected promotes terrorism, hence the end of black money as well as terrorism.
Essay on Notebandi
Demonetisation has made the country economically strong and the country’s economy has also improved. Also, due to demonetization, there has been a slowdown in people’s work. In particular, the most damage was done to the tourist places. Because of the lack of permanent currency at that time, people coming from abroad had to postpone the plane of India for a few days.
In demonetization, 500 and 1000 notes were replaced by new 500 notes and 2000 notes. The colour of the two thousand notes was changed to pink. It looks like a note playing new notes. Due to demonetisation a lot of money was collected in the government fund, due to which it is used for public welfare.
Due to the arrival of funds in the fund, the money in banks was also large and the rate of interest also declined. Due to the exemption in income tax due to the crime of black money, people started paying income tax from the rule, due to which the income tax also increased. Demonetisation did give people trouble for a few days, but it also benefited immensely. The plan for demonetization was not as successful as it should have been. But to a great extent, it had also benefited immensely. Demonetisation must be done after a few years to strengthen the country’s economy. By doing this, the country’s black money will end. And at the same time, the problems related to terrorism will also end! We all should respect this process of demonetisation. And to make it successful, the cooperation of the people is very important.
Advantage and Disadvantage of Demonetisation
This decision taken by the government has attacked all the reasons that are weakening the country! At the time of demonetisation, people had to face a lot of trouble but it has also benefited a lot.
1) Strike on black money: When people went to change money in banks, then every information of their money went to the government! Those who got more money than those who came to the Income Tax Department, by investigating, black money was saved from many people.
2) Reduction in Terrorism: Terrorism promotes violence with the hymn of black money! There is also a decrease in terrorism due to less black money.
3) Interest rate low: – Due to cash in banks, interest rates have also come down.
Disadvantages of Demonetisation
On the other hand, there were more benefits than the closure of the note. But the loss was only for a few days. The loss from the note captive was some of this method.
1) People had to stand in line outside the banks from morning to evening to exchange their notes. Due to which there was a lot of damage to his business.
2) Tourist places suffered the most due to lack of local money! Many people had cancelled their decision to visit India! Due to this, there was a lot of loss in work.
3) People were not able to do the wedding as much as they thought.
Due to demonetization, we saw similar effects reflected in our country of India. The little things that we have told you in this essay. We hope you will like this essay by reading it.
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