On November 8, 2016, the Government of India announced a historic decision to discontinue the legal tender status of Rs 500 and Rs 1,000 banknotes of the Mahatma Gandhi Series.
In 21st century India, there is no place for corruption. However, corruption slows down growth of an economy and takes a toll on the dreams of the poor, neo-middle class and middle class, PM Modi said.
The objectives of the Indian Government behind the Demonetisation policy are; eliminating the fake currency, uprooting the menace of corruption and black money, disrupting terror and criminal activities, enabling growth in bank credit, and turning India into a cashless economy, making India a cashless society and create a digital India.
A study by the National Investigation Agency and the Indian Statistical Institute, in 2016, estimated that fake Indian currency notes in circulation have a face value of Rs 400cr.
Demonetisation of currency! a great opportunity for India’s tech-savvy youth, start-ups
This historic step of Demonetisation of currency will open up a great opportunity for youth, start-ups, and small traders, who have a central role in the economic transformation of India. With the fake money destroyed, Indian economy will see a big boom. Today, our trading community has a historic chance to upgrade themselves and embrace more technology, which will bring greater prosperity.
According to a recent survey, “Of 4,514 startup firms, 86 percent hailed the government move and says that Demonetisation would have positive impact on startup business in particular and Indian economy in general”. 44% respondents said that the Demonetisation decision of the government would yield positive results in both short and long-term.
Most of the fake currency put in circulation is of the high value notes and the banning of 500/- and 1000/- notes will eliminate the circulation of fake currency. This move of govt. will stop this.
Corruption shall be down to a great extent as people will stop the tendency of accumulating money using wrong means. The currency ban will help India to become corruption-free.
Demonetisation has acted as a catalyst in helping people make the shift to digital payments. This move will set the strong foundations of the country where there is no place for corruption and black money.