The move to demonetize Rs 500 and Rs 1,000 currency tenders by the union government of India on 8th Nov, was a laudable and historic effort to clean up the decades long corruption and black money. This scheme has received mixed reaction till now as some of the sections are telling that it can cause hardship for common people while some sections reacted to this decision with overwhelming support. This scheme is going to impact the businesses, common people, and financial institutions along with multi-diverse industrial background of India.
From my point of view, we all should be proud of the fact that we elected a government, which can take such brave decision for the long-term betterment of the country’s economy. If unaccounted or black money isn’t obliterated, it would make the rich richer and the poor poorer.
Government will possess an adequate amount of money to invest in infrastructure, education, agriculture, and all other sectors to build India economically stronger. According to SBI, “Banks received deposits worth Rs 53,000 crore since the government put out of circulation, high-value banknotes in a bid to drain illegal wealth. Nearly 14 lakh crores are held in Rs 500 and Rs 1000 notes now – nearly 86% of the total value of currencies of all denominations in circulation.