Demonetising India : Time for India to emerge as a Cashless Economy.
The Demonetisation Step
At 8 p.m. on the 8th of November, 2016, Prime Minister Narendra Modi, declared the demonetisation of the currency notes of Rs. 500 and Rs. 1000, rendering them invalid as legal tender, through a live-telecast. The Indian currency has been demonetised twice before in 1946 and 1978, however the recent announcement came as a shock to the Indian population. The government cited reasons such as curtailing the circulation of ‘black money’ and tax evasions in the economy. The populace was greatly inconvenienced due to the non-availability of cash, on the 8th of November; the transactions in those denominations of currency amounted to 14.2 lakh crores, around 86% of total cash transactions. The move was further led by non-ending queues outside banks and political discussions. Click on the link for complete article