Page 43 - CommerceMagazine_Sat_Vanijya

DEMONETIZATION

Written By Neethu Kuwar

On November 8th, 2016 government of India announced the

demonetization of all rupees 500 a 1000 bank notes of
Mahatma Gandhi series. Demonetization is the act of striping a

currency unit of its status as legal tender. It occurs whenever

there is a change of National currency. The current form of is

pulled from circulation and retired, often to be replaced with

the new notes or coins sometimes a country completely replaces

the old currency with the new currency.

In India most of the people hailed the Modi's
strong decision, while poor were shocked by the move the

overnight decision changed the life of many as black money

holders were worried about the pile of cash they were sitting on.

Many poor daily wage workers were left with no job and

income as owners were unable there daily wage. It is not doubt a

bold setup taken by the government which will definitely help

India to become corruption free. Here are some advantages and
Disadvantages of demonetization. The move help to track

unaccounted black money or cash on which income tax not

been paid. Fake currency circulation will come to a halt in a

single shot are under threat as income tax department is taking

all measures to track such people. It causes individuals who have

to make arrangements to make payments. The government given
higher withdrawal in such causes. The advantages

of demonetization in the long term. The government is taking