New Delhi: On the occasion of first anniversary of demonetisation we would like to provide you some basic fact of the Prime Minister Narendra Modi’s step to put crackdown on corruption by implementing currency note ban.
In this regards, when a proposal was sent to PM Modi, he had given only 9 minutes to discuss the matter, but after hearing the idea, he kept discussing it for two hours and expanded it to make the report.
Now after this meeting it became clear that PM Modi was serious about putting crackdown issues like corruption and black money by bringing demonetisation. It is said that this proposal was prepared by the Institute of Economics of Pune to work on note ban.
Interestingly, as soon as the demonetisaton was announced it create rucksack among the people. After note ban, the income tax department got active and conducted raids in many places in which unaccounted income of 4 thousand crore was taken into grip.
This figure is only of till December 30th, 2016. In many countries the currency ban was proved to be completely failed and in many countries terror of demonetisaton was so much that they have decided not to implement it.
Apart from India many other countries who implement currency ban were as follows Soviet Union, Ghana, Nigeria, Zaire, North Korea and Burma whose experiments were extremely unsuccessful.
Read about first anniversary of demonetisation planned by Narendra Modi:
In India after note ban was implemented, a huge increase was reported in the number of income tax fillers. This year about 25 per cent more people have filed their income tax return. The biggest impact of the demonetisation was on the purchase of property.
This led to huge loss in the real estate market but the dirt spread in this area was also got clear so much. Cash transactions have also decreased drastically after the ban was imposed.
After the note ban, there was a tremendous growth in digital payments and people were paying it through mobile payments now. People used different payment wallets but the biggest advantage was received by Paytm company which was used by many people a lot.
Another biggest advantage of demonetisation is that a large number of fake companies were caught and about 3 lakh warrants against directors of such companies were also issued.
It was believed that demonetisation could be a big loss to the Bhartiya Janata Party (BJP) whose government implemented it, but it did not happened and in recent UP elections, they have received huge success as well as political gain. People in other parts of the country, especially in rural areas, were very happy with note ban.
This happened beside the fact that many poor people have lots their lives while standing in huge long lines outside banks while depositing old currency notes of Rs 1000 and 500 which was declared useless after demonetisation and lakhs of people also faced other problems.
