Advantages Of Demonetization Of Currency

Decent Essays
Enrollment no-17113040
Batch- M3

Demonetization of Currency - Merits and Demerits of it in society and country
First of all what is demonetisation?
Demonetization of currency means banning of the particular currency and replacing it with a new currency. In the current context it is the banning of the 500 and 1000 denomination currency notes as a legal tender.
What was the objective behind it?
The Objective behind the Demonetization scheme in India is discussed below:

While the normal public all over India is stressed by standing in long ATM queues blaming the Indian Government for their troubles, the government has introduced this scheme with some of the superior motives for the benefit of the nation as a whole. Some of the reasons why the scheme was introduced include:

To tackle the problem of
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It will have added benefits to it as well.
However, if we compare the merits verses demerits, it will be safe to conclude that the former outweighs the latter.

Even though there is suffering and agony among the masses right at the moment but the forecast is that its benefits will be seen in the long run.

The government is taking all the necessary steps and actions to meet the currency demand and soon the trial and tribulations of the people will be over with the smooth flow of the new currency
So we can say that it has both merits and demerits but in future we can say that itbhas positive effect on country and its people.All in all, the demonetization is a bold step that is working its way through ups and downs in India right now. It feels like a step taken by a mother (Mother India) teaching its child (the public) a lesson and instil stronger values in it to ensure its bright future. Demonetization can hence be termed as a necessary evil as of now and a way of paving its way towards a more stable and economically stronger road for
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