Does the chaos accruing from demonetization override its benefits? Know about it here

Posted on by Ankita Sharma

Currency demonetization Demerits & Merits: After the bold move by PM Modi, nation’s views have been divided broadly into two. The polarisation that demonetization has brought is quite telling of the fact that there are either disparaging comments or great praise and no in between.

The government has been trying to mend the cash-starved economy’s state but in vain. The opposition has been alleging that the government has not been fully prepared for proper implementation of its policy

Currency demonetization demerits

Is a country like India prepared for such a bold move?

Indian Currency demonetization demerits & Merits

The  Congress party leader Rahul Gandhi decided to make the most out of it by standing in the long queue himself to let out the message that it’s the layman who is the worst sufferer. Although that was needless since every individual who has made an attempt to exchange old notes is aware of it now, but the point is there seems to be no easy way around it for some, while, the powerful lot has somehow managed to escape the hassle through some means.

Currency demonetization demerits

The one’s who aren’t connected to the banking system and the rural masses(83.3 crores in number) are worst hit by demonetization. While many of the leading politicians and party members have distributed the money to their supporters or have invested in bonds or gold.

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Yet others, who are suffering through ailments and the aged are even unable to make it to the long queues in front of ATMs. On the flipside, the ones who even received the exchange now wonder where are they going to spend their pink notes of 2000 denomination since most of the basic utility stores are falling short on Rs 100 notes and refuse to accept the high denomination bill.

Currency demonetization demerits

Bank closing, rendering inconvenience to common people

Aggravating the hassle, the ATMs have not been operational in many of the big cities as well.

Even after the fifty days duration of demonetisation, many of the rural areas are more or less in the same condition, with remotely available ATMs running out of cash. PM Narendra Modi has launched many new schemes, especially for the rural masses in this fifty days time period. Even though it is expected that the cash-starved economy will be benefitted from the demonetisation policy, however, it will take at least two to three months to fully recover from its current staggered state rendered by demonetisation.

The supporters of this move are willing to go through all that takes to “make the nation a better place”. In many places, peoples’ opinion on the issue has been favourable, while the others who complain about it are questioned if they have the black money or lack a sense of patriotism!

Well that’s not all the question revolves around, it penetrates way deeper in the roots of the economy. Is this move a permanent solution for black money? Would it not continue to prevail even after the pink and grey notes rule the nation? Have the real black money hoarders even curbed by this move? 

These are just some of the questions that have surfaced after our PM decided to put a rein on black money through demonetisation. Do the drawbacks of this move override the benefits it brings? Do let us know your views on it in the comment section below!

Currency demonetization demerits

Banks ill-prepared for the move

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