Demonetization…. The word we all are hearing these days across the whole nation. But the main fact is, what it really means? For many peoples, it is only an economical term and for some its sounds like monster’s story. But the real fact is, it is an act of currency stripping a currency unit of its status as legal tender. The old unit of currency must be retired & replaced with a new currency unit and for that purpose demonetization is required.
A recent example of demonetization has taken place in India, in order to stop the rising incidence of fake notes and black money. India has adopted Rs. 2000 and Rs. 500 new currencies and banned old Rs 1000 and Rs. 500 currencies. Now the questions arises, what is going to be happen with public? It has been witnessed, whenever a change in policy occur it is….common people who suffers most.
As we know that every coins has its two sides, similarly demonetization has also two sides. First, by this change in country the increasing process of corruption will stop and the raise of equality will take place.
Each and every citizen is welcoming the change, the environment became free with a hope of equality in every sectors. A huge supporters for this act are new mind i.e students because they want change in future, they get frustrated by all the loop wholes for strong India. And the second side of demonetization is struggle period, which is more facing by the public. People who are suffering a lot, by standing in long queue in front of the banks and ATMs, the illiterate people feel hopeless about getting the convertible money easily. Problem is everywhere, but the spark of humanity has cooled the volcano. Many people were helping the public standing in queue by providing them the tea- water, even helping those illiterate ones who feel helpless and coordinating with bank employees to work in a flow.
At last but not the least for every betterment, we have to face the emerging challenges. Demonetization is a good step taken by our PM with help of RBI and it is a future oriented process, so we should maintain peace and coordinate everybody.
B.COM 2ND YEAR