Demonetization, a word we have been hearing for the last one month, a word when heard causes a number of questions to pops-up in our mind. What is demonetization? Why is it necessary? Most importantly why was this step taken?
Demonetization is the act of stripping a currency unit of its status as legal tender. Counterpart of demonetization is Remonetisation where a form of payment is restored as legal tender.
On Nov8, 2016 our Hon’ble PM Shri Narendra Modi demonetized Rs 500 and Rs 1000 notes. Now the question that pops-up in our mind is why? Why take a huge step such as this? Most people you will ask this question, they will simply say two words BLACK MONEY but is that true?! Think again!! Think Harder!! The primary reason this step was taken because of increased circulation of fake currency in our nation. But yes, bringing out the black money and to know the actual flow of currency in India are the secondary reasons.
The result of demonetization is already foreseen and the primary objective is already completed. Brawls in J&K have stopped, Maoist attacks have reduced. Furthermore, any kind of brawl or protest across the nation has reduced to almost nothing. Even black money is also coming out thus actual money circulation is also observed.
There is a saying, "where it is good there is evil”. In this fight the common man is the one who is suffering and struggling the most, he is the one who is getting squeezed in between but he is also the one who is giving all he can for the better India, for the better tomorrow.
The resounding victory of the BJP in Uttar Pradesh has critics of Narendra Modi saying that demonetisation has served its purpose. In fact, there are people who say that the demonetisation decision was taken only for this purpose. Money-power plays a major role in winning elections and more so in agrarian states like Uttar Pradesh.
Also, the importance of coming to power in Uttar Pradesh for any political party need not be over-emphasized. Against this backdrop, the note-ban certainly did aid the BJP. How? Did the rural folk of BJP understand and endorse the note-ban? Definitely not! With the decision taken overnight, the Samajwadi Party and other parties were left with hordes of black money which became worthless pieces of paper.
On the other hand, the BJP is the ruling party at the Centre had access to white money which was allegedly syphoned off from developmental and welfare schemes for election expenses.
Naturally, they stood a far better chance of doing well in the polls. Has demonetisation then, not served its purpose?
Naturally, they stood a far better chance of doing well in the polls. Has demonetisation then, not served its purpose?