Essay on Demonetization

                                    Essay for U.P Board Exam and others

    

           Essay on Demonetization

Demonetization is a process in which a currency unit is no longer consider as a legal tender, and a newer version replace it.

Summary:

Every country follow this way it is a way from which government of across the world has used to stop the fake currency and illegal trade. While some countries were successful, others failed in their goals behind demonetization.

Demonetization in India:

On November 8^th, 2016 Prime Minister Mr. Narendra Modi, announced that the currency of Rs 500 and Rs 1000 are only paper pieces it would not use in currency. 

 

Impact of Demonetization:

Demonetization has played two rules – Negative and positive.

It was very painful for farmer, illiterate and rural area more because rural areas mostly people have not any bank a/c. And Suddenly it would happened people were not ready. There was many problems happened in demonetization. But Govt of India worked very bravely. Before the demonetization people were depended only hard currency but when the demonetization occur people came on digital platform. It was the development in digital currency.

 

Conclusion

Changes always take some time to maintain their place.