Most of the fake currency put in circulation is of the high value notes and the banning of 500 and 1000 notes will eliminate the circulation of fake currency. I don't understand 'why some peoples are'nt supporting this? While currency notes of Rs. We hear about taxi drivers who take pains to locate the owners of cell phones left behind. Incomplete analysis of the speech itself: The Prime minister expressed concern over the threat of counterfeit currency. So, in all these measures convince me that the way this scheme has been implemented is a monumental management failure, and in fact, it is a case of organised loot, legalised plunder of the common people. The whole opposition shook hand against this move under one pretence or the other. Women have stayed back to work long hours.
Could you please explain how exactly are the recovered black money help India's image on the international face. I remember one quote from Gandhi which translates to something like - think of how your action will impact the weakest and then decide what to do. Second it is done to curb black money, third to control escalating price rise, fourth to stop funds flow to illegal activity, fifth to make people accountable for every rupee they possess and pay income tax return. There is a background to the current decision of demonetization of 500 and 1000 rupee notes. According to a reply to a Lok Sabha question, across Income Tax department searches, surveys, a compliance window and an Income Declaration scheme until 2016, the government had calculated Rs 1.
The session will go on till February 13. New medical colleges are being opened by the government, district hospitals are being upgraded and wellness centers are being opened in every major panchayat of the country. I believe there were plans afoot to do just that. President Ram Nath Kovind addressed a joint session of the Parliament, where he spoke about the Naredra Modi government's achievements in the last four years. We hear about poor auto-rickshaw drivers returning gold ornaments left in the vehicles to their rightful owners. India is not the only country which used demonetization process to deal with , inflation or tax evasion. It is only now, as I speak to you, that various agencies like banks, post offices, railways, hospitals and others are being informed.
As such, the divergence in horizon of decision-making between government and the central bank that I have highlighted need not lead to any operational incompatibility as long as it is well-understood and well-accepted by both parties that it is precisely given this divergence that the central bank is formally separated from the executive office and meant to conduct its functions in an independent manner. Finally, it is an attempt to make a cashless society and create a Digital India. Demonetisation Demonetization : Essay, Speech, Article, Short Note, Paragraph Demonetisation in India Come to think of it, will huge money launderers try to save their money from taxation and be careless enough to have it moving around in the economy? It has to bear the cost of printing of the new currency notes. Since the ban, 14 lakh crores have been deposited in banks and six lakh crore new notes are in circulation. Of this, five airports are being made in the North-Eastern states. The worst part is that they were probably well aware that once rolled out, this policy cannot be rolled back. But for those who are poor and from the deprived sections of the society even 50 days torture can bring about disastrous effects.
Then we found t hree lakh companies, which were only shell companies. The people are generally in favour of tough action against corruption, counterfeiting of currency and black money. Let me assure you that notes of one hundred, fifty, twenty, ten, five, two and one rupee and all coins will remain legal tender and will not be affected. Incidentally, in 2011, Time magazine positioned the 2G scam at No. I encourage people to use it as much as possible.
The World Bank used several sources of data to conclude that demonetisation led to a of Gross Domestic Product in districts dominated by informal sectors. The democracy and constitutional structures of India are being brazenly flouted and insulted. In the current context it is the banning of the 500 and 1000 denomination currency notes as a legal tender. National Highways are made toll tax free till November 11th after seeing a day of delays and jams on these highways owing to the lack of smaller currency with people. It will draw more foreign investment in the country which will help Indian government to become a business-friendly country.
In contrast, a central bank plays a Test match, trying to win each session but importantly also survive it so as to have a chance to win the next session, and so on. The obvious concern raised is of the impending inconvenience which will be caused to common man due to the operation of this decision. A big slot of information in just few lines. Their future financial activities can now easily get detected. Don't hou think they are supporting corruption. So, we decided to write a core article which can be used in shorts speeches, essay, and paragraph writing with some modification as per format.
Inflation becomes worse through the deployment of cash earned in corrupt ways. However, the Government of India argued that the step will be beneficial in long-term. Which honest citizen would not be pained by reports of crores worth of currency notes stashed under the beds of government officers? Our country is moving forward with the ideals of social and economic justice given by Baba Saheb Dr. Progressive Evolution in Restoring Independence of the Reserve Bank of India While the Reserve Bank has always derived several important powers from the Reserve Bank Act, 1935 and the Banking Regulation Act, 1949, what matters is the effective independence with which these powers can be exercised in practice. This brought a lot of black money and their owners under Income tax departments radar.
This move will help the government to track the black money. The digital world is not a pleasant world. As this dynamic plays out, markets watch keenly, and if uncertainty grows and confidence in central bank independence and credibility erode, then markets rap bond yields and exchange rate on the knuckles! These two currency notes are the most used currency in the Indian market, it had 86% share in the market. The opposite of demonetization is remonetization, in which a form of payment is restored as legal tender. New notes of five hundred rupees and two thousand rupees, with completely new design will be introduced.