Impacts of DemonetisationEssay Preview: Impacts of DemonetisationReport this essayHello, here the topic is demonetisation. actually what is demonetisation, what it means? let me explain monetisation means monetising an object into money like we make coins from metals etc. in the same way demonetisation means changing of old currency note or cancellation of old currency note and converting or introducing new currency note in the place of old currency note. demonetisation mainly refers to money related terms.
In India on 8th november 2016 prime minister shri narendra modi garu has annouced that the thousand rupee notes and five hundred rupee notes will be cancelled and replaced by new five hundred rupee note and two thousand rupee note. also he banned fifty rupee and hundred rupee notes and replaced them with new fifty and two hundred rupee notes. in august 2017, the apex bank announced the introduction of the new florescent blue Rs 50 denomination banknotes in the Mahatma Gandhi Series, bearing Patels signature. A motif of hampi with chariot along with the swachh Bharat logo and slogan replaces the image of Indian Parliament with a hoisted flag printed on the reverse side of the old Rs 50 note.
The new five hundred rupee note will be of width 150mm and height of 66 mm with mahatma gandhi series on its obverse side and red fort on its reverse side. and the two thousand rupee note is in pink colour with a width of 166 mm and height of 66mm. its obverse side contains mahatma gandhi series and mangalyaan project of ISRO is printed on its reverse side.
These 2000 and 500 notes are in circulation from november 10,2016. many people suffered for the money in starting stage of this demonetisation act they faced the problems by waiting outside of the banks, ATMs for hours as the availability of new notes is low. but many scams relating to money have been brought up and eradicated. almost all black money has been eradicated. the main theme of introducing demonetisation in India is to eradicate black money in the country. it is a cleaning process of black sheeps in India. it has been successed even though there are some scams made through new currency notes. it is one of the successful machine that made India powerful and successful. now RBI has made all 2000, 500, 200, 50 notes available at abnks and ATMs.
RBS, AIMF, ISD, TFSA, CAG (credits to Ajay Singh Bajpai) The AIMF (International Finance Action Fund) and CAG (Citigroup) announced that the National Advisory Committee on Financial Reporting, is reviewing India’s capital ratio in the wake of the demonetisation by the central bank. It will take three days to submit comments on the proposed changes, or any proposal to raise capital ratio, and after that time, until April 18 to allow for the discussion on capital ratio at public meetings. All the RBI-appointed experts working on the report, will also take comments if any are proposed for the upcoming meeting in New Delhi and meet for public comment within 30 days.
Riginfo, NIA and SBI (credits to Naji Sengupta) In a statement, the government said its decision to rollback the demonetisation of a few notes was “the largest institutional and institutionalised reform in the past decade”.
NIA said this was “based on the ‘progressive’ approach of ‘undertaking action to implement progress’. ‘The reforms carried out over a long-run will be based on a progressive approach and their implications are far-reaching in terms of systemic consequences and accountability issues”, they said in a statement.
SBI (credits to Naji Sagupta) In a statement, it said there was “plenty of evidence” that RBI has not followed rigorous controls into the process, especially after the decision to scrap Rs 500 and Rs 1,000 notes.
AIT (credits to Vikas Pashchik) In its statement, NIA said the government’s decision to rollback the Rs 500 and Rs 1,000 notes “could have been avoided if the central bank had been much more transparent in setting policy”, adding that it had put the balance of power in his hands “and the only way forward was to make sure that the RBI was held accountable to the people.”
Rs 25,000-crore note notes not available now. India may not reach 100 days post demonetisation. — The Indian Express (@indianexpress) July 17, 2017
NIA’s statement on Thursday said, “The government’s move to rollback the demonetisation for Rs 10,000 notes was in turn followed mainly by the refusal of NIA to pay attention to the large number of people who used money from the new notes, making them hard to obtain in their homes, cars, jewellery or even in jewellery”. “The decision to rollback the notes also came under the glare of the criticism of banks by many people who used it illegally and who had claimed that the move didn’t mean bad things in other jurisdictions to go after banks or banks. RBI had also rejected calls for the government to make a record cleanse the money in its Rs 500 and Rs 1,000 notes while it