Three Years Later, These Are The Effects Of Demonetisation

Our honourable Prime Minister Mr Narendra Modi announced that denomination of 500 and 1000 rupee notes would be considered illegal which was earlier circulating in the market. The main intention of this stunt was to eradicate black money. However, it became a blunder.

The then RBI governor Raghuram Rajan opposed this stint by rejecting this proposal of Narendra Modi, he was later liable to resign from his post. People had to stand in long queues to receive the new notes of 500 and 2000 INR in exchange for the earlier. More than 100 people lost their lives in this chaos.

According to the 2018 report of RBI, approximately 99.3 % or 15.30 lakh crore has been demonetized. The banknotes that were not deposited were worth 10720 crore leading analysts to state that, the efforts of the government to remove black money from the economy had failed.

The BSE Sensex and Nifty 50 stock fell over 6% on the day after the announcement. This crisis resulted in joblessness. Nearly 50 lakh people lost their jobs.

During this process, BJP’s own leaders and MLAs were caught in a dirty stint of money laundering.

India’s own GDP dropped by 2%. This was a political stunt just to gain media and the public’s attention and the country is really paying hard today. It was not only a blunder but a scam that totally affected India’s market.

This happens when you don’t listen to any scholarly advice. Media doesn’t cover this section for the general public. Eventually and unfortunately, it’s the normal public that suffers.

Featured image for representative purpose only.
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