Every time a new party rules the country, the members of the ruling party come up with new ideas and strategies on how they would curb corruption. But not even in the wildest of dreams had the Indians thought about demonetization!
India is the most cash-dependent country in the world and when suddenly it found itself without enough cash to run its economy, each person in the country was left in a state of confusion. This was all thanks to the demonetization rule!
On one fine day, when the Prime Minister of India, Narendra Modi, decided to take this step, it was a shocker to the people, as they were not ready to accept the sudden revolutionary change.
It all happened on November 8th at 10 PM, when India's Prime Minister Narendra Modi announced that on the stroke of midnight all 500 and 1000 rupee notes, which were in circulation, would be ceased to become legal tender.
It has been a year since the demonetization has happened and now let's check on how the country is coping up with this revolutionary change since that eventful day...
The people who were affected the most:
The Lower Section Of The Society...
From the farmers to the daily vegetable sellers and hawkers and many more were the worst affected people, as they were unaware of how their earnings became worthless with this sudden move. In some of the worst cases, the individuals were not even having a bank account to add their money in.
Suddenly The Country Went Cashless!
With the sudden decision that happened, there was immense chaos and people were confused on what was the alternative. It was chaos as people were confused on where they would get their money exchanged. From banks over working to ATMs running dry, a lot were left helpless. However, this did not let us down from fighting off corruption.
The Move Got A Mixed Reaction…
The move got a mixed reaction, as people applauded the move, while there were those too who had to face hardships of losing out on their black money and for the lower section, who did have to suffer due to this.
The Criticism About The Move
The biggest criticisms of the demonetization is that the government could simply not take the lifestyle of the country's massive working class or the poor and the subsistence-level agricultural population into account before taking such a major step.
Once the date of exchanging the old notes happened, there was nothing a common man could do. The new notes were released and it made the life of a commoner a bit too tough again, as people were not aware of the original new notes and the old ones and their differences. Apart from this, getting a change for a 2000 rupee note was a herculean task.
On The Contrary, The Positive Side
The move of demonetization has done a share of its own good as well, though the world calls this move as a failure, it has helped the poor people move in the direction of going cashless and creating their own bank accounts where they can save some money.
It's not that bad a condition after all.
What do you think? Was this movement a success or failure? Do let us know in the comment section below.