DEMONITISATION ACT OF TAKING BANK CURRENCY AS A TENDER UNIT.

COUNTRIES WHO HAVE DONE THIS BEFORE

GHANA ZIMBAWE AUSTRALIA NEWZEALAND USA EUROPIAN UNION SINGAPORE NORWAY UK INDIA

DEMONETISATION IN INDIA

ON NOVEMBER,8 ,2016 PM MODI ADDRESSES THAT RS 500 AND 1000 NOTES WILL NOT BE A LEGAL TENDER ANY MORE

PM Narindrer Modi addressing speech regarding ban of Rs 500 And 1000 Rs notes.

SO A COMPLETE BAN ON RS 500 AND 1000 RS NOTES FROM MIDNIGHT OF 8TH NOVEMBER WAS MADE

NEW CURRENCY NOTES OF Rs 500 and RS 2000 WERE MADE IN CIRCULATION

POSITIVE IMPACT OF DEMONETISATION

TO FIGHT TERRORISM

TO REMOVE FAKE CURRENCY

TO PROMOTE PLASTIC MONEY OR DIGITAL TRANSACTIONS

DECLINE IN HUMAN TRAFFIKING ILLEGAL ARMS TRADE AND PROSTITUTION

TO INJECT MORE CASH IN THE ECONOMY

TO USE UN UTILIZED CASH IN THE ECONOMY

NO TO TAX EVASIONLess tax theft because of digital economy

MORE MONEY TO BANKS SO THEY CAN LEND MORE

RULES AN

D REGU

LATION

S

• ATM WITHDRAWL LIMIT WAS

SET AT 2000 PER DAY

• WITHDRAWL LIMIT AT SAVINGS

ACCOUNT WAS SET AT 24000

PER WEEK

• WITHDRAWL LIMINT OF SAVING

ACCOUNT WAS 50000 PER

WEEK• PAN CARD WAS REQUIRED FOR

DEPOSIT OF OVER 50000

• NO ENQIRY ON MONEY LESS

THAN 2,500,00

ADVERSE AFFECTS OF DEMONETISATION

DECLINE IN STOCK MARKET

DECLINE IN REAL ESTATE

INFLATION OR PRICE RISE

HARDSHIP FOR MARGINAL LABOURERS AND MIDDLE CLASS PEOPLE

DECLINE IN ECONOMY

SO THAT WAS MY VIEW POINT ON DEMONETISATION