Impacts of Demonetisation

Hello, 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 Patel's 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.