Demonetization - India 9th Nov,2016
When it was announced that rupees 500 and 1000 currency notes would not be the legal tender from 9th November the whole Nation was in awe. This step had been taken to stop illegal activities such as corruption, smuggling, raising funds for terrorist activities and all other nonsense and hence the secrecy about the step had been maintained by the government this secret when unfolded on the night of 9th November 2016, brought along a mixture of emotions.
All the people accept those who are indulged in malpractices welcomed the move. The later looked on for new ways to keep on the work which was smashed by the government.
Not to forget, questions were also raised against this move. These questions were not only raised by the opposition who want to the government to rollback the decision but also by the common people who had to stand in long queues to get the old currency exchanged for new ones. People claimed that although the move was a very smart way to stop all illegal activities the implementation had not been to the scale required.
At last, we can say that this Nation had been given the boost it needed and now its up to the people how they react to it.
LOL if you believe the bullshit lies the Modi-government is spreading.
If you want to know what is really behind this move, watch this:
Yes, @harshprakash
There were many unintended consequences of the demonetization:
Right, so asides from the massive rebalancing of control and power away from the pockets of individuals earning that cash, to the digitally controlled banker-centric economy, how does this move stop the myriad workarounds that any oppressed society is capable of by virtue of the ingenuity of any human being under pressure (as any form of prohibition.)
Any amount that exceeded the limited allowance of old notes was apparently distributed amongst extended family members in order to legitimise it after this move. Nevertheless, the coup remains in the banks favour of course...
I am here visiting India the last month and experiencing the tightly controlled drip feed allowance of cash back to the "owners" of that currency now that it is held by the banks. Hmmm.
And neither does this move arrest corruption at the base level, where for example I was stopped by a cop here in Goa last week who, after exacting a spurious penalty of R2000, accepted R200, as that was all the cash I had on me - and into his shirt pocket that went, and off we drove...