“At the stroke of the midnight hour, when the world sleeps, India awakes.”
These are the words spoken by the first Prime Minister of the nation Pt. Jawaharlal Nehru, on the day when India gained its freedom from the British Empire. And in today’s context, these words can again be memorised with respect to PM Modi’s action to curb illegal wealth from the Indian land and make India a corruption free nation. Modi’s attempt to withdraw the currency note of Rs. 500 and 1,000 came as a thunderclap to the people who have accumulated the wealth by unfair means. People spend a sleepless night counting the currency notes of five hundred and thousand.
In his 40-minute speech on November 8, 2016, PM Modi announced the withdrawal of Rs.500 and Rs.1,000 currency note from the market. The purpose of this decision is to uproot the corruption, black money and fake currency racket from the Indian society. The fake currency is used to promote terrorism. In comparison to other currency notes, false notes of these higher denomination are in great circulation. The Economic Affairs Secretary Shaktikanta Das said, that the circulation of black money and fake currency notes are the major reason of inflation. They corrode the system of our nation. It is a bold decision to curb the black money and strenghten the rupee value in the global market. And will promote the cashless economy thus, reducing the cases of money laundering. It will help in checking the menace of black money. This is the apt way of wiping out fraudalent and wrong practices.
Though the move came as a shock to the citizens but it has several long- term benefits that will help in improving the economy of the nation and in repressing ill practices in the society. It has far- reaching consequences.
Benefits Of Demonetising Rs. 500 & Rs. 1,000 Currency Notes
Will help in extracting black money
Prevent circulation of false currency
Assist in curbing financing of terrorism through the fake currency notes
Promote cashless economy
Stop corruption and bribing