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on 27 November 2016
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During evening hours on 8th of November 2016 our Prime Minister Mr Narendra Modi declared a very strong move to ban the Indian currency notes of 500 rupees as well as 1000 rupees. This step, suddenly changed the life of the citizens of the country. It has affected all corners and strata of Indian society and population. The Government decided to put an end to the circulation of the notes of these two denominations in order to control the black market, the black money hoarders and all those tax evaders who had filled their houses with cash in plenty. Also, India had been flooded with fake currency notes that were being used to fund terrorist activities and to destabilize the government.
It should also be taken into consideration that the idea is to control malpractices that have crept into Indian system since Independence, and that have been hampering the growth of society at large. Common man in India has been suffering on account of corruption, bribery and cash demands from the government officials for clearing bills and files etc. For over 70 years of Independence, none of the governments dared to touch this issue in a strong way. However, hope is still alive, and it is expected that under the strong leadership of the present Prime Minister Mr. Narendra Modi, some concrete steps will be taken. Banning of currency note of 500 and 1000 is one of the first steps whose impact and benefits will be unfolded in due course of time.
