The Indian government on November 8, 2016, has taken a step to control the corruption by demonizing the higher degree currency i.e.., 500 and 1000 denominations with the new 500 and 2000 denomination notes.It is a step which affected the Indian market which didn’t yet recover from the ashes of situations which occurred due to currency demonetization.
Just a few weeks after demonetization we all have seen the news about the new currency has been delivered to some black money holders making it white. Some of these petty scams came to light but many of those did not.
The government stated objective behind the demonetization policy is to:
1.Make India corruption free.
2. To curb black money.
3. To control escalating price rise.
4. To stop the flow of funds to illegal activities.
5. To make people accountable for every rupee they possess and pay income tax.
The government aimed to achieve the above objectives and planned to increase the digital transactions, and finally aiming India to become digital India.
Through Demonetization the government has taken a forward step to control the corruption. We cant say that the government has completely achieved its objectives, but we can say that it tried something new which can give the long-term merits to the society. Let us see how far demonetization pulls the common man into or out of a bad situation.