Tag: demonetization

India's Bold Move: The Implications of Eliminating the 2000-Rupee Note on Its Economy In a significant step towards implications combating corruption and promoting a digital...

Believe it or not, the existence of the opposition party is as important as the existing government. It helps in keeping the things on track by keeping an eagle’s eye on the working of the existing government. Any decision announced and a vigorous attack like an arrow waiting to be eagerly shot is thrown at the target making people aware of the ill-effects of the decision taken and trying to make people realize their wrong decision of voting the existing government. The attack also forces the government to maintain transparency with the people as the opposition party will use the hidden information as a weapon against them. But to do this, a strong and experienced party is required and in India, who else can do this task better than the Congress leaders.

In November 2016, India saw the first surgical strike against the rising issue of Corruption and Money laundering. It was in the form of demonetization and came as a massive suppression of corruption. The discussion to link Aadhaar with property is in light since last two to three years, and there is an on and off in finalizing the decision. BJP government came to power in the year 2014 and have now started their second tenure. It has shown zero tolerance towards black marketing, corruption and money laundering issue. After the successful implementation of demonetization and other steps to eliminate malpractice from the market, Modi government in their second tenure will soon be implementing their second surgical strike, i.e., linking Aadhaar with the property. If the government becomes successful in enforcing this move, it will be expected that the rate of corruption will further reduce. 

The Hindi film industry is an industry which has the largest audience, but a large section of the audience is away from theaters due to many reasons including demonetisation and GST imposed by the government. Because of which many people have become unemployed and helpless.

The Reserve Bank of India has the monopoly to print notes in India. The Reserve Bank of India prints all notes except one rupee notes across the country. The Ministry of Finance has the right to print one rupee notes and make all types of coins. While it is to be noted, the Reserve Bank of India only has the right to supply currency (both notes and coins) throughout the country.