Text Practice Mode


created Oct 24th 2021, 00:24 by sandy16



337 words
76 completed
The decision of Demonetisation was taken mainly because of three reasons. The first one was to tackle black money, the second was to check corruption and cash circulation and the third was to stop terror funding. Is these problems are considered in as grave manner as they really are, this move had in fact been due for a long time. In India, all sections have been accustomed to using cash for all petty transactions and even high value transactions for a long time. This has resulted in a parallel economy and has caused inflation and grave problems like insurgency, black marketing, terrorism etc. Inflation has sent the price of land and building skyrocketing and owning a house has become a distant dream for a common man. This weapon of Demonetization shall be used to fight against undisclosed income which is converted into assets like gold and real estate. Government officers have their palm greased and the money find its way to properties usually benami. Within days on his decision on Demonetisation, a transaction is termed benami, if a property is owned by one and paid by another. The act prohibits recovery of the property held benami by the real owner. Also benami properties are liable to be confiscated by the government. Demonetisation has severely attacked terrorism too. Where earlier the antinational elements had a free run through India security apparatuses, now the absence of cash will hit all terror activities that thrive on black money and fake notes for their survival. Lack of hawala transaction will hit activities of Maoist and other insurgent groups too as the stocked currency has become useless and the availability of new high value notes is not in abundance. Demonetisation though has multifaceted positive effects on the health of our country yet it brought hardships in the life of the common man. While black money hoarders and tax evaders are finding ways to make their black money white, a common man is still standing in long queues wasting thousands of productive hours.

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