DEMONETIZATION- A PROXY WAR ON BLACK MONEY
A year ago, on 8 th November 2016, Narendra Modi led BJP government took a decision to demonetize the currency of 500 & 1000 notes. The aim remains to thrash & curb the circulation of black money which persists in domestic market. It is also said that demonetization will act against terrorism by preventing the circulation of fake currency note printed “across the border”? This argument hinges crucially on the assumption that the technology employed in printing the new tender will prevent any possibility of faking it. The Demonetization of 86 percent of the currency of the country, a virtually unprecedented measure anywhere in the world, has brought immense hardship to the working people of the country, and has damaged their living standards permanently. Many however believed that it was a step being taken for the greater social good, for achieving certain important social goals. A REALITY CHECK:- RBI report of this year said- “As of end- March 2016, Gross ...
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