Recalling DEMONETIZATION- some unknown facts.

After the incident of 2016, it’s pretty clear that demonetization(NOTBANDI) is an act of removing or replacing a currency. The demonetized currency is no longer accepted as legal in a particular country. 2016 was not the first time India faced demonization. The nation stripped currency in the year 1946 for the very first time.

How many people lost their lives?

 Forbes says about 100 people have died due to demonetization. The reason found as patients didn’t get treatment as they were not able to make payments, some even committed suicide facing problems in marriage. India is a country where people offer dowry, but demonetization played its pebbles, people were not able to tie knots, and even if they did, they faced difficulties. A municipal employee, who was to get his daughter tied the knot on December 8, bankers who have been resisting him cash of up to Rs. 2.5 lakh on the pretext that he was not following RBI protocols. “It is horrible that the banks are refusing to give me my hard-earned money for my daughter’s wedding. I am unable to pay my debts as well,” he said.

Mr. Prathap Reddy, a headmaster of a government school, said his daughter was planning to get wedded on December 22 and he has not been able to buy anything due to the cash reversal. “I am struggling to get evidence of advance payments made to various persons. If I spend the entire time at banks trying to get the required cash, when will I distribute the wedding cards and make other purchases?” he sobbed.

https://www.thehindu.com/news/national/telangana/Demonetisation-effect-Marriages-on-the-rocks/article16750555

There was no cash in the bank, where should they go to defend and express. Digital transactions cannot be implemented by a common man, so this option was knocked out. The point is demonstration was implemented just before the time of the wedding season and yes, in India people do not refuse dowry. In another city of Uttar Pradesh, the father of a bride was forced to mortgage jewelry he had prepared for his daughter to support a small pre-wedding ritual. Raju, a resident of Unnao, tried desperately to withdraw the money he had saved up for his daughter’s marriage but was repeatedly turned back by the bank. Raju, father of the bride says, “They kept asking me to come later. I didn’t know what to do. I had saved up enough money for my daughter’s wedding but it seems like a waste because I’ve not been able to withdraw anything. Finally, I had to mortgage her jewelry for the Tilak ceremony.https://www.dailyo.in/politics/demonetisation-Indian-weddings-hit-black-money-rs-500-rs-1000-note-ban/story/1/14242.html

Increase in digital payments.

Span of demonetization made me realize, in every crisis a middle-class man will suffer. I mean the line in front of the ATM was long but they were lacking bulky parties. People with heavy bank balances didn’t show up or suffered in the lines. However, the history of suspicious transactions led this decision to long term benefits. The government has totaled uncertain transactions in the range of Rs 1.6-1.7 lakh crore. Evidence summoned during demonetization led to the detection of nearly 300,000 questionable shell companies, out of which 210,000 have been deregistered. The income tax department has taken action against more than 1,150 shell companies. Countering terrorism was another major aim of demonization. The reports say it was successfully achieved. A positive impact of the demonstration was seen in terrorist affected districts and Naxal activities.

Categories: India

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