Last month on November 8, PM Narendra Modi made a bold step of scraping Rs 500 and 1000 old currency notes to curb black money.
Even after a month of an announcement made by PM Narendra Modi, country is still facing the cash crunch. People are facing major problems like massive rush outside the ATM’s, shortage of cash in banks; struggle to purchase utility products, and many more.
Sudden announcement of demonetisation has roughly impacted the day to day life across the country. To solve this immense situation, government has been regularly taking several steps to ease the pain of the common people which is more or less successful in terms of solving problems faced by the people.
Government has also unveiled certain black money with the help of RBI, and police has also seized number of old and fake currency notes in various parts of the country.
Demonetisation has sparked the concept of cashless economy. As number of people are shifting to E-commerce and M-commerce for the transactions. But still there are wide range of people who are afraid to use these applications due to lack of technological knowledge.
Demonetisation has positive as well as negative aspects. For some sectors like real estate, online marketing etc it’s a boom and for other like small industry, hospitality, cafes and many more it’s a loss.
After facing problems, undoubtedly people are cooperating with the government and have accepted the bold move taken by the Modi government.
India is having mixed economy structure sudden change in the financial system has undoubtedly impacted more or less to every section and it will take time to get back to normal situation.
As earlier, PM Modi appealed to public that they should wait for 50 days which will bring normalancy to the situation. So let’s wait and watch what demonetisation will bring in next 20 days.