A Short Essay, Article on Demonetization and its Impact

An Essay/ Article on Demonetisation ( नोट बंदी) in India with its social and economic impact – भारत में नोटबंदी पर निबंध / लेख Article on Demonetization in India and its Impact When PM Modi announced that Rs with the denomination of 500/- and 1000/- would cease to be the legal tender from 9th of Nov, the whole country was stunned. This decision caused sensation in the whole country. Social Media was flooded with messages and information. People started counting the trash they had accumulated for years legally or illegally.

हिंदी में नोटबंदी पर लेख / निबंध यहाँ से पढ़ें

Rumours became rife. Some tried to invest their dying currency in gold. Some contacted their near and dear ones in this miserable hour. People could get only Rs 4000/ of old denomination exchanged with the new one. Big queues before the banks and ATMs became the order of the day.

Instead of getting shorter, these queues were getting longer with every passing day. The last date for the whole process was 30th of December. The persons could deposit the old cash worth Rs 2.5 lac till the said date.

The main objective of this move was to curb the black money, corruption and fake money menace. All the people but those who were indulged in malpractices welcomed the move. The whole opposition shook hand against this move under one pretence or the other. They called this decision a draconian law and wanted the govt to roll back it. Tirades were made to target the decision. Govt also carried out counter attacks.

The new currency which replaced the old one is of denomination of 500/- and 2000/-. Though the people faced a lot of inconvenience owing to shortage of funds, they did not criticize the govt for the move. Even they lauded the Modi govt for this big move. Prime Minister also addressed the people many times telling the people that it was a mahayajna (महायज्ञ  ) and they must offer their own ahuti ( आहुति )  in it.

He further said he was aware the hardships they were suffering from but he sought only 50 days for setting the things right. He jibed at the chief political leaders who have stashed big amount of money and now joined hand to force govt to take the decision back.

The most interesting thing regarding the demonetisation is that people are devising various unique methods for transforming their black money in to white one. Some of these methods are as follows –

  • Depositing money in the accounts of their poor relatives and friends.
  • Enticing the people with some percentage of money for exchange.
  • Asking their employees to stand in the long queues in front of Banks and ATMs for getting money exchanged.
  • Hiring labors for some Rupees ranging from  Rs 500/- to 700/- for becoming the part of long queues in front of banks/ ATMs.
  • Converting black money in to gold.
  • Paying a few months salaries in advance.
  • Paying back loans forcibly.
  • Using their influence / links with bank employees and so on.

Impact of Demonetization on Indian Society/ Economy –

We shall see a great impact of this move of the Central Govt on Indian Society and Economy. The first impact shall be that people will have lower expenditure power. With that they will not be able to purchase luxurious things.

There shall be no ostentatious expenditures on marriages and other ceremonies. So the society will grow lesser materialistic and people more prudent. With the fake money destroyed, Indian economy will see a big boom and the so far booming real estate sector shall fall on the ground.

The things shall be cheaper. Indian Currency shall get respect at the international market. There shall be a great check on the terror-related funding and therefore on terrorist activities. Corruption shall be down to a great extent as people will stop the tendency of accumulating money using wrong means.

It will abridge the gap between the haves and the have-nots. However, there may be some difficulties for a couple of months. But this inconvenience shall be temporary and for short-term.

Read Important Facts/ Questions on Demonetisation in India

Updated: January 16, 2017 — 8:55 pm

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108 Comments

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  1. “The new currency which replaced the old one is of denomination of 500/- and 2000/-. Though the people faced a lot of money because of shortage of funds, they did criticize the govt for the move. Even they lauded the Modi govt for this big move. Prime Minister also addressed the people many times telling the people that it was a mahayajna (महायज्ञ ) and they must offer their own ahuti ( आहुति ) in it”

    This is what u have written but how could face lot of money

  2. I mean how could someone face lot of money
    It should be problems

  3. Yep it would be problem fr few months. Bt with a great impact positively

  4. How cum black money is being found only with normal people businessmen etc and not politicians cz da entire world know they r da one to have huge amount of black money?????……..?????!!!!

  5. A good article

  6. Really helpful

  7. its for all .i like it

  8. It is very helpful to all.thanks for giving good information

    1. Thanks for visiting us.

  9. Its marballous I loved it

    1. Thanks Ujjwal.

  10. I liked your article too much

    1. Thanks Asish.

  11. thanks for the info .But till today i could not come to know that how black money is going to be eradicted

  12. Excellent essay or article whatever we say…I think Modi sir has done the correct and the right thing…

  13. Nice essay i love the way u expressed the goods and bad related to it still if the law would have been known to all at the same time then probably a large amount of black money would have been found.india mainly functions with the small scale industries and this decision lead to a huge problem for them as well as the poor.the rich tried to harm them a lot. I wish corruption may reduce atleast for atleast some time and ur ideas as well as points were also good

  14. Nice!!!!

  15. How we sure dat there will be no black money after demonetization.? Aftr demonetization there r many cases come through media. The political parties r doing this even some branches of banks r doing black money to white.

    1. May be, this demonetization is one the filters. If some dirt is still left after the first filter, there will certainly be some more filters. The important thing is that somebody is doing it with good intention.

  16. I lyk it vry much..:)

  17. Very good decision

  18. Excellent article I like it very much wonderful. Superb and awesome modi sir is a very intelligent person he had done a very good job

    December 19,2016 at 9 o’ clock

  19. Informative one..keep publishing…

  20. Nice I like it

  21. we have to wait for good times . this is the time of sir MODHI’

  22. nice article,as very informative,i like it

  23. This result will soon turn positive

  24. Excellent and thanks but there r such corrupt people who r trying to change their black money into white

  25. Its probably a gud decision..cuz,it might b a problem fr nw BT surely it iz a gud decision nd thr also wuld b a gud result ….pepl may wantdly tell DAT dhe decision tken by p.m (N M) iz wrng as cuz they waiting fr longer hours in d quaque …..fr dem i can gve one suggestion dho im nt against at peple but d thng iz while prchsng a movie ticket stndng in quaque doesn’t feel thm its wrong…BT cmez to #@tm it feelz #so let us not do diz nd supprt it

  26. best step to end black money

  27. Informative…

  28. This was a nice decision by our honorable pm midi

  29. The step taken by Mr. Narendra modi is the biggest step for Indian financial power..

    People are getting problem to widow their money i accept this.. But think how much prime minister would be facing problem to change the country..

    Pls be supporter of P M.

    Thanks..

  30. Very nice and informative

  31. yess ..thia is gud way to ..end corruption but ..corupted person also caught with new currency

  32. Really helpful and now this yr 100℅ chances to come in upcoming cbse board 12 examination.
    Thanks for providing me such a good information about Demonetization.
    Plz sir provide me a good article on surgical strike.
    If possible then sent me on :
    amnkmr12345@gmail.com

  33. It’s really good .

  34. Nice essay…! But demonitaization has side effect also in the booming economy it has created some where unemployment also and else it has many disappointment for the middle class people mainly they are affect by this….

  35. thanks for help

  36. Thanks for providing the article.Nice Article…!

  37. It was a good decision towards corruption and black money.

  38. Thnkas to lot

  39. wy dont to care any problem

  40. What a amazing site! How amazingly someone has collected information of both the faces of demonetization of currency.
    I am just Flabbergasted!!!!!!

  41. thanxx. it helped me a lot…

  42. thank you it was a good aticle

  43. Its great step for the country.To develop our country it is necessary and helpful to stop corruption…………
    i like that idea and hope you also like it ………….
    be INDIAN
    because every corrrupt person is CHAMPION………………..

  44. Its an amazing essay. I totally agree with this. I m with the decision of p.m. modi of demonetization.

  45. Which country have first experienced demonetization

    1. May be it is Ghana that had tried demonetization in 1982.

  46. Superb I really like it

  47. The is isa very ryt step towards the economic development of India and I support it.

  48. PM modi sir,you have done a great job, I am very proud to say that I am living under the PM modi sir control and I would like to congratulate that you have taken a very good decision. It can change our India as better India.I hail from farmers family. There are 10 members in my family out of whom only I am educated. Please consider more and more on development of agricultural sector. My address is V.veluchamy, 4/447, thriveni nager, Nagamalai,madurai-625019, Tamilnadu-India
    Thank You sir

  49. nice article,i like it,it is very helpful.

  50. Very nice article this article became very helpful to me . Thanks for sharing it with us

    1. Thanks for reading it.

  51. Yes it would be right and have a great impact on country as the while economy could be changed through demonetisation.we should move forward for cashless economy.
    As it is simpler easier way to reduce corruption and make the transiction easier and comfortable for the mankind.
    I don’t understand ‘why some peoples are’nt supporting this? Don’t hou think they are supporting corruption.yes,the reason is self greed
    if we want to see the India get forwarded and raising up like other countries then we should support the system. pay the tax regularly and make the India a corruption free india.

  52. Can’t help but notice that you definitely are a Modi Bhakt. Could you please explain how exactly are the recovered black money help India’s image on the international face.. how is the question..Also pls explain how did Reddy manage to conduct his daughter’s wedding days after , demonetisation was announced.

  53. A good article

    This gives a lot of information to me and it help me te increase my gk

    Thanx to whom he/she wrote this article

  54. Excellent Article It is helpful for me to do work of school
    v.good and best article thank you

  55. very nice and good decision for every honest citizen of india ..i love PM modi decision …mera bhart mahan .

  56. Gud but u should give more details

  57. Nice and helpful

  58. Good move of central government. .go ahead we r with u…jai hind jai bharat..!!

  59. Please also rite it in hindi

  60. Thanks for help

    It was good to a lot of black money.
    And thanks for pm . Because by this decision India were developed

  61. Yet it be the problem for few months but its a very positive impact on this country. kuchh pane ke liye kuchh khona padata hai.

  62. yes its a big problem for poor people but its a positive effort

  63. thanks for giving such a good info.

  64. Thanks for giving such a good information

  65. Thanks for helping in my school project it was really helpful for me

  66. nice article

  67. Superb! What a nice article.
    You should publish more about this topic. It would be interesting.

  68. Yes it very good essay.

  69. Very nice article sir. Very helpful to me & all. Thank you.

  70. very nice thanks it is very useful

  71. Good better best !!!!

  72. Thank you so much! :) :):):):)))))

  73. its really very helpful

  74. Really good one….
    Very much helpful…..
    Almost included all the important information……..

  75. this is totally amazing. please tell what this line means” Big lines became the order of the day.”

    1. It means big queues before the banks and ATMs became very common.

  76. It was a right move but at a wrong time……

  77. this is a wonderfull site and these information is more helpfull for my study.thanks for all of those give me this type of information

  78. Its an good idea .and I likes it to much….

  79. Good essay……I liked it………and it really helped me……THANX……

  80. its really nice article

  81. Your article is osm i like it

  82. It was useful, thanks!!!

  83. It is very helpful

  84. A very interesting essay on demonetzition ….

  85. Super , article thanks to whom who written this article

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