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 therefore joined hands to force govt to rollback its decision.

The most interesting thing regarding the demonetisation was that people had devised various unique methods for transforming their black money in to white one. Some of these methods were 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 may be cheaper. Indian Currency may get respect at the international market. There may 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.

This big move will certainly 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.

On the first anniversary of Demonetization, read what big leaders of the country have said -

Arun Jaitley - It was ethical drive, watershed moment ...

Former PM Manmohan Singh - Demonetization was organized loot, hit economy ...

PM Modi - I bow to the people of India ...

Read Important Facts/ Questions on Demonetisation in India

298 thoughts on “A Short Essay, Article on Demonetization and its Impact

  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. 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?????........?????!!!!

  3. 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

  4. 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.

    • 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.

  5. 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

  6. 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

  7. 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..

  8. 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

  9. 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....

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

  11. 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....................

  12. 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

  13. 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.

  14. 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.

    • Individual cases will have to be investigated. I'm no Modi bhakt. But, I would support the idea of Demonetisation with effective implementation of the same and its Imp to mention that the proactive measures like Jan dhan Yojana and tax declaration schemes were not sufficient and much mire could have been done.

  15. 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

  16. 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

  17. Thanx for help to me and this was a so good article and it help me to learn essay and it also teachs me that how to. Make an essay and I am in 5th now thanx for helping me

  18. It help to learn an essay and it is very nice essay and thanx for helping me I know now that how the essay is been written first I didn't know how write an essay but I know now

  19. I like this article very muchI m very helped by this article
    Thanks for putting it on internet

    Its helped me a lot thnx

  20. Very nice article on Demonetisation it had long term impact on our country only when it is implemented in a prepared way but although it is good article

  21. No inconvenience is been claimed by common people yet. They are saying it is a good and progressive step.And the economists too has welcomed the step. It is the opposition only critising it.As PM has destroyed their illegal money which they created for last 70 years.

  22. really good as an article .(liable to be appreciated) , its the talk of the town .

    factually , i would like to say that there has been no substantial gain till now.
    If i am not very correct , please cite certain examples..

  23. demonitization is a great value curreny of India but after demonitization get the value Indian currency in international marker's ......and poor people is lossed this demonitization .....

  24. It helped me a lot for my speech competetion and it was an arcticle
    to be appreciated.All the topics in it were vastly explained and it was to the point.

  25. It helped me a lot ... A big slot of information in just few lines... As this is the current happening/news in the society and I'm appearing for HSC examination so therefore I need to be updated so that even if we get a question of speech on the topic demonization, I will be able to right the same plot. Thank you and it is very helpful for me

  26. Good to read ! But the only way to curb this demon of corruption is the awareness among common people . Until and unless they come to know of their doings to get some of their work done without bribery, it is only a far dream waiting to come true.

  27. This article will help me much in my board exams of English language on 10th March if this topic would come to write

  28. This Article is very helpful for me
    I have my board class
    I have exam in 10th March I would like to do my composition in this only...

  29. It is a very good essay students can get better help for their examinations nd can also increase their general knowledge
    Thanx

  30. The essay is very interesing and pleasing for the fact that it has only the advantages of demonetisation but think urself have we achieved any of those impacts promised by modi rather we have paid a big price for this demonetisation........... N our economy has gone back several years

  31. awesome man what a essay i am finding demonitisation essay from 2 hours and now i got it
    bhagwan kare bas icse mai aajaye....then full marks
    thanks vishal gupta

  32. Thanks for this essay. It had really helped me in writting the essay on the topic of "DEMONITIZATION"which had came in my exam.
    And keep up the good work Modi!

  33. Thank a lot I think this essay will surely be helpful to me in my ICSE BOARD EXAM and I think I can score good marks in language thanks for essay ...

  34. The way this essay has been written is just appropriate and the language is good enough to understand thanks it helped me for my boards!

  35. Thank you PM Modi I support this decision. Tomorrow is my SSC board exam and English paper and this will help me a lot. GUJARAT

  36. Today is my board exam I live In vadodara and I loved the fanatic way u explained its just monotonous enough for me...it really helped a lot____!

  37. I like this article very much i hope that this topic mudt come in my isc board paper so i can write it in this excellent method .

  38. Thank u so much sire it helps me in exams of class 9th . But this is the topic of higher class . On this basis thanks again . Plz send replay or send email od i want to talk with u sire

  39. Definitely the essay is very helpful for exams & homework.We can get much information on demonetization.Thanks a lot.

  40. Vishal sr thx A lot coz u hv put the grt n unique information on this site it .....Really a grt information for all of us.....Gen salute for ur positive thinking....Jai. hind Sr..... Sumit....

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