Was demonetisation a good decision give your opinion?

HDFC Bank Managing Director (MD) Aditya Puri Sunday said the demonetisation in 2016 was a good move to boost economy in the long run, though the measure had brought hardship to the people at the initial stage. As a part of this plan, it would also double the number of branches in Sikkim to 18, the HDFC MD said.

What is demonetisation and its benefits?

Demonetisation Advantages and Disadvantages: Demonetisation is the name given to dismantling a currency system off of its rank as a legal position recognized by the country laws as a mechanism through which one can settle a public or private debt (in other words, a legal tender).

What is demonetisation easy?

Demonetisation means an act of stripping the legal tender status of currency units. It happens whenever there is a change of any national currency. It involves the withdrawal of the current form or forms of money from being circulated usually replaced with new notes or coins.

What is demonetisation in easy language?

Demonetisation is referred to as the process of stripping a currency unit of its status to be used as a legal tender. In simple words, demonetisation is the process by which the demonetised notes cease to be accepted as legal currency for any kind of transaction.

Was demonetization good Quora?

yes it was a good step, after demonetisation there was a good and complete breakdown of stone pelters, old fake currencies were not in use, many black money holder’s have spent their money either on gold or crapped. This all was beneficial to our country.

Was demonetisation a success?

The data on Income tax returns filed also confirms the success of the demonetisation of the scheme. According to I-T Department data, number of income tax returns filed grew 6.5 per cent in FY 2015 to 40.4 million. It surged 14.5 per cent in FY 2016 and then jumped 20.5 per cent in FY 2017, the year of demonetisation.

What was the reason for demonetisation in India?

The Indian government had demonetised banknotes on two prior occasions—once in 1946 and once in 1978—and in both cases, the goal was to combat tax evasion via “black money” held outside the formal economic system.

What is demonetization and why does it matter?

Brian Barnier is the Head of Analytics at ValueBridge Advisors, Co-founder and Editor of Feddashboard.com, and is a guest professor at the Colin Powell School at City University of NY. What Is Demonetization? Demonetization is the act of stripping a currency unit of its status as legal tender.

What is the latest demonetisation in India?

The latest demonetisation was announced on 8 th of November, 2016 by the Prime Minister Narendra Modi. During this demonetisation the notes that were taken out of circulation were the denominations of 500 and 1000. PM Modi also introduced new currency of denominations 500 and 2000 after demonetisation.

What happens to the old currency after demonetisation?

After demonetisation is done, the old currency is replaced by a new currency, which may be of the same denomination or may be of a higher denomination. The impact of changing the legal tender status of a currency unit has a huge impact on the economic transactions that take place in an economy.

How many notes were taken out of circulation during demonetisation?

During this demonetisation the notes that were taken out of circulation were the denominations of 500 and 1000. PM Modi also introduced new currency of denominations 500 and 2000 after demonetisation. The objectives of demonetisation are as follows: