On Notebandi

By Roshan Lal Agrwal

Notebandi has been a matter of importance and concern for sections of the society including renowned economists and the supporters of the Prime Minister Narendra Modi.

Before discussing the details about the imprints of notebandi, I am setting the criterion that will offer a clear picture of it.

Notebandi was right move to protect the currency of the country, because of counterfeit currency in the denominations of Indian rupees. Many countries face this currency insecurity. They have also taken similar steps.

After taking over India from Britain, a slight change was made in the Indian currency by M Morarji Desai government. It was the Modi government that did comprehensive changes in a surprise move. It was also an attempt giving a full stop to black money.

Opposition think and express that notebandi was fatal for the economy. Some economists term it a wrong action. I believe the government's primary responsibility to get rid of counterfeit or fake currency; therefore the decision of notebandi was healthful for the economy.

It is also a significant step to extract the black money. Since Reserve Bank of India exchanged the old notes / bills with the new currency, therefore there is no question of fake currency being in circulation. Due to this Indian economy escaped heavy loss. The circulation of fake currency in large amount increased inflation in leaps and bounds.    

The problems, due to notebandi, faced by the people of the country and the industry were quite natural. The problems faced by the public for short span of time and the lethargic slowdown in business have no special significance if compared with the gain in the economy particularly in the monetary.

It became mountain out of mole hill when political parties and forums of the country rather focusing methods and means to ease public worries due to notebandi, were trying to malign Modi government.  Experts and intellectuals were also unable to ponder upon the benefits of notebandi. It is estimated that about 10 lakh crores of fake money had been ousted from the circulation. A large amount has also been seized.    

Eventually, government has succeeded to save economy of the country through its action of notebandi, and one day for sure people will witness its benefits.

Published in Merinews: http://www.merinews.com/article/on-notebandi/15932654.shtml?fbclid=IwAR1F9UYt0THSJJIl3an58glBTY336EVK2x7_AvRSxNUWa6wtYqHQTzIOEGI

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