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Monday, 21 November 2016

Demonetization Of Indian Currency - A Boon For The Common Indian Citizens

The move to Demonetize Rs 500 and Rs 1,000 Currency Notes by the Government of India, which was announced by the Indian Prime Minister, Shri Narendra Modi on 8th of November, 2016 was a Historic and Laudable effort to clean up the decades long corruption and black money. Well, this proved that the Modi Government is strong and capable enough to take such brave, challenging and revolutionary long-term decision for the betterment of the country's economy.

Every honest tax-payer hailed this decision specially now in the present economical situation where black money had inflated prices in real estate, gold and few other investment sectors making it a huge challenge for the common citizens of the nation to invest. According to SBI, "Banks received a deposit worth Rs 53,000 Crore which is going higher only since the government put out of circulation, high-value bank notes in a bid to drain illegal wealth. Nearly 14 Lakh Crore are held in Rs 500 and Rs 1,000 notes now - nearly 86% of the total value of currencies of all denominations in circulation." So, ultimately the government now will possess an adequate amount of money to invest in infrastructure, education, agriculture and all other sectors to build India economically stronger. India undoubtedly is greatly benefited from this historic step of the government as Demonetization would not only repair the Internal Economy but also tackle the funding of the terrorists since counterfeit money is one of the main source of funding all illegal activities along with the terrorist activities. This revolutionary decision by the visionary Modi Government has been greatly appreciated by many of the senior political leaders all around the world and by the banking sectors too. World Bank, International Monetary Fund (IMF), Former Prime Minister of Finland, Vice President Of European Commission, President of Japan along with many other Countries' Head saw it as a positive and revolutionary step by the Indian Government for the World's Economy to bloom. State Bank Of India, ICICI Bank, HDFC Bank, Mahindra Group's Chairperson Anand Mahindra, Infosys Founder N.R. Narayana Murthy, Microsoft's Head Bill Gates along with many other Business Heads welcomed the move of Demonetization very enthusiastically. Chinese State Media, Global Times praised the move and termed it as "Fierce fight against the black money and corruption." while Singapore Based Newspaper, The Independent published a laudatory article on the move titled "Modi does a Lee Kaun Yew to stamp out corruption in India." comparing this move to what former Singaporean PM Lee Kaun Yew did to roll out corruption from Singapore. Whereas, PM Modi, India's Finance Minister Arun Jaitley and Other Ministers and Government Officials are positively confident of this move.

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