Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Technology
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Visual Stories
  • Reviews
  • Phone Reviews
  • Fitness Bands Reviews
  • Speakers Reviews
  • Find Cricket Statistics
Hindi
More
In the news
Heatwave
Coronavirus Cases In India
COVID-19 Vaccination
Fuel Price Hike
COVID-19 Guidelines
Cyclone Asani
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Technology
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Visual Stories
Reviews
Phone Reviews
Fitness Bands Reviews
Speakers Reviews
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / India News / What did India achieve from demonetization move?
India

What did India achieve from demonetization move?

What did India achieve from demonetization move?
Written by Vaneet Randhawa
Aug 31, 2017, 09:50 am 2 min read
What did India achieve from demonetization move?

Arun Jaitley, citing the recent RBI declaration that "99% of the old currency notes were back with the central bank", said that demonetization had a positive effect. He said that demonetization had broken the otherwise high cash economy and reduced the capacity to fund terror activities with cash. Let's see if demonetization did prove to be effective, as claimed by Jaitley.

A cashless economy
Demonetization did help break India's heavy dependency on cash

Like Jaitley pointed out, demonetization was not about confiscating money but ending India's reliance on cash. The digital push has become the prime focus now. As a result, consumers are fighting with banks for levying service charge on credit and debit cards. The BHIM app promoting a cashless economy crossed 1 crore downloads. But, was that the only aim?

Digital against terror
Note ban has starved Maoists, J&K separatists and stone pelters

Jaitley also pointed out that demonetization had stripped off terror with the much-needed cash flow and that is true. Jaitley in the Parliament had previously announced that demonetization had checked the number of stone pelters as well, so much so that they had resorted to "looting banks". He said that a similar impact was seen on the Maoists of the country.

On 99% return
99% RBI notes returned. Is that enough?

While Jaitley may have welcomed RBI's recent announcement but P. Chidambaram had only criticism for it. The former finance minister said "RBI 'gained' Rs 16,000 crore, but 'lost' Rs 21,000 crore in printing new notes!" He criticized RBI for suggesting demonetization and wondered if it was "a scheme designed to convert black money into white?"

Black money?
Did it end black money or tax evasion?

Demonetization was introduced to stop black money and a UN report recently revealed that it didn't manage to do that. The report said that unless followed by other measures, undeclared wealth and assets won't be unearthed. Demonetization was based on the principle that black money gets hoarded through cash which as the RBI results have pointed, may not be true.

Personal
Jaitley to end election-fund corruption

Flying high on the success of demonetization, Jaitley now wants to end black money in elections. One suggestion in the past was to set the limit from Rs. 20,000 to Rs. 2000 but if this will be a hit, only time will tell.

Share this timeline
Facebook
Whatsapp
Twitter
Linkedin
Vaneet Randhawa
Vaneet Randhawa
Mail
#HighOnLife #MagicalWithWords
Latest
India
Reserve Bank Of India (RBI)
Arun Jaitley
Parliament
Latest
Tata launches new XZS variant for Harrier SUV in India
Tata launches new XZS variant for Harrier SUV in India Auto
Hotstar Specials series '9 Hours' gets release date, teaser
Hotstar Specials series '9 Hours' gets release date, teaser Entertainment
CBI raids P Chidambaram's son Karti Chidambaram in 'bribe-for-visa' case
CBI raids P Chidambaram's son Karti Chidambaram in 'bribe-for-visa' case India
Dell G15 and G15 SE gaming laptops launched in India
Dell G15 and G15 SE gaming laptops launched in India Technology
Aprilia scooter range becomes costlier in India: Check new prices
Aprilia scooter range becomes costlier in India: Check new prices Auto
India
Global wheat prices surge by 6% after India's export ban
Global wheat prices surge by 6% after India's export ban Business
In surprise move, Chinese media defends India's wheat export ban
In surprise move, Chinese media defends India's wheat export ban World
COVID-19: India logs 2,202 new cases; 27 more deaths
COVID-19: India logs 2,202 new cases; 27 more deaths India
COVID-19: India logs 2,487 fresh cases, 13 more fatalities
COVID-19: India logs 2,487 fresh cases, 13 more fatalities India
Wheat exports: Minister responds to G7 nations' criticism on ban
Wheat exports: Minister responds to G7 nations' criticism on ban Business
More News
Reserve Bank Of India (RBI)
Hindustan Unilever hikes product prices for second time within month
Hindustan Unilever hikes product prices for second time within month Business
Apple stops accepting credit or debit cards for subscriptions, purchases
Apple stops accepting credit or debit cards for subscriptions, purchases Business
RBI keeps key interest rates unchanged for 11th consecutive time
RBI keeps key interest rates unchanged for 11th consecutive time Business
Taxing cryptocurrency is government's sovereign right: FM Sitharaman
Taxing cryptocurrency is government's sovereign right: FM Sitharaman Business
RBI maintains lending rates; 7.8% GDP growth projected in 2022-23
RBI maintains lending rates; 7.8% GDP growth projected in 2022-23 Business
More News
Arun Jaitley
Bishan Singh Bedi wants his name removed from Kotla stand
Bishan Singh Bedi wants his name removed from Kotla stand Sports
Happy hours no more: Coronavirus changed rules of eating out
Happy hours no more: Coronavirus changed rules of eating out Business
Budget 2020: Nirmala Sitharaman reveals three themes of Budget
Budget 2020: Nirmala Sitharaman reveals three themes of Budget India
Jaitley: Remembering the man (behind the politician) on his birth-anniversary
Jaitley: Remembering the man (behind the politician) on his birth-anniversary India
Several DDCA members quit after Rajat Sharma's resignation
Several DDCA members quit after Rajat Sharma's resignation Sports
More News
Parliament
Health minister says no to BJP MP's population control bill
Health minister says no to BJP MP's population control bill India
Meet Phangnon Konyak, Nagaland's first woman Rajya Sabha MP
Meet Phangnon Konyak, Nagaland's first woman Rajya Sabha MP Politics
Sansad TV's YouTube account hacked, renamed to Ethereum
Sansad TV's YouTube account hacked, renamed to Ethereum India
World is appreciating India's COVID-19 fight: PM Modi
World is appreciating India's COVID-19 fight: PM Modi Politics
PM to reply on motion of thanks in LS today
PM to reply on motion of thanks in LS today India
More News
Next News Article
Next News Article

Love India news?

Subscribe to stay updated.

India Thumbnail
India News Business News World News Politics News Sports News Technology News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Mukesh Ambani Indian Premier League (IPL) Karnataka Samsung Xiaomi West Bengal
Bihar Virat Kohli Rohit Sharma Haryana Narendra Modi Arvind Kejriwal Tamil Nadu Gujarat Yogi Adityanath YouTube
Instagram Hollywood News Uttar Pradesh Kerala Netflix Bollywood News Mamata Banerjee Maruti Suzuki Rahul Gandhi Elon Musk
Shah Rukh Khan Chelsea FC OPPO Akhilesh Yadav Indian Cricket Team Apple Manchester United Salman Khan Cryptocurrency OnePlus
Amitabh Bachchan ICC Women's World Cup Vivo India vs Sri Lanka
About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive IPL 2022 Schedule IPL 2022 Points Table Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2022