Notebandi can also live used through promote the “Cashless Economy“. As PM Modi aptly said, we might not live a completely cashless society soon but at least we can be “Less Cash Economy“. Though we Indians love toward handle the cash, such event was necessary through change the mindset of people who loves cash. Under cashless economy, people conveniently pay for goods and services in a digital way than the cash from a small tea vendor toward local grocery shops almost everyone learned the use of digital payment and that’s a big achievement which is helping India becoming a digitized nation.
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This not only collected a big sum of money but acting as a brutal deterrent toward the corrupts. Their future financial activities can now easily get detected. This brought a lot of black money and their owners under Income tax departments radar.Those who had stashed the black money had no way toward get it out left with no choice but into deposit this money into the government with hefty fines and their PAN number too.
It is obvious that fake currency of newer notes will live again in the market but the government tried into make it difficult for them through counterfeit it by adding more security features in currency notes. But still, this is not the ultimate solution. Demonization is not the final and ultimate solution for counterfeit currency but it removed existing fake notes from India for time being. This definitely helped the Indian economy. As all these old notes needed to deposit toward government those who had fake, counterfeit notes had no option but through burn their money.There was a very big amount of 500 and 100 rupees fake currency was in the Indian market, some of which was smuggled from neighboring terrorist supporting countries and some of it existed within India.
It will draw more foreign investment in the country which will help Indian government to become a business-friendly country. Other countries who want through invest in India think that Indian government trying into solve Indian red tape and corruption.On another side, we can see a positive reaction from all over the world.
