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Speech On Demonetisation

799 Words4 Pages

Is Demonetisation boom or a curse?

Narendra Modi, the prime minister of India, announced the demonetisation of 500 and 1000 rupees notes, with immediate effect. This action has turned all 500, and 1000 rupees notes nothing more than pieces of paper.Narendra Modi additionally reported that the general population could exchange the demonetized notes with the new notes in bank and post offices till 31st December.It is also feasible to deposit cash amounts of 500 and 1000 notes in existing or new bank accounts. However, depositing more than 2.5 lakh rupees would be taxed.This move came after the income declaration scheme which welcomed individuals to declare their unaccounted cash holding without penalization.
The media, both print, and digital …show more content…

This move will also affect real estate and gold prices in a positive way.The effect of demonetisation on Indian economy has affected in many ways.The real estate and gold has lost its value.Demonetisation had brought down the interest rates and force cuts in housing prices. Many builders, purchaser, and seller are determined to have hard cash as a component of payment in real estate deals.The recent ban on high-value currency notes is expected to deal a body blow to this practice.
“In the short term, we expect transaction volumes to go down and downward pressure on prices, especially in land and secondary market sales in residential and commercial real estate,” says the report by international consultancy Colliers.Due to financial stress, most properties would be available on sale in the secondary market, at discounted …show more content…

As 0.007% of currency are fake, this figure does look slim but has the real potential to harm the economy as the 0.007% money is used to fund terror activities and sometimes our neighboring country also creates a fake currency with zero errors it means that there is no difference between fake currency and legal tender.Moreover, these fake currencies provide funding to extremists and other anti-Indian activities, fake currency now turning into paper will reduce extremists and other anti-Indian

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