Has Demonetization cleared the path for “aache din” as promised in the 2014 NDA manifesto??

November is a month of national importance. It embraces National Cancer Awareness Day on 7th , birthdate of Jawarharlal Nehru on 14th, Epilepsy Day on 17th. Also, the 26/11 Mumbai attacks and the sacrifices of the security services is still now afresh in the minds of the people. Apart from these significant occasions, November is also remembered for –

On 8th November, 2016, an announcement of Prime Minister Narendra Modi at exactly 8pm has made this day memorable for the people. Yes, we are the talking about DEMONETIZATION. Three years have passed since then. Has the target been achieved? If not, then when will it be achieved? Was it really necessary?

The PMO in a sudden address to the nation through Doordarshan, India’s national television, declared that 500 and 1000 denomination notes of the Mahatma Gandhi series will become invalid and will be considered as “mere paper”.

According to the speech, this bold step by the Government was aimed at eradication of corruption and seizure of black money that is acting as a major hindrance in the working of the government towards development of the poor. According to him, India ranked 70 at corruption index which was one of the biggest problems. Also, terrorism was crippling the economy and was funded by fake economies. He further added that a SIT was constituted with retired judge of Supreme Court, agreements were signed with various countries and amnesty scheme was introduced to fight corruption and ‘black money’.

With this ‘demonetization’ of 500 and 1000 denomination currencies, the Government’s aim was to capture the corrupt people and the black money hidden in the country. The PMO claimed that the amnesty scheme had seized 125crores of black money.

He said that there would be 50 days of time for people to exchange their old currencies in banks and post offices. On November 9 and 10 ATMs at certain places remained closed.