Impact Of Demonitisation On India

Indian Farmer counting money in front of lush green rice paddy farm, concept of making money in Agriculture

It is usually said that that the short term reform results in chaos and uncertainty. Before announcing the demonetization of the in use 500 and 1000 rupee notes, Prime minister, Narendra Modi and his few highly qualified cabinet prepared a full-fledged plan to minimize the loss of the common people. Few political leaders opposed the concept of discontinuing the existing note whereas many leaders and public figures supported him and appreciated him for his “bold step”. Below are the few impacts of this newly established rule county and citizens.

  • The demonetization took place before the UP election. This shows the unblemished thoughts of the BJP government. With the taintless ideology, it also proved the credibility of the party.
  • Before officially announcing the demonetization, the plan was well planned by the senior officials and then well executed to minimize the topsy-turvies and disorders created among the citizens.
  • Before this fearless and courageous step, a tax amnesty was ended, which was quite logical.
  • Capital flight will not be easy after this. Tax authorities are now coordinating so that the government can have the record of each and every penny circulated around the world.
  • People are entitled for the redemption of old notes.
  • Because of the new rule, economy of the country can suffer for 2 to 3 months.
  • The new “GST” seems more complicated than the old taxation rule. Hence a broad viewpoint is required before announcing such a knotty situation.
  • Knowledge is required for the people working especially in privet sectors about the new GST rule and demonetization. It may take time, but it is essential and beneficial for the upcoming time.
  • The government should clarify about the accelerated reduction in corporate income tax along with withdrawal of exemptions and ending the uncertainty on GAAR.
  • Even though the people are accepting this heroic stem of the PM, still there are confusions and turmoil among them. They should have the broad knowledge about the subject to keep up with the government and gain the maximum benefit from them.

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Impact Of Demonitisation On India

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