First anniversary of demonetization day | Fusion - WeRIndia

First anniversary of demonetization day

First anniversary of demonetization day

November 8, 2016 is remembered by many people as the day which impacted their lives in many ways both positively and negatively.

On that day, country’s two big value notes ceased to be legal tender by the government as part of fight against black money.

While November 8 is approaching, the political parties are planning to celebrate it in various ways.

The opposition parties announced that they will observe ‘Black Day’ on November 8 and hold protests throughout the country. In these protests, they want to highlight the ill-effects of demonetization on the country’s economy.


On the other hand, government wants to celebrate the day as ‘Anti-Black Money Day’. Statements were made on this yesterday. Finance Minister Arun Jaitley told that BJP-led NDA government would celebrate ‘Anti-Black Money Day’ on November 8, the first anniversary of banning the higher denomination currency notes in the country.

On Tuesday Leader of Opposition, Ghulam Nabi Azad told at a joint press conference that the demonetization is a big scam which interrupted the country’s economy. Hence they would plan to protest on the day and observe it as a Black Day.

One day after the statement made by the opposition, the government on Wednesday said that the day will be observed as Anti-Black Money Day.

The main motive behind demonetization is to fight against black money and move the country to a digital direction, many financial experts question if that actually happened in India.

Many people allege that the big black money holders escaped from the move and saved their money, but it was the common people who suffered a lot to get cash from the ATMs for their survival.

Demonetization

First anniversary of demonetization day

Even the step towards digital mode of payments was not a completely successful one. Though some people moved towards digital payments, many still are using conventional mode of payments by cash.

There are many reasons for it. Business people are discouraging their customers to pay through cards because they have to pay tax for the transactions.

Transaction charges are discouraging many people to use digital mode of payments. If government solve all these problems, only then the true motive will be achieved.

Reference: Times of India

Image Reference: Dnaindia

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