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Denominations of 1,000 and 500
Read the following passage carefully and answer the following Questions:-
Prime Minister Narendra Modi announced that all currency notes in the denominations of 1,000 and 500 would be invalid from the midnight of November 8, 2016. In the 50 days between November 10 and December 30, 2016, 15.44 trillion worth of 500 and 1,000 currency notes were withdrawn to track down black money and fake currency that was reportedly funding terror.
Right from Day One, the move attracted sharp criticism from many quarters. Particularly, after it had come to light that almost 99% of the currency notes are back into circulation, and the efficacy of the move was being questioned.
It affected the small industrial units, which predominantly operate in the cash economy. Job opportunities became scarce and economic growth suffered. But does this mean that demonetisation has been an exercise in futility?
We must remember that demonetisation was one of a string of steps that the government has been taking to control black money. First, it had given a three-month window for bringing back unaccounted money stashed in offshore accounts, but the response was not good. The next target was black money within India. The Income Disclosure Scheme of 2016 has been relatively successful. It collected 65,250 crores, seven times more than what one such scheme in 1997 had mopped up. We cannot see the demonetisation move in isolation — this is part of the larger design to unearth black money.
Yes, it has not confiscated hordes of black money. However, the banks have reported lakhs of suspicious transactions where people have deposited a large amount of cash with banks which are disproportionate to income. In due course, the investigative agencies will get into action and track down these people. We also need to take into consideration the rise in cashless transactions.
We are seeing a rise in the use of debit and credit cards, particularly among initial non-users. Every such transaction leaves a trail behind and makes sure that more and more
people will come into the tax net. We cannot ignore the benefits of digitalisation of cash transactions and a definite move towards a cashless economy.
Demonetisation has also improved transmission in the banking system and led to the greater financialisation of savings.
All these initiatives form a pattern. The design is for structural and fiscal changes. We cannot avoid short-term pains for long-term gains.
Answer the following questions briefly:
(i)When was 1,000 and 500 declared to be invalid?
(ii) What was the motive behind demonetisation?
(iii) Who was at loss due to the demonetisation?
(iv) What have the banks reported about suspicious transactions?
(v) What is the benefit of the demonetisation process?
(vi) How much more collection has been made in the present scheme than the scheme that had taken place in 1997?
(vii) Was the act of demonetisation accepted open heartedly by the citizens of India?
(viii) Find the word in the above passage that means “alienation”.
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