Demonetization: Failure and success

The Government of India tried hard to curb black money through Demonetization. It is a tough and firm step by Prime Minister Narendra Modi. Prime Minister announced plans to demonetize of Rs. 500/- and Rs. 1000/- notes on November 8, 2016 since Midnight. Overnight 86% of cash in circulation was voided. In a country almost 90% cash reliant chaos ensued. Prime Minister addressed the nation via a television broadcast, he announced that all 500 and Rs. 1000 currency notes would be “No longer be legal tender”. The move caused huge disruption to everyone's lives. Most people encountered problems accessing cash for their daily needs, with picture of serpentine queues outside banks and ATMS becoming an essential staple of news reports. Demonetization is a beneficial process even though it has some demerits that may render it unfavorable in various ways. However, before any demonetization program is to be carried out, it should be carefully implemented and its impact on the poor should be considered I would like to say that demonetization is a one key step in sweeping the corruption and to bring most of the unregistered process taxation.