In this article, We have composed an Essay On Demonetization for School Students and Children in English, So the children and students of classes 1, 2, 3, 4, 5, 6, 7, 8, 9, and 10 can refer to this complete article to perform their class assignments, comprehensive tasks, competitions, etc.,

Long Essay On Demonetization

It is referred to as the act of confiscating a currency as legal tender. The currency or coins or any piece of metal that is removed from its flow and dismissed is replaced with a new version in the case of demonetization. It is the movement of the government that bans the notes and introduces the new currency. The money or the particular currency that is used by the people in the society is banned by the government. The old currency is monetized in such a method that it becomes at once unacceptable and has to be either substituted by the new curry issued, alongside it or deposited the old ones in the bank.

The process of demonetization happens, when the government withdraws
the old currency from the market, it can issue a new currency. This process is not to be disclosed until the day of its announcement, else it would bulldoze the purpose of demonetization on its personal. The primary objective of demonetization is to eradicate corruption in the country. The tax conflict avoidance and the circulation of black
money and the fake currency in the nation can be deduced. If the process is by any of the circumstances revealed, it will help the people who have huge black money and the tax evaders to convert their money into other legal sources like purchasing lands, jewelers, etc., That money will never look the face of the bank.

History Of Demonetization

Demonetization was not the first time in India in the year 2016. During the early days in the year 1946, the currency notes of 1000 Rs, 5000 Rs, and the 10,000 Rs notes were banned, they were reintroduced in the year 1957. Later on January 16, in the year 1978, the same notes were confiscated for the second time by the government order. The purpose of demonetization during the early days for two times brought down the
corruption and the black money in the country. In the year 2016, in November, when the Government of Narendra Modi decided on demonetization, for the currency notes of 500Rs and the 1000Rs. It also had the same objective of clamping down the tax crooks and the black money in the country.

Along with the other initiatives like cashless India, and the movement of recalcitrant society to an acquiescent society. The government had insisted people open a new bank account under Jan Dhan Yojana, people were demanded to deposit all their funds in these bank accounts, and do their upcoming transactions through banking procedures only. Later, the government started an income tax declaration and had announced the deadline for this plan was 30th October 2016. As a result of this order, the authorities were able to clear up a vast amount of black money in the country.

Purpose Of Demonetization In India

The Indian Government primary objective of the demonetization process is as follows:

• To craft India into a corruption-free nation.
• To hamper black money in the country.
• To purge the illegitimate activities.
• To boundary the rising price rise.
• To formulate people to the accountable citizens for their income tax-paying as per the rules of the government.
• To make the nation, a cashless society and bring the concept of Digital India.

Advantages Of Demonetization

• The corruption in the country will drastically take its collapse. The practices for corruption will certainly impede the country. Evil activities will be demolished.
• Demonetization will lead away to a smaller number of cases of tax forestalling. The money deposited will be tracked by the authorities of the Income-tax department, as the reason people will have to pay their Income tax.
• The banks will have forward steps for improvement in the banking system. The process of demonetization will permeate the superiority in the banking system.
• India will be digitalized by this process, the economy of the nation will take its steps to the cashless India movement.

Disadvantages Of Demonetization

Though there are pros acquired by the process, it also has its cons in the movement.

• People faced a lot of hardships when the demonetization act was announced by the government.
• They hurried to the banks to exchange, deposit, or withdraw the notes. People were in standing the entire day in the long queue outside the banks and the ATMs.
• The release of the latest notes made the situation hysterical, the rising prices and the lack of flow in the currency made worst situations for people.
• Lack of cash in the hands of people leads to abundant drop and recess in the market.

Demonetization: Images

Conclusion: The process of demonetization was initiated for the progress and economical growth of the nation. Though there may be the worst cases faced due to this act. It is for the betterment of the country and the development of the people for the future. There are countries all over the world with the process of demonetization, the purpose was the same for all of them, to eradicate the black money, to put a break to all the illegal activates happening in the country, and bring back the money to normal.

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