Demonetisation in India
Demonetization By Mekala V Reddy on 3 rd Dec 2016 What is Demonetization & impact in India? Money notes in circulation is going to be invalid Legally is called ‘Demonetization’!! ~86% of Indian currency notes (of Rs. 500 & 1000) are called back by Govt. of India on 8 th Nov ’16. This exercise helps to get complete currency to Banks (~16 L crores) …Govt. can spend ~5 L crores on infrastructure domain and also know how many are taxable people. This helps to improve Govt’s revenue in future years. What is Black-Money ?? Income illegally obtained is called Black-money using following ways: Expecting money (bribe) for the service they do – by Govt officials & Politicians Extracting more money, than eligible (hospitals, lawyers, real-estate, education etc.,) Selling items with high price (above MRP). Most items MRP itself is too high. Accumulating money via illegal ways – chit’s, interest bu