A very good morning to one and all present here. Today, I’ll be giving a small speech on the topic ‘Demonetisation’.
On the 16th of November 2016, demonetisation came into effect at the behest of Prime Minister Narendra Modi. In this move, India banned the 500 rupee and 1000 rupee notes, declaring that henceforth they ceased to be legal tender.
This move was taken suddenly in an attempt to curb black money and hence, corruption. This move became widely talked about everwhere, especially on social media platforms.
When it first came into being, it posed a problem for people. The availability of liquid cash was depleted and an acute shortage was faced. People also had to stand in long queues to exchange their money. Yet, now, these issues have become a thing of the past.
Now, new currencies, such as 2000 rupee notes and fresh 100 and 500 rupee notes are circulated in the wake of demonetisation.