Demonetization has brought in more transparency within all financial transactions and has removed the majority of black markets. There are many countries that have tried demonetization. Some of these are the USA, North Korea, Pakistan, Nigeria, India and many more. This process helped many countries in many ways while for some like Myanmar, it proved to be a mission failed. Where there are advantages there are disadvantages. The coming of demonetization and its process turned the tables for India. At the start of it all, it made the Indian economy suffer quite a bit. The rise of people losing their jobs, the slow turn in the market, and a lot of expenses which was put into making new currencies were a few of the pull-downs of this system. However, the reward of this was worth it. Demonization took place a few years ago, about 7 years ago. with time, it brought in a lot of black money in India. Therefore, the main goal was to remove black money. With this coming of demonization, of course, India had to struggle but it was a huge success in removing black money. This brought a good tightrope for controlling fraud cases. It is vital to know about this subject matter. In most cases, the uneducated people were furious with this system especially because they had no knowledge about this subject topic. We should try and educate the uneducated and remind the educated.
