Essay on positive and negative impact of ban of Rs500 & rs1000 in India

Free 509 words Essay on positive and negative impact of ban of Rs.500 and Rs.1000 in India for school and college students

One of the shocking decisions taken by our Prime Minister, Shri Narender Modi that came into effect on November 8, 2016, late night. This day became the shocking day ever seen in history of the country like India. Let us have a look at the positive and negative impacts of ban of Rs.500 and Rs.1000 notes in India.

Essay on positive and negative impact of ban of Rs.500 and Rs.1000 in India

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Looking at the positive side of ban of Rs.500 and Rs.1000 in India first:

  • Black money holders would be the most suffers. This ban put by our honorable Prime Minister to grab back money from the country would impact black money holders who were living their life peacefully earlier without paying any taxes.

 

  • Will put fake currency note on hault. Our market is flooded with the fake currency notes mostly of Rs500 and Rs1000 and most of the fake currency notes rackets will suffer from this ban. But we know they are smart enough and soon move to preparing fake currency notes of 2000 as well.

Read Also : Essay on fake Currency and its impact on economy

  • Impact terrorism:- According to our Prime Minister, terrorists are governing our country and many other individuals who are linked directly or indirectly to them. All of this is done through the fake currency. This decision will definitely impact such terrorists.

 

  • Impact on corruption:-This move taken by our honorable Prime Minister, Shri Narender Modi would reduce corruption to a considerable level.

 

  • Impact on Election: – All of us are aware of the false strategies played by the politicians at the time of Elections and all thanks go to the fake currency or Black Monet they own. This ban would force all those politicians to showcase their financial status if they really want to convert their money to white one.

 

Moving on to the negative Impact of ban of Rs.500 and Rs.1000 in India now:

 

  • Inconvenience this ban is causing to the people:-Since the ban was imposed just a few days back, it has really become a difficult task for the common man to survive on notes of Rs.100 only. Surprisingly, after the implementation of this ban, banks remains closed for public service and it caused inconvenience because people who have least amount of money found it difficult to survive in those days.

 

  • The Common man will be affected directly: –There are many people who are not aware of the difference between the fake and the real money. Now banks would simply refuse to accept fake money and such a kind of people who unintentionally own the fake money would suffer a lot.

 

  • People who deal only in cash like wholesalers, retailers, garments shop, merchandisers would suffer a lot due to this ban. Real Estate Industry would adversely be affected.

 

Wrapping up

This ban is a shocking news that came as a surprise from our Shri Narender Modi but definitely it is a positive move to remove corruption and black money from the country. People who are or have faced inconvenience would settle down soon and all of these problems would be resolved at a faster rate.

 

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