As the word ‘ economy ‘ implies the state of a country in terms of production and consumption of goods and services and the careful management of available resources their of, and each and every step in this regard demonstrates a new change in economy. Banning on 500 Rs and 1000 Rs note cites its best example.
It is very obvious that banning the note directs towards a great change in the system, various rationals lie in this context and the single thing reflects repeatedly from it is –“Rebirth of Indian economy” and why not. In the era of globalisation trade and commerce became an easy system but simultaneously it opened a new way for black money irrespective to the strict guidelines of FERA and FEMA norms. At present real estate , education, medical treatment, business sector are the big agenda for black money.
Real estate which contributes 11% shares in GDP corrupts with 1/3 part of black money. Apart from that political parties , ministers,MLAS and many others are not so far from this chain.
Though the losses are too present with this big decision like around 12000 -15000 cr. expenses will be brought out to print new currency which is a big set -back for a developing economy but the plane which is being made with the vision of economy development always better. Again there are no strong rationale behind the issue of 2000 rs note,because
from the past many years 1000 Rs note been a big source of black money and the same condition might be possible with 2000 Rs but as per the analysis benefits are more than losses. In this way Pradhan Mantri Jan Dhan Yojana was the best and very first step which connected public with banking sector hence fulfils the purpose of smart city as well as Make in India.Moreover through this dead currency will be in flow which automatically brings down the bank rate at the same time. Irrespective to this many critics says – the same experiment was made in 1978 but did not conclude the purpose but if we look out it was the era before globalisation but at present 1000 Rs currency are easily available to even a tenant farmer.
Therefore new step was to be taken mandatory with the purpose- to develop cashless society and to obstruct economic terrorism.