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Was the 2016 banknote demonetization in India a good decision?
The 2016 banknote demonetization in India was a good decision.
Demonetisation helped to run democratic elections in Uttar Pradesh by making access to misappropriated government funds more difficult.
Encouraged digital transactions.
It recapitalized the banks.
Has greatly increased tax compliance as can be seen by the recent (Q3'2018) tax collection figures.
SMEs and businesses that are dependent on cash, went through a disastrous period.
The size of the new Rs. 2000 notes required ATMs to be
. This took time and affected distribution of new notes causing public inconvenience.
100 people lost their life
to get access to their own hard earned money.
Criminals found new devious methods to change the illegal cash into legal money using the window of opportunity provided by the Govt to deposit old notes thus defeating the Govt’s goal of rendering such cash unusable.
Demonetization has largely
to reduce "black money".
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