500 and 1000 rupees notes were demonetized recently. How far is this h

1.	500 and 1000 rupees notes were demonetized recently. How far is this helpful for Indian economy in your opinion?
Answer» The decision of the government to scrape 500 and 1000 currency notes is affecting different class of society in a different way. Poor class : This class is affected adversely immediately. Because they use debit or credit card is very less. Temporarily they face problem but they become normal within month. Middle class : They too have to stand on a big queue for short time because they still need the 100 rupee note, for making petty payments. Upper class : They too may face trouble for few days but their life would become normal very soon. Long term benefits : 1. Developmental activities would pick up significantly as the tax revenue increases. 2. Corruption would reduce. 3. Government can reduce rates of taxes. 4. Illegal activities would reduce. 5. Dowry and other social practices like extravagant marriages would reduce due to white economy.

500 and 1000 rupees notes were demonetized recently. How far is this helpful for Indian economy in your opinion?

Answer»

The decision of the government to scrape 500 and 1000 currency notes is affecting different class of society in a different way.

Poor class :

This class is affected adversely immediately. Because they use debit or credit card is very less.

Temporarily they face problem but they become normal within month.

Middle class :

They too have to stand on a big queue for short time because they still need the 100 rupee note, for making petty payments.

Upper class : They too may face trouble for few days but their life would become normal very soon.

Long term benefits :

1. Developmental activities would pick up significantly as the tax revenue increases.

2. Corruption would reduce.

3. Government can reduce rates of taxes.

4. Illegal activities would reduce.

5. Dowry and other social practices like extravagant marriages would reduce due to white economy.