Prime Minister Narendra Modi has been receiving lots of praise for ban on Rs 500 and Rs 1000 currency notes since November 8th midnight to take the fight against corruption, black money and terrorism. Actually, Modi isn't the first to take up demonetization.
Reserve Bank of India scrapped Rs 1,000 and Rs 10,000 denominations in January 1946. In 1954, RBI has introduced Rs 10,000 again along with Rs 5,000.
Central Government-led by Morarji Desai imposed a ban on Rs 5,000 and Rs 10,000 denominations in January 1978.
For the past 38 years, Demonetization hasn't been done for reasons best known to the RBI and our Rulers. This situation eventually led to the increase of Black Money and Fake Currency. It was only after Narendra Modi become Prime Minister with absolute majority, Focus have been thrown on the concrete measures need to be taken for curbing Black Money and Terrorism.
Reserve Bank of India scrapped Rs 1,000 and Rs 10,000 denominations in January 1946. In 1954, RBI has introduced Rs 10,000 again along with Rs 5,000.
Central Government-led by Morarji Desai imposed a ban on Rs 5,000 and Rs 10,000 denominations in January 1978.
For the past 38 years, Demonetization hasn't been done for reasons best known to the RBI and our Rulers. This situation eventually led to the increase of Black Money and Fake Currency. It was only after Narendra Modi become Prime Minister with absolute majority, Focus have been thrown on the concrete measures need to be taken for curbing Black Money and Terrorism.