Indian demonitisation scheme turned out to be a huge flop. But sushhhh.. Common people must not know that.
Before the launch of the scheme, our government’s prediction was that 70% of the old notes will be converted into new notes. Which means that they predicted 30% of our total currency is black money and their holders won’t be able to convert them.
https://qph.ec.quoracdn.net/main-qimg-8ad119e193fc1d6f893e2ae46c970ab1-c
According to latest RBI reports 99% of the old notes have been converted into new notes.
This means that black money holders had found out some method to convert their black money into white, which our PM never expected to happen. [96% of total black money have been converted into white.]
No improved security
Previous notes were criticised for lack of security features. There were many instances of counterfeit money. It was been illegally printed in Pakistan and Bangladesh.
So the new notes should have had some strong security features right?
https://qph.ec.quoracdn.net/main-qimg-e53264598a6bd9d96a0ae846c6d88788-c
Cashless economy
This was another claim made by our government. They said that demonitisation will promote cashless economy. Let’s see this graph to check how cashless our economy has become.
https://qph.ec.quoracdn.net/main-qimg-c0591b5a45e5f254614764bb93702a7a
Amount of loss incurred
°Cost of printing notes : rs 7423 crores
°Cost to enterprises: rs 65000 cr
°Cost to centre :rs 16800 cr
°Other cost: rs 38247 cr
Total cost : rs 1, 28, 440 cr
Just imagine!! All these for nothing.
There were other consequences also:
~more than 15 lakhs people lost their jobs
~around 100 people died standing in queue
Stop praising someone blindly. Stop believing everything they say during their speech. These leaders know very well how to convince people. That’s why they can reach that level. They claim false and distorted facts.
Links:
https://qz.com/1030632/india-lost-1-5-million-jobs-in-the-aftermath-of-demonetisation/
originally posted
https://www.quora.com/What-is-something-that-needs-to-be-said/answer/Priyam-Chakraborty-12?srid=O4eO
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