When money is not of your hands and you find no way to get a penny out of the big electronic machine at the end of the street, which is when we know how currency controls everything. India is going through a phase of long queues, shortage of cash, and a hope of new morning every day. This most crucial step in the history of politics has its outcomes. However, this is not the first time that demonetization have shaken the grounds. Therefore, here are few Sanjeet Veen updates from the pages of history on this very special issue.
- The history of first demonetization in India took place in the year 1946 marking it has beginning and later followed by the year 1978, were higher denomination notes were
- The highest denomination, which was ever printed by Reserve Bank of India, was 10, 000 Rupees note in the year 1938 and later in 1954.however these notes were again demonetized in 1946 and 1978.
- The bank notes with Mahatma Gandhi series fir 500 rupees was introduced in the year 1997 and for 100 rupees note it was introduced in the year 2000. The Ashoka Pillar became an official watermark on 10 rupees note in the year 1967.
- 2016, the demonetization move was intended to arrest the black money which is withhold with people who have been accumulating currency through unauthorized practices.
- The CBI is having an eagle eye on black money holders who are trying to convert the cash into gold buy making huge purchases. The CCTV cameras have so far exposed many people who went on to the grounds just after the announcement to get rid of the black money.
Whatever could be the reason, the fight against black money may not entire reflect on the motto but certainly can bring some positive change on the economy. Economy is one thing, which decided the future of the country. We cannot expect a better life or development without surplus amount of economical sources.
My grandfather had always believed that through the passing time, the politics would become more of an exposed platform where every citizen takes the stand to fight corruption. Let us have faith in the vision of those visionaries who dreamed of an India more economically evolved, and developed. I might not be a firm believer of eradicating black money once for all, but I do believe that this small step is a path to the major changes that can help bring back positive economic reforms.