MY STORY

I got the news from twitter, my friends shared updates, opinions about demonetization. Moreover, Indian government launched new currency of Rupees 500 and 2000 notes. 

Government allowed individuals to exchange money in banks with in limited time and set particular amount for exchange in one day. 

"On November 8, 2016, India demonetized 86 percent of its currency in circulation. The stated objectives of the move were to seize undeclared income, to destroy counterfeit currency, to speed up formalization of the economy, and to increase the tax base.(Lahiri. Amartya, 2020)." 

MY PERSONAL STORY

It was bad time for me because my part-time job was on cash and I am the responsible person in my family , they depend on me for their needs. Furthermore, there was big crowd in the banks and we have to stand in queues to deposit the money. 

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Here we are standing to deposit the money in the front of banks.

Impact of Twitter hashtag Demonetization in my life

After watching this news on twitter, many people started posting because digital transactions was boosted by #DemonetisationSuccess.

Besides that, It was beneficial for me I started looking for a job that gave me digital payment.

Before the demonetization, I have less knowledge about digital payment apps like PAYTM, GOOGLE PAY, PHONE PAY. However, after this movement I did not carry cash with me because it was not safe to do. 

"According to New York Times, Indians are visiting places like gas stations, jewelry stores, and fruit stands that still accept 2000 rupee notes, each worth around $24, before these notes are no longer usable (Ives. Mike, 2023)." It improves tax collection and digital India hashtag was also promoted by this political movement.

On November 8th, 86% of India's money was canceled to eliminate " black money" and fake notes. People had only 50 days to exchange their old money for new 2,000 and later 500 rupee notes or put it in bank accounts. 

                      REFERENCES

Lahiri, Amartya. (2020). "The Great Indian Demonetization." Journal of Economic Perspectives, 34 (1): 55-74.DOI: 10.1257/jep.34.1.5

Ives. Mike (2023)."India Is Scrapping Its Largest Bill. The Race Is On to Spend It." The New York Times.https://www.nytimes.com/2023/05/31/business/india-2000-rs-rupee-notes.html

https://www.inc.in/key-issues/demonetisation-a-modi-made-disaster

 Kaur. Navdeep (2021). Twitter hashtag helped the political movement. https://slate.sheridancollege.ca/d2l/le/content/1196041/viewContent/15425015/View