Lecture on ‘Demonetisation; prospects and consequences’ organised

Source: The Hitavada      Date: 09 Jan 2017 11:47:10

Staff Reporter,

Lecture on ‘Demonetisation; prospects and consequences’ was organised at Vivekanda Library. As main speaker Sanjeeb Bhasker said that last year on November 8 whole world was waiting for the outcome of US elections when PM Narendra Modi came up with his announcement of demonetisation. India had no option but to start a strong measures to stroke on corruption and other than demonetisation there was no other alternative.

The Reserve Bank of India manages currency in India and derives its role in currency management on the basis of the Reserve Bank of India Act, 1934 and a new redesigned series of Rs 500 banknote, in addition to a new denomination of Rs 2,000 banknote is in circulation since November 10, 2016. The term demonetisation is not new to the Indian Economy.

The highest denomination note ever printed by the Reserve Bank of India was the Rs 10,000 note in 1938 and again in 1954.

But these notes were demonetised in January 1946 and again in January 1978, according to RBI data.
Since less than 5 percent of population in India had access to such notes and most banks never had such currency notes, demonetisation did not have a big impact on the country.