DEMONETIZATION
DEMONETIZATION INTRODUCTION:- There is a background to the current decision of demonetization of Rs 500 and Rs 1000 rupee notes. The government has taken few steps in this direction much before its November 8, 2016 announcement. As a first step the government had urged people to create bank accounts under Jan Dhan Yojana. They were asked to deposit all the money in their Jan Dhan accounts and do their future transaction through banking methods only. The second step that the government initiated was a tax declaration of the income and had given October 30, 2016 deadline for this purpose. Through this method, the government was able to mop up a huge amount of undeclared income. However, there were many who still hoarded the black money, and in order to tackle them; the government announced the demonetization of 500 and 1000 currency notes. The sudden announcement by the govt on the night of 8 th Nov. 2016 that currency of the denomination of Rs. 500 and Rs 1000 notes wou...