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8 November 2016 was a historical day in Indian history, No one will forget this day as demonetization was a sudden action of the Indian government.
In demonetization 500 and 1000 currency banned by the Government, which was the approx 86% of total currency in the market, so this is created a big problem in the Indian market, as India totally depended on cash transactions.
In India demonetization was the big issue, before some time but now slowly – slowly effect of demonetization disparaging, Now peoples are not talking more about this issue, as this was affected each person in India, so now this is the hope for Indians to finish corruption, which is the biggest problem of India so Indian Government taken this action to fight against corruption. Most of Indians in support of Government decision but also some in against as they lost black money.
Indian banks played the big role in demonetization, they really done hard for that, banks employees working extra for that. But some bankers try to taken advantage of this and created big corruption and again generated black money into the system.
Some ways using that people’s generated black money again
- Gold Purchase in back date.
- By exchange money from bank back door on a commission with some corrupt bank managers.
- Paid to salary to employees in advance.
- Deposited money to others bank accounts with a commission.
But Indian government still working for that to identify those sources and peoples they take advantage of that. Peoples in favor of that but still feeling this will not finish corruption and black money from the system, they are saying this is the good step but the government should take more hard steps against corruption and black money.