Now when the ATM withdrawal limit has been extended to 10,000, it surely brings relief. However did you take a moment to ponder upon the entire process of demonetization.
WHY DEMONETIZATION OF CURRENCY?
India is a cash-based economy in which 98% of the transaction by volume and 65% by value are made using cash. While cash is difficult to handle and carry, it has become difficult for the government to keep a track of the same.
In India, only 3% of the population pay Income Tax and of that 66% (i.e., 2% of India’s population) files a nil return, India needed to find a route to get better revenues for the betterment of India as a growing superpower.
Demonetization is the biggest step in Indian economic history. The 7th largest economy of the world is moving many spots above in the best business countries in the world.Demonetization was done by the first Non- Congress Govt.in Independent India by Morarji Desai led Janata Party in January 1978.