The Narendra Modi government shook India last week(Nov, 8, 2016)by declaring the demonetization arrangement and transforming notes of Rs 500 and Rs 1000 into paper.

1. Demonetization in India
An overview for you by Fide Mihi, http://fidemihi.com

2. Initial Announcement
• The Narendra Modi government shook India last week(Nov, 8, 2016)by declaring
the demonetization arrangement and transforming notes of Rs 500 and Rs 1000
into paper.While individuals were permitted to trade their old notes for legitimate
coin, store the cash, or pull back a specific sum from the ATM, the move saw
uncommon lines outside banks and ATMs with bank representatives

3. Views of International Community
• The richest man on planet Bill Gates has said this to be a bold move taken by
government to curb shadow economy.While he appreciated the current BJP
government for this action against corruption, many countries are seeing
this as a measure to cope up with the failing Indian economy and criticizing
this step of extorting common people’s hard earned money to deal with the
situation. So far, more than 50 deaths have been reported due to standing in
long queues of converting money at the bank.

4. The Legal Department’s stand
• The Supreme Court on Friday cautioned that there “might be riots” and
denied the administration’s request to stay bodies of evidence recorded
against demonetization in High Courts and lower courts the nation over,
saying ‘how might we close our ways to individuals when there is an issue of
such magnitude.”A Bench drove by Chief Justice of IndiaT.S.Thakur noticed
that individuals have begun getting to be “rushed” for cash, conquering lines
for quite a long time.The very reality that cases are being documented in
courts all over is a flag that the issue is “serious and of magnitude” it
observed.

5. Conclusion
• Due to poorly executed plan by government, people are suffering.There
have been reports of BJP member’s admitting that business leaders of India
like Adani and Ambani were able to get away with this demonetization
situation as they had information about this action well in advance. An SBI
loan of 1201 crore(USD 1.7 billion has been written off for liquor tycoonVijay
Mallya.