Demonetisation or notebandi of Rs. 500 and Rs. 1000 notes are the biggest buzz in the Indian political and news arena. There so much good and bad said about this that the public is confused about why it’s been done and what is its impact. We think that various school and colleges must be adding this important subject in their speech or essay competition. Hence we have written this essay on demonetisation in English for students from class 5 to class 12.
If you are a school going student, then you might expect notebandi topic in the exam for essay and paragraph writing. This is also one of the hottest GD/group discussion topics recruitment GD rounds. So, we decided to write a core article which can be used in shorts speeches, essay, and paragraph writing with some modification as per format. And we know that you are smart enough to convert this core information in various format. You might like to check our other article on Corruption in India which will help you to write this essay on demonetization better.
So, let’s jump into the topic. We have divided demonetisation/notebandi article into 3 major parts. We will start speech or essay with introduction and status of the topic and then we will have the importance of demonetisation where we will discuss it in more details. And finally, we will conclude the topic.
Essay on Demonetisation in India in English for Class 5 to 12 Students
Introduction to Demonetisation
So, what the demonetisation or notebandi? As per Investopedia, a demonetization is an act of removing the legal status of currency as “Legal Tender”. Means old notes or even coins must be retired and replaced with new ones or completely new currency can be introduced like Rs. 2000 note which was not available earlier.
On 8th November 2016, PM Modi’s announcement was the breaking news across India. Rs. 500 and Rs. 1000 notes (currency) are made illegal from a stroke of midnight. One might think, why it’s been done? Indian government’s goal was to remove all counterfeit (fake) currency from the market which is used in tax evasion, corruption and even in funding terrorist activities.
These two currency notes are the most used currency in the Indian market, it had 86% share in the market. This was a very big and risky decision and as some aptly said it is a “Masterstroke”. Some even say it is a “Surgical Attack” on black money. In simple words, old Rs 500 and Rs. 1000 notes are worthless now, they are just a piece of paper.
The opposite of demonetisation is remonetization, which means restoring the demonetized currency as legal tender. And a lot of political parties from the opposition are fighting for it.
Effects, Consequences of Demonetization
Following are some of the effects and consequences of demonetization.
Panic & Inconvenience among People
Demonetization has a big impact on the Indian market and citizens like you and me. People flocked the banks to change their currency, waited anxiously in front of the bank and ATMs for hours to draw their money. Bank employees overworked with all their might so that each individual can take a sigh of relief.
Surely we faced a lot of problems because of this sudden announcement, but just imagine if it was told a month ago, then all black money launderers could have managed their money in this or that form. That’s why it has to be a sudden and surprise act.
India is not the only country which used the demonetization process to deal with corruption, inflation or tax evasion. In Europe, when they introduced the Euro as European Union currency old currency was demonetized. In 2015, Zimbabwe demonetized its currency to eradicate their hyperinflation.
A Push to the Cashless Economy
Demonetization can also be used to promote the “Cashless Economy”. As PM Modi aptly said, we might not be a completely cashless society soon but at least we can be “Less Cash Economy”. Under cashless economy, people conveniently pay for goods and services in a digital way than the cash from a small tea vendor to local grocery shops almost everyone learned the use of digital payment and that’s a big achievement which is helping India becoming a digitized nation. Though we Indians love to handle the cash, such event was necessary to change the mindset of people who loves cash.
A Big Amount of money Was reintroduced in the Economy
Those who had stashed the black money had no way to get it out left with no choice but to deposit this money to the government with hefty fines and their PAN number too. This brought a lot of black money and their owners under Income tax departments radar. Their future financial activities can now easily get detected. This not only collected a big sum of money but acting as a brutal deterrent to the corrupts.
Thump to the Counterfeit Currency
There was a very big amount of 500 and 100 rupees fake currency was in the Indian market, some of which was smuggled from neighboring terrorist supporting countries and some of it existed within India. As all these old notes needed to deposit to government those who had fake, counterfeit notes had no option but to burn their money. This definitely helped the Indian economy.
Demonization is not the final and ultimate solution for counterfeit currency but it removed existing fake notes from India for time being. It is obvious that the fake currency of newer notes will be again in the market but the government tried to make it difficult for them to counterfeit it by adding more security features in currency notes. But still, this is not the ultimate solution.
More Foreign Direct Investments
On another side, we can see a positive reaction from all over the world. Other countries who want to invest in India think that the Indian government trying to solve Indian red tape and corruption. It will draw more foreign investment in the country which will help the Indian government to become a business-friendly country.
Problems with Demonetization / Note Bandi
Secrecy & Stakeholders
Everything on this planet has good and bad sides and demonetisation is not an exception. The first and most important issue was its implementation. It is debated that implementation was not good, not all stakeholders were consulted in this project. But kind of secrecy this project demanded it was not possible to some extent to consults all stakeholders.
This brought up various problems later like adjusting the ATM machines to the configuration of the new notes, printing enough money and it’s distribution. But it did prevail its secrecy which was a paramount success factor for demonetisation.
A lot of people struggled, and few also died as direct and indirect effects of demonetization. Hospitals, clinics, sellers were not accepting the old money in the transition period. Some of them exhausted in the long queue under the hot sun, some injured in the agitations. This is one of the biggest problems in demonetization implementation.
Credit to Bank Employees
Generally, nobody wants to see visit bank physically as they don’t get treated well by bank employees especially in government banks. A common man had a not welcoming respect for bank employees in general. But in this demonetization transition bank employees did a marvelous job, they worked beyond their working hours and with the dedication which made this transition possible. But bank employees never got sufficient appreciation and credit for their role.
Every political party in opposition stood against the present government, they agitated showing that they are on peoples side. It shows that no matter what been done for good of the nation, political parties in opposition will oppose it by taking the name of common on but working for own political agenda in mind.
This shows for politicians the political game is more important than the nation. This time nations gave an impeccable answer by rejecting these fake emotion towards the common man. (Follow the given link to find the more short speech, essay or paragraph topics)
To sum up everything, I would say; demonetization was a really a masterstroke. It will not only help in fighting against corruption, black money, and tax evasion but also to increase economic growth, decrease poverty, and have affordable health care and living. I as Indian stand strongly behind this move. Though all good said about this, I think the way it was planned and handled could have been better. Otherwise, I support demonetization.
Current Status of Demonetization in India (August 2017)
Note: we have updated this section later. A lot of has happened after the demonetization chaos, some good things some bad. Here is our overview of how effective it was. You can adapt this information to your essay or speech.
Demonetization or notebandi started with the intention of curbing corruption and affecting terrorism funding. We cannot say that the government achieved it fully; neither India is a corruption-free nation, nor the terrorist activities have been stopped. It is true that a lot of new bank accounts opened, poor people are claimed to have financially included in the system but it didn’t bring the anticipated outcomes. But we cannot say that demonetization failed in its entirety. Here are a few points which are not best but good enough to appreciate demonetization drive.
Awareness Cashless Transaction
Though it was not the highest priority, at end of it cashless transaction awareness took the winning spot. A common man is now more open to online, digital payments. They are taking credits card and try to handle the limits. These digital transactions are good for the economy as these digital transactions are paid with taxes and easily traceable. Remember, we Indian love cash in hand, if cashless awareness was a different project altogether it could not have got accepted by people the way they did while demonetization period.
Now small vendors accept PayTM, MobiKwik digital wallet payments. Restaurants and cafes have a card swipe machine. This is nothing short of a miracle considering Indian’s love for cash.
A lot of people started to realize they also have black money if they don’t declare and pay tax on their income. This drive gave much-needed tax awareness in India. A small percentage of people actually pay taxes excluding salaried and businesses. Demonetisation and GST will improve Indian tax deposit which can be used for the development of the nation.
Tips for Essay on Demonetisation in India
Following are some tips and trick to improve your essay on demonetization. So, let’s take a look at them.
- Any essay is made of a specific structure. The essay starts with the introduction of the topic, followed by the information body paragraphs and ending the essay with the conclusion. Write your essay on demonetization in India in this format.
- There are various Types of Essay Writing. Determine what type of essay on demonetization you are going to write.
- Keep the conclusion of your essay short yet meaningful.
- Use a dark inked pen to write your essay.
These tips will help you to write the best essay on demonetization.
Tips for Speech on Demonetisation
- Try to learn more facts about the topic, don’t just mugged up the speech script. If you know more stuff you can deliver your speech with more confidence.
- Recite the speech in front of friend and family several times or even you can do it in front of the mirror.
- To have a winning speech, along with words you need to add passion and emotions to the speech.
- Use “bold” phrases from the above speech as punch lines.
- Here are some tips and guidelines for anchoring speech script, this might help you a bit more.
I am not a native Hindi speaker, but here I tried to translate the notebandi speech or essay in Hindi. I might have done some Hindi typo mistakes or Hindi grammar mistakes. Please let me know if any correction required.
विमुद्रीकरण – Demonetization Speech in Hindi
क्या आपको पता है की Demonetization को हिन्दी मैं क्या बोलते हैं? इसे हिंदिमें “विमुद्रीकरण” या नोटबंदी बोलते हैं| तो क्या होता हैं यह विमुद्रीकरण और क्यों किया जाता है? कौनसे और देशोने विमुद्रीकरण किया हैं और क्यों? आज हम इन्ही विषय पर चर्चा करेंगे|
विमुद्रीकरण एक प्रक्रिया हैं जिसमे मुद्रा का क़ानूनी दर्जा निकाला जाता है, और ये सिक्कोंके लिए भी लागू होता है| पुराने नोटों या सिक्कोंके बदले नये नोट या सिक्के बाज़ार मे लाएँ जाते हैं| जैसे भारत मैं ५०० के नये नोट आये| और कभी कभी बिलकुल नये नोट जैसे २००० के नोट भी शुरू किए जातें हैं|
८ नवंबर को हमारे प्रधानमंत्री नरेंद्र मोदी जी ने घोषणा की, रात १२ बजे बाद पुराने ५०० और १००० के नोट बंद हो जाएँगे| जिनके पास पुराने नोट हैं वो उन्हे बॅंक से बदलवा सकते हैं| यह एक बहोत बड़ा और महत्वपूर्ण निर्णय था| भारतीय अर्थव्यवस्था में ५०० और १००० के नोटोन्का सबसे जादा उपयोग होता है| आपको शायद पता नही होगा, तकरीबन ८६% मुद्राएँ ५०० और १००० की थी|
इतना बड़ा फ़ैसला क्यों लिया गया? भारत में बहोत लोग अपना काला पैसा कॅश के रूप मे छूपाके रखते हैं| यही ब्लॅक मनी आतंकवादी गतिविधियोंके लिए भी इस्तेमाल किया जाता है| बहोत सारे लोग टॅक्स बचानएके के लिए भी काला धन छूपाके रखते हैं| नोटबंदी के बजे अब यह सब नियंत्रण मे आ जायेगा| यह भी सच है की ये सब गैर क़ानूनी गतिविधियाँ अचानक से बंद तो नहीं होंगी पर कुछ हद तक नियंत्रण आ जायेगा|
बहोत सारे लोगों को शायद पता नही होगा की भारत पहला देश नहीं हैं जहाँ पे नोटबंदी हुआ है| यूरोपियन यूनियन ने जब यूरो करेन्सी लाई थी तब सब सहभागी देशोमे विमुद्रीकरण हुआ था| वैसे ही ज़िंबाब्वे मे महँगाई पे नियंत्रण के लिए नोटबंदी की गयी थी
मैं भी एक चीज़ मानता हूँ की यह योजना और अच्छी तरह से इंप्लिमेंट हो सकती थी| आम आदमी को घंटो बॅंक्स, ATMs के बाहर लाईन मे रुकना पड़ा, पर फिर भी सब लोगों ने माननीय प्रधान मंत्रीजी का साथ दिया| हम यहीं आशा करतें हैं की, भारत सरकार की यह कोशिश कामयाब हो और भारत एक भ्रष्टाचार मुक्त देश हो|
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