It's been close to one month from the date, Prime Minister Narendra Modi have announced demonetization of high denomination notes from the use. On 8th November 2016, PM has announced to stop the usage of old currency notes of 500 and 1000 and new 500 and 2000 rupee notes will be used in place of those.
The opposition has stood against the decision and condemned it as a non-prepared step from the government as the people needs to stick to the long queues at the banks to convert their notes or to withdraw new currency notes from the ATMs. On the other hand, the government is continuously defending their decision saying the step is well planned and will reflect the results in long term.
We have got to hear finance minister Arun Jaitley itself and he explains various scenarios from the economy perspective. Union Minister Piyush Goyal also said that it is a process of the informal economy taking shape of formal economy thus this demonetization of old currency notes will ultimately add to the nation's GDP.
In support of the government's step, he added that all this was a planned initiative and it is one of those activities that Indian government is doing towards kerbing the black money and transactions abuse. "When the historic step taken on November 8, we have articulated that this is something which will have a short-term pain for about 50 odd days. There will be a transition period as the mindset of people needs to change. People have given a tremendous support," said Minister.