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5 years of Demonetisation: Social media users trend black day of Indian Economy, know why

Demonetisation is the act of removing a currency unit’s legal tender status. It takes place whenever a national currency is changed.

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Demonetisation is the act of removing a currency unit's legal tender status. It takes place whenever a national currency is changed.

By Tarannum

It has been five years since demonetisation took place on November 8, 2016. The announcement came later in the evening that surely shocked the people of the country. In the announcement, PM Modi said that Rs 500 and Rs 1000 currency notes will no longer be used as legal tenders. However, on this day, what came to our notice was a bit peculiar. Some of the users on social media started trending the hashtag ‘black day in Indian Economy’, in which it was mentioned that demonetisation was the black day of the economy.

One of the users wrote on Twitter that Demonetisation is a case of intentional looting and legalised plunder of our country. It has ruined our country’s economy and many small business owners and poor people have suffered greatly as a result of the government’s rash action.

Another user wrote that despite demonetisation, the cash circulation increased as well as the cash with the public also increased. He further said that no major black money was recovered that led to a negative impact on GDP.

Yet another user said that it was a masterstroke in which 99.8% of the money returned to circulation and millions of people lost their jobs and businesses. Adding further to it, he said that demonetisation has caused the death of innocent lives, distress to the working class and destruction of the economy.

What is Demonetisation?

Demonetisation is the act of removing a currency unit’s legal tender status. It takes place whenever a national currency is changed. It entails removing the current form or forms of money from circulation and replacing them with new notes or coins.

Read Also: Five years of demonetisation: A quick look at how it affected the economy

What was the reason for implementing demonetisation in India?

Demonetisation was done to minimise the amount of counterfeit cash in the economy, which is used to fund criminal activity. As soon as the announcement of demonetisation came, people started rushing to exchange their Rs 500 and Rs 1000 currency notes, resulting in cash shortages around the country.

Long queues were seen outside the banks, ATMs and small firms experienced temporary cash loss. The situation was considerably worse in rural India, where residents struggled to exchange and withdraw money due to a shortage of banks and ATMs in their area.

India News

National Conference leader Farooq Abdullah hits out at Defence Minister Rajnath Singh’s remark on POK, says an Atom Bomb will fall on us

The National conference leader added nobody is stopping the defence minister from doing so. But he warned that the Indian government must remember that Pakistan is also not wearing bangles.

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Jammu and Kashmir National Conference leader Farooq Abdullah responded to Union Defence Minister Rajnath Singh’s remark, PoK will be merged with India, and said on Sunday that Pakistan is not wearing bangles and also has atom bombs that will fall on the people of Jammu and Kashmir. He said if the defence minister is saying it, then India should go ahead.

The National conference leader added nobody is stopping the defence minister from doing so. But he warned that the Indian government must remember that Pakistan is also not wearing bangles.  He added that the neighbouring country has atom bombs, and unfortunately, that atom bomb will fall on the people of Jammu and Kashmir.

Earlier the Defence Minister Rajnath Singh said that seeing the development taking place in India, the people of Pakistan-occupied Kashmir (PoK) will themselves demand to be reunited with India.  The Defence Minister had said that people should not worry. Pakistan Occupied Kashmir was, is and will remain a part of India.

Rajnath Singh was addressing a rally at West Bengal’s Darjeeling, where the BJP had nominated sitting MP Raju Bista. He said India’s power is increasing and India’s prestige is increasing around the world, and India’s growing economy is fast progressing. He added that India’s brothers and sisters in PoK will themselves demand to come with India.

External Affairs Minister S Jaishankar on Sunday said that POK is a part of India and added that there is a resolution of the Indian Parliament which states that PoK is part of the country. He further added that people were made to forget about Pakistan Occupied Kashmir, but it is now back in the consciousness of the people of India.

Jaishankar further asked how did other people get control of POK? He said one should remember that when one has someone who is not a responsible custodian of a house, someone steals from outside.

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Entertainment

Vikrant Massey’s wife Sheetal Thakur shares first glimpse of their son Vardaan, social media showers love

Vikrant Massey’s wife Sheetal Thakur took to her Instagram handle to share the first pictures of their son Vardaan.

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Vikrant Massey appears to be on a career high with the huge box office success of his recent film, 12th Fail. However, as his wife Sheetal Thakur’s photos show, he is still doing his best of being a father.

The actor’s wife gave us all a glimpse of their son Vardaan and shared unseen photos showing their recent lifestyle. This is the first time, since the birth of the little bundle of joy , that the couple has shared their son’s photo publicly. 

Sheetal Thakur posted multiple photos of her husband Vikrant Massey and their baby Vardaan on her Instagram account. The 12th Fail star is seen hugging his son close to him in the first picture, which features a stunning sunset as the background. The actor’s face is hidden in the next photo as he plays with his son.

The next image shows his diaper changing station, and then there are photos of their meal and vacation. Their son is seen lying on the floor and enjoying some time with some monochromatic flashcards in the final picture.

Soon after Sheetal shared the inage it quockly went viral and taking to the comment section netizens showered love on 12th Fail actor’s son. A user said, may god bless him. Another said cute. A thrid user said this photo looks nice. While other dropped red heart emojis in the commnt section.

Meanwhile on work front, Vikrant Massey  is getting ready for his upcoming film The Sabarmati Report, alongside Rashii Khanna. The teaser of the film has been released and it is receiving a ton of attention.

According to reports, Vikrant Massey and Rajkumar Hirani are going to work together on their next project following the enormous success of 12th Fail. Rajkumar Hirani has moved on to his next project, which will be a webseries based on cybercrime. Vikrant Massey will be seen playing the lead role in te series.

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Cricket news

T20 World Cup: Co-host West Indies receives terror threat from Pakistan

Cricket West Indies (CWI) CEO Jonny Graves said that the safety and security of everyone at the ICC Men’s T20 World Cup 2024 is their number one priority.

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North Pakistan had issued a terror threat against the West Indies, who are co-hosting the T20 World Cup today, May 6. However, West Indies (CWI) assured the public that every safety measure has been done.

The Caribbean islands have received warnings about possible terror threats coming from North Pakistan, according to a trustworthy source with firsthand knowledge of the circumstances. From June 1 to June 29, the US and the West Indies will host the T20 World Cup.

World Cup matches in Antigua and Barbuda, Barbados, Guyana, Saint Lucia, St. Vincent and the Grenadines, and Trinidad and Tobago will take place in the West Indies. In addition, there are matches in the US cities of Florida, New York, and Texas; however, there appears to be no danger to the games in the US. Barbados will host the final after the two semifinals are held in Trinidad and Guyana.

A source said that they are closely monitoring the situation and maintaining close communication with relevant authorities. Continuous evaluation of security measures is underway to ensure appropriate plans are in place to mitigate any identified risks, they added.

The severity of the problem has increased with the assignment of blame for the danger to IS Khorasan. Trinidad Prime Minister Keith Rowley said that security forces have protocols in place to handle any threats to matches.

As per the report, the Barbados regional security officials are monitoring potential threats to the ICC event in addition to the fact that intelligence of a potential threat to the World Cup has been received through Pro-Islamic State (Daesh) through the media group Nashir Pakistan.

Regarding India, the Men in Blue will face off against Ireland at the Nassau County International Cricket Stadium in New York in their season-opening match. On June 9, they will play their next game at the same location against their bitter rivals, Pakistan. The team captained by Rohit Sharma will play the United States in their subsequent game in New York, and then they will play Canada in their last group-stage encounter at the Central Broward Regional Park Stadium Turf Ground in Lauderhill, Florida.

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