Demonetization is the act of shedding/stripping a currency unit of its status
as a legal tender. Demonetization is necessary whenever there is a change of national currency. The demonetization was done in an effort to stop the counterfeiting of the current bank notes alleged to be used for funding terrorism and for cracking on black money in the country. Apart from disrupting common life of daily citizen, there are even bigger implications of the economy as a whole. The advantage of this move will be felt only in the long run.
As rumors had became rife. Two highest denomination notes of Indian
currency are only worth a paper. A major step taken to reform our economic system by just few minds, is something to look upon, be one of those minds of the great prime minister, Mr Narendra Modi. Certainly not denying if the tremendous strategies and plans taken up by the Indian government for the welfare of different sectors of the country. But devaluing the 500 and 1000 rupee note is something which effects each and every individual of the country be it a rag picker or a millionaire. A medicine cant be given to all patients, similarly a single step of demonetization cant be successful at all levels and specially in a country like India where income groups/people are so diversified. It is also true that if a person is not always right then he is also not always wrong. There have been certain benefits of demonetization which are unbelievable.