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Demonetization in India Video Lecture | Crash Course for CLAT

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FAQs on Demonetization in India Video Lecture - Crash Course for CLAT

1. What was the primary objective of demonetization in India in 2016?
Ans. The primary objective of demonetization in India in 2016 was to combat black money, counterfeit currency, and corruption. The government aimed to promote a cashless economy and encourage digital transactions by invalidating the ₹500 and ₹1,000 notes.
2. How did demonetization impact the Indian economy?
Ans. Demonetization had a mixed impact on the Indian economy. While it aimed to increase tax compliance and reduce illicit financial activities, it also led to a temporary cash crunch, affecting small businesses and daily wage workers. The long-term effects included a shift towards digital payments and increased formalization of the economy.
3. What were the challenges faced by citizens during the demonetization process?
Ans. Citizens faced several challenges during the demonetization process, including long queues at banks and ATMs, limited access to cash, and inconvenience in daily transactions. Many people, especially those in rural areas, struggled to adapt to the sudden change and faced hardships in meeting their basic needs.
4. How did the government justify the demonetization decision?
Ans. The government justified the demonetization decision by stating that it would help in curbing black money, reducing corruption, and promoting a digital economy. Officials argued that the move would lead to better tax compliance and increased government revenue in the long run.
5. What was the public response to demonetization in India?
Ans. The public response to demonetization was mixed. While some supported the move as a necessary step towards financial reform, others criticized it for causing economic disruption and hardship. Protests and debates ensued, reflecting varying opinions on the effectiveness and implementation of the policy.

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