The Journey To All White
The Way to All White Gone are the days when you could buy groceries with a couple of ₹500 and ₹1000 notes, when you could pay for anything using these notes, and when some could even use them to store black money. On the night of the 8th of November 2016, Prime Minister Narendra Modi declared that from 12 AM, 9th November 2016, the ₹1000 and ₹500 notes, would cease to be legal tender. And so they did. However, the government has a solution for all those who want to make their usual transactions using cash: the new ₹500 and ₹2000 notes. Before we get into pros and cons, let’s talk about its purpose-a report in 2015 stated that Indian banks needed an immediate infusion of large amounts of cash or they could collapse. Now that everyone is depositing money in their bank accounts due to the demonetization, the banks got the money that they need to make up for the hundreds of bad loans. Hence, the first purpose was fulfilled. The second purpose was to get rid of black mon...