Citizens realize the value of money as higher denomination old notes go out of circulation due to demonetization. A lot of wasteful expenditure was curbed as people realized they were short of physical cash but still managed to survive which means our needs are limited but we tend to spend more when there are no restrictions. Inequality in our country would reduce with demonetization as half of black money in circulation would go defunct and the other half either will be converted into accounted wealth by paying taxes as they are deposited in banks as income which in all probability would be used for nation building. Such a step should have been taken long back but it is never too late and congratulations to Prime Minister Narendra Modi for this bold step to cleanse our system which was corrupt since Independence. This is revolutionary step for new India which hopefully would be free of corruption and malpractices. Citizens too should cooperate by tolerating little hardships the fruits of which we would all enjoy in the coming years with less or no taxes, controlled inflation and a disciplined nation which would only means progress and development.
S.N. Kabra
(The views expressed by the author in the article are his/her own.)
