ATMs across India turned into prime spots on Wednesday night as Prime Minister Modi surprised everyone by announcing the government’s decision to demonetise the Rs 500 and Rs 1000 notes. Tensions were high as the midnight approaches, at that point Rs 500 and 1000 note lose their monetary worth, in government’s attempt to fight the reality of black money. In his official statement declaring this dynamic move, Mr. Modi said it was a government initiative to curb “financing of terrorism through the proceeds of fake Indian currency notes and use of such funds for subversive activities such as espionage, smuggling of arms, drugs, and other contraband into India.”
Primarily, it aims to hit hard at the existence and circulation of black money in the country.
Written by Pragati Jain
Grew up in Indore, M.P. I am pursuing B.E. in Electronics and Communication from Medi-Caps Indore. I love writing, sports and playing piano.