3. The Exchange Policy-In his speech, the Prime Minister of the country, to the people of the country, not to be harmed in any way. There would be a step-by-step replacement of old notes. Old notes could be deposited in the bank accounts, or they will exchange them by the banks up to 30th December 2016.
4. Effect on Illegal Traders-It was a sudden announcement and the illegal traders of money were taken aback. There was no clue of it even before 5 minutes of the announcement. that called it a Surgical Strike. The black money holders bought jewelry shops gold and ornaments between 8 PM to 12 PM. Old notes were taken in big bags. The gold sellers exploited this opportunity. They took a high price of gold. that black money holder threw their bundles of notes in rivers or set them on fire.
5. Difficulties-Common people faced great troubles in exchanging notes and depositing them into banks. There were long queues in the banks. The work was slow due to formalities. But they endured the troubles, and all supported the Prime Minister’s daring step.
6. The Opposition Parties-The opposite parties took advantage of the situation, and they created hurdles in the smooth running of parliament sessions. They are very critical of the demonetization. They have organized rallies and tried to provoke the people to create chaos. It tried the Opposition to provoke people. But they were unsuccessful and public Supported the PM.
7. Positive Results — Demonetization become Successful in its aim to a great extent. They broke the terrorism black as they could not be funded Now. It went the fake notes and black money. Hawala Trade was also affected. It also gave the other illegal parallel economy a setback. The income tax department raided illegal money and differentiated a large amount of old and the new currency.
8. Conclusion- Prime Minister Modi is doing his best to develop the country in all fields. Demonetization was a great challenge for him. He is bent to make the economy of India sound and forceful. He is a great friend of poor people.