There are many instances in the world which proves that history repeats itself. In India the latest example can be seen as the demonetization, in which prime minister Modi's led government scrapped the higher value currency notes of rupees 500 and 1000. This is not the first time that an indian government had scrapped the currency notes. Various instances in history of indian governments can prove that-
Right before the independence of india.
big denomination of Rs. 1000 and Rs. 10000 notes were scrapped. this was the time period in which Mr. C.D. Deshmukh was the RBI governor.
Just like current scenario in which government trying to counter the black money, the demonetization had happened in 1970. which saw the higher denominations getting scrapped.
In the process, this decade saw another demonetization in which the prime minister Morariji Desai's led government passed an act which illustrates to demonetize the higher currency notes of 1000, 5000 and 10000. thus making them illegal straightaway.
Another government not trying to repeat history but the scenario of black money spreading vastly and creating a parallel shadow economy under the country,makes the PM modi led government to initiate a strict process against it, and thus the demonetization of the current high value notes of Rs. 500 & 1000 was adopted.
thus making them illegal after 30 days period from the PM's speech at 8th of November 2016.
IN 1946-
Right before the independence of india.
big denomination of Rs. 1000 and Rs. 10000 notes were scrapped. this was the time period in which Mr. C.D. Deshmukh was the RBI governor.
IN 1970-
Just like current scenario in which government trying to counter the black money, the demonetization had happened in 1970. which saw the higher denominations getting scrapped.
IN 1978-
In the process, this decade saw another demonetization in which the prime minister Morariji Desai's led government passed an act which illustrates to demonetize the higher currency notes of 1000, 5000 and 10000. thus making them illegal straightaway.
IN 2016-
Another government not trying to repeat history but the scenario of black money spreading vastly and creating a parallel shadow economy under the country,makes the PM modi led government to initiate a strict process against it, and thus the demonetization of the current high value notes of Rs. 500 & 1000 was adopted.
thus making them illegal after 30 days period from the PM's speech at 8th of November 2016.
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