Cashless

India's third demonetisation after 1946 n 1978, where prime minister has done an income tax raid in every houses in the country that holds over 23billion notes or 80% of the country's cash in liquid money or paper currency which is suddenly rendered into "cashless pieces of papers" and holds only 2% of cashless transaction in Indian economy.
In a distinct view, “the goal is more important than the path”, it is clear that steps suggested for cleansing Indian economy will take time, it won’t make PM look a hero but still it has to be done as they are sustainable and have a far greater impact in the longer term, so "as far as the effect on the economy is concerned, it will have a considerable negative effect in the first few days after the policy was announced in November, but since then the situation has been improved quite considerably and a strong pick up in demand of products is also seen now." Criticism usually comes from the people who are effected alot, as we can see a lot of the criticism to my mind is coming from politics because the politicians have been hurt." A remark stated from shopkeeper explains the situation in a way that demonetisation is for higher currency notes of 500 and 1000 which are eliminated from the system but not of 50 and 100 notes which belongs  to poor and daily working class people so they have less trauma compared to rich and high earning people after demonetisation.
Earlier the deposit amount of Jan Dhan accounts was under 1% but the demonetization drive of higher denominated notes propelled cash deposits in Jan Dhan accounts and accustomed them to Banking system is a big change where corruption robs the most amount of money meant for the nation but in the last two years, corruption in bureaucracy is not down, but up. We need to ensure the arbitrariness of tax authorities is minimal and discretions are to a zero as people must feel comfortable and happy paying tax, not scared and worried of future harassments.
According to recent reports one of the effects of demonetisation of high currency notes of high valuation is that on hawala racket in Mumbai, which has become jobless for a week. The hawala business has come to a halt as no transaction is likely to take place.Tax collections by local urban agencies have also registered a huge increase. Data from the Urban Development Ministry shows that the tax collection of 47 local bodies rose by 268% in November 2016 compared to the corresponding period last year , it seems this is the positive effect of demonetisation. People are clearing up their old dues, paying with Rs. 500 and Rs. 1,000 notes. The cashless economy sees a brighter side in terms of crime as well, Mumbai-Delhi is seeing a substantial decline in crimes related to financial motives like bank robbery, burglary, extortion etc are declining because of demonetisation. Increasing the tax net can be monitored, as all the transaction that are done could be traced back to a given individual, if tax department smell something fishy they can trace the money transaction back to the individual. In a way we just need to use our mobile phones or credit card for transaction that is very hassle free, secure and convenient.
This move could boost governments revenue to the extent that demonetisation is helping to move economic activity from the informal to the formal sector, as more earnings would be declared. Dragging the positive effect  on revenue collection from lower short-term GDP growth, it also supports to check human trafficking and child slavery in the country where millions of women and children in India are victims of trafficking.We have also seen that the move has put a dampener on weddings this season because many weddings rely on cash expenditures, with gifts and dowry changing hands. Social activists have reason for cheer as social ill tradition that places a huge financial burden on the woman’s family,    i. e dowry giving,  may have become difficult as a result of demonetisation. Some families of bridegrooms have withdrawn or reduced their dowry demands seeking less lavish weddings this year.
Development and growth has no shortcut we cannot stand n make judgments with just 30 days outcome if we hope for a better and developed India we should make effort and stand in every way with an attempt to make change.