In one of the historical reforms of the economy of India, Rs 500 and Rs 1,000 notes were banned. This was one of the boldest movements by the Governme...
Question
In one of the historical reforms of the economy of India, Rs 500 and Rs 1,000 notes were banned. This was one of the boldest movements by the Government of India announced over a 40-minute speech. Most of the industry and commoners alike reacted to this decision to curb corruption with overwhelming support. Whereas some sections are of the opinion that it is a draconian scheme causing hardships to people. A recent study had pegged India's black-market economy at over Rs 30 lakh crore or about 20 percent of total GDP. This is even bigger than the GDP of countries like Thailand and Argentina.
Rather getting support from most of the industry, what would have been the reason that some of them declared it as a draconian scheme?
(I) It was declared without giving time to people to withdraw ample cash for their use.
(II) It had caused certain hardships in daily activities.
(III) It stopped the earning of black money for the majority of the people.