Modi Faces Swift Loss over Currency Ban

Narendra Modi’s plan of demonetising currency notes of Rs. 500 and 1000 has been a welcome move in the war against counterfeit notes and black money accumulation. However, this move has posed some difficulties and people are taking it hard.

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Many are blaming the government and the PM and as a result, PM Modi is facing some backlash over this decision. Twitter statistics show that his following fell by over 3 lakh on 9 November, the day after the announcement.

However, while there is a lot of anger and backlash against this move, some incidents show that the demonetization is effecting in curbing black money accumulation. For instance, a plastic bag full of Rs. 1,000 notes worth Rs. 52,000 was thrown on the streets which were later found by a rag picker in Pune. The lady immediately informed her supervisor who then informed the police. Currently, investigations are being carried to find out the owner of the money.