On November 24th, Prime Minister Narendra Modi said in supreme court that the decision of demonetization will help eradicate black money and will help in the implementation of Pradhan Mantri Jan Dhan Yojana (PMJDY) which will ensure access to financial services like Banking/Savings and Deposit Accounts, Remittance, Credit, Insurance and Pension in an affordable manner.

Around 22 crore bank accounts have been opened for the underprivileged people which will further help convert the unmounted black money deposited by people into white surfaced.

The demonetization drive will benefit the middle class and underprivileged by keeping a check on the real estate sector thus, bringing down land prices and increasing the availability of affordable housing. The check on prices has already been put to practice by property owners. S.N. Raghuchandran Nair, the Managing Director of SI Property told a daily, “As we are under constant observation by the IT Department, we are very careful in dealing with money. We have instructed all Confederation of Real Estate Developers’ Association of India (CREDAI) members to deal only with white money. So we welcome this demonetization move. It would not affect the organised construction sector at all. In fact, it would be beneficial. I expect land prices to fall by 20 to 30 percent in the coming months. We will be able to pass this benefit onto our customers. In other words, you can expect a fall in the prices of apartments and villas for our new projects,”

The centre on Thursday said, demonetization has immensely increased the digital platform by increasing internet banking and has also surged the usage of mobile apps and e-wallets.

The affidavit mentioned that the scheme will impact several sectors in the short term and will also benefit the economy in the middle term.

Let us all hope that the major decision by Prime Minister Narendra Modi will free India from corruption and eradicate black money in the coming years.

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