New Delhi: Prime Minister Narendra Modi’s historical announcement of demonetisation of Rs 500 and 1,000 has shaken the world and created upheaval among the masses. While some have come out in full support of PM’s decision, others seem to be using it as another opportunity to criticise the Centre.
The new notes of Rs 500 and 2000 have already been introduced in the monetary system and are now available at banks from today onwards. People were seen thronging the banks in order to exchange the older 500 and 1,000 notes which are no longer valid.
With demonetisation the talk of the town, or rather I should say, country, let’s also look at the other countries which announced demonetisation at a time, which they believed to be the turning point in the history of their country.
1) INDIA: With the issue heated up due to the demonetisation taking place in India, let’s recall another such demonetisation which took place in the country in 1946. Rs 1000 and 10,000 notes were demonetised to put a check on the unaccounted money. In January 1978 also, Rs 1,000, 5,000 and 10,000 notes were demonetised by the Indian government to flush out black money from the country.
2) AUSTRALIA: In 1996, Australia decided to replace its paper-based notes with polymer bank notes. The notes released by Reserve Bank of Australia were the world’s first long-lasting banknotes. Also, the polymer base made them counterfeit-resistant.
3) PAKISTAN: India’s neighbour, Pakistan has also decided to move all the currency notes with old designs out of the system. Earlier also, Pakistan had demonetised its 5 and 500 denomination notes.
4) SWITZERLAND: The Swiss National Bank, in order to fight counterfeiting, printed a series of Swiss Franc 10 notes. However, the notes are still in reserve as they were never issued.
5) EUROPEAN UNION: Considered as the largest demonetisation in history, the country created single currency (Euro) over the period 1998-2000.