5 Job Interview Questions about Demonetization
The demonetization initiative by the Government of India has taken the country by storm. Every single person living in India has been affected by this major change in some way or the other. That the repercussions of demonetization will continue to remain in the news for some time to come is evident.
All of us have been affected, and each one of us has a take on what has happened. However, before forming an opinion on the government’s decision to demonetize currency in the form of ₹1000 and ₹500 banknotes, it is important to learn more about it.
If you have a job interview scheduled anytime soon, it is likely that your interviewer will ask you some questions around demonetization. As a recruiter, it will be useful for you to engage in a discussion with the candidates around this piece of news. This topic will help you assess not only how informed your candidate is, but also his/her critical thinking skills.
Here is a list of questions that are relevant to demonetization:
1. What is black money?
Black money is income obtained through illegal means and not declared for tax purposes. Wealth that is unaccounted for is termed black money. Black money can exist in various forms, including cash, gold, real estate, etc.
2. What is the cash to GDP ratio of India?
The cash to GDP ratio in India is much higher as compared with other major economies, such as the US, UK and the EU. The cash to GDP ratio in India is estimated to be around 12-13%.
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3. What was the percentage of money circulation in terms of notes of 500 and 1000 before 8th November 2016?
As of 28 October 2016, the total banknotes in circulation in India was ₹17.77 lakh crore. In terms of value, the annual report of Reserve Bank of India (RBI) of 31 March 2016 stated that total bank notes in circulation valued to ₹16.42 lakh crore of which nearly 86% (around ₹14.18 lakh crore) was ₹500 and ₹1000 banknotes.
4. What are some of the other ways of reducing black money in an economy?
Apart from demonetization and encouraging a cashless economy, there are other ways to keep the means and sources of black money in check. Revisions in the taxation policy, making the filing of income tax returns easy for everyone, keeping a close check on tax offenders and defaulters, etc. can be some ways of keeping black money creation and circulation in check.
5. In what ways do you think this demonetization initiative will benefit the Indian economy?
The answer to this question depends on your understanding and assessment of the situation. To answer this question well, think outside of the ways in which you may or may not have been personally affected by this move. Take into consideration the various socio-economic sections in the country and how they have been affected and what sort of effect this is likely to have on the black money in the Indian economy.
Demonetization has affected all and sundry, and therefore it is imperative for you to have an informed and intelligent understanding of the same.
Facing a cash crunch? There are many ways to go cashless. You can make almost all your payments (from electricity bills, fuel, gas and insurance to groceries and shopping) through cashless means.
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