What is Children Bank of India
Children Bank of India is a fun way to fool people with its nearly identical fake notes that are sold in small shops for just one penny a note. Many of us grew up using these notes given along with the Churan sold in stores. The Children Bank of India printed notes can be purchased online as well as offline.
Certainly, after the demonetisation, the Children Bank of India notes had become fun for many childrens and grownup adults. As the new notes were just released in the market and people were not completely familiar with the notes they could be easily fooled by these fake notes.
Similar stories from across the country were reported and people were amused reading and listening to those stories and many got depressed due to the fake notes of Children Bank of India as well.
The bizarre but real stories of these fake notes withdrawn in the ATMs across the country proved that the bankers were also fooled by Children Bank of India.
After investigation, it is found that the labels on the notes clearly mentioned Children Bank of India on them. Many journalists criticized the notes but the fun continued and because of the fake notes, people became aware and started reading the labels and other identifications on original notes.
The Indian government announced the demonetisation of all 500 and 1,000 banknotes on November 8, 2016. In compensation for the demonetised banknotes, it also announced the printing of fresh 500 and 2,000 banknotes.
Prime Minister Narendra Modi claimed that the action would reduce the use of illicit and counterfeit cash to fund illegal activity and terrorism by reducing the shadow economy, increasing cashless transactions, and reducing the use of illicit and counterfeit cash to fund illegal activity and terrorism.
Following the announcement of demonetisation, there were extended cash shortages in the weeks that followed, causing severe economic disruption. According to a 2018 report from the Reserve Bank of India, around 99.3 per cent of the demonetised banknotes were deposited with the banking system, resulting in analysts claiming that the attempt failed to eliminate illicit money from the economy. The BSE, SENSEX and NIFTY 50 stock indices both dropped more than 6% the day after the news was released.
The country’s industrial production and GDP growth rate were both reduced as a result of the shift. A total of 1.5 million jobs were eliminated, according to estimates. In addition, there was a huge surge in digital and cashless transactions across the country as a result of the change.
However, the Children Bank of India helped people to reduce their stress and it created awareness to many of those who were fooled at first hand.