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Why Demonetization can be a big learning tool

Wednesday, January 24, 2018
By Lina Ashar

Learning is a lifelong process and we can learn from our environment and everyday events. Teaching children to use practical examples helps create a deeper understanding of the subject and it leaves a lasting impression. One such example that can be used is that of Demonetization.

8th November 2016 was when the Prime Minister of India announced that Rs. 500 and Rs. 1000 notes will not be valid from midnight onwards. In economic terms it is known as Demonetization.

Let us start with the definition of Demonetization: Demonetization is the act of stripping a currency unit of its status as legal tender. Demonetization is necessary whenever there is a change of national currency. The old unit of currency must be retired and replaced with a new currency unit.

There are various ways, in which Demonetization can be explained, some of the effective methods are:

PS: All the activities can be done individually or in groups

Using the 6 thinking hats method:
Six Thinking Hats is a simple, effective parallel thinking process that helps people be more productive, focused, and mindfully involved. A powerful tool set, which once learned can be applied immediately!

  • White hat (Facts) – Make children gather all the various facts of demonetization?
  • Black hat (Judgement) – Spot the difficulties and dangers; where things might go wrong.
  • Yellow Hat (positives) – Explore the positives and probe for value and benefit.
  • Red Hat (feelings and emotions) – Feelings experienced due to demonetization? Express emotions and feelings and share fears, likes, dislikes, loves, and hates.
  • Green Hat (creativity) – The possibilities, alternatives, and new ideas. It's an opportunity to express new concepts and new perception
  • Blue hat (manage the thinking process) – analyse the impact after looking at all perspectives in detail

Using the Imaginative Re-Creation method:
Distribute handouts and web links on demonetization to research from and then delegate the task(s).

  • Pick two students engaged in a dialogue on demonetization – Let them define, describe and state the impact of Demonetization on the economy. Students can also evaluate and finally conclude their views on the same.
  • Dramatize an incident on demonetization
  • Changing a newspaper report on demonetization into a short story or a short story into a television news item – a report
  • Composing a song and writing lyrics or a poem on demonetization.
  • Preparing an Audio Visual presentation or an advertisement with tag lines on the same.
  • Preparing a graphic organiser on demonetization
  • Design a cover that captures the main ideas of demonetization
  • Write a diary entry after the announcement on demonetization
  • Write a letter from one person to another reflecting about demonetization

Using the Cubing method:
Cubing is a method of instruction that allows teachers to provide six concepts or ideas to students in a simple way. Cubing is a great tool for providing differentiated instruction.

  • Describe it: (What does it look like, sound like, feel like?) Define demonetization in your own words?
  • Compare and Contrast it: (What is it like? How is it like that other thing or concept? How is it different?) Research if a similar situation has been undertaken by any country of the world. Draw a Venn diagram stating its similarities & differences.
  • Analyze it: (How is it put together?) What are the features of demonetization? Research on various you tube links
  • Apply it: (What is it used for? What other uses other than its intended purpose is it good for?) What are the uses of demonetization?
  • Associate it: (What does it remind you of? What memories do you have attached to this person, place, thing, or concept?) When you think of Demonetization what does it remind you of?
  • Argue for or against it: (Take a stand. Should it be banned? Should everyone be required to have one? Why or why not?) What are your views on Demonetization?

Using the Scamper method:
The SCAMPER technique aims to provide seven different thinking approaches to find innovative ideas and solutions.

  • Substitute – (The substitute technique tends to provide alternative solutions for decision makers to evaluate different solutions in order to reach the final action.) What part in the process can be replaced with better alternatives in order to get rid of black money? Can we replace the process with a simpler one?
  • Combine – (The combine technique tends to analyze the possibility of merging two ideas, stages of the process or product in one single more efficient output.) Other than demonetization, can we think of another idea that would rid the country of black money? Can we merge two steps of the process? Research on how other countries have tackled the issue of Black money and what can be applied to us?
  • Adapt – (Adapt refers to a brainstorming discussion that aims to adjust or tweak product or service for a better output.) How can we improve the existing process of demonetization?  Conduct a survey with your neighbours/family/relatives /friends and ask them for realistic solutions?
  • Modify, minify or magnify – (The modify technique refers to changing the process in a way that unleashes more innovative capabilities or solves problems.) What if demonetization stated that only 1000’s would cease to be legal tender?  What do you think the impact would be?  Will modifying the process have an impact?
  • Put to another use – (This technique concerns how to put the current product or process in another purpose or how to use the existing product to solve problems.) Yes everyone is talking about demonetization. Black money being one issue that is being addressed. What are the other benefits of demonetization/ what other problems will be eradicated?
  • Eliminate or elaborate – (As the name implies, this technique aims to identify the parts of the process that can be eliminated to improve the process product or service.) What would happen if there was no demonetization?
  • Reverse – (Finally, the reverse or rearrange technique aims to explore the innovative potential when changing the order of the process in the production line.) What would happen if we reverse the process of demonetization? What if 100’s and lower denominations cease to be legal tender? What would the impact be?    

Using the mentioned methods makes it easier to link learning processes along with real-life scenarios, something that is necessary to inculcate from a tender age.

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