Demonetization: A Case in Indian Perspective

Anindita Adhikary; Bedanta Bora

doi:doi:10.11648/j.ijebo.20170503.12

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Demonetization: A Case in Indian Perspective

Anindita Adhikary, Bedanta Bora

Published in International Journal of Economic Behavior and Organization (Volume 5, Issue 3)

Received: 13 August 2017 Published: 17 August 2017

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Abstract

November 8^th, 2016, the Government of India declared that the five hundred and one thousand rupee notes will no longer be legal tender effecting from midnight. The Reserve Bank of India (The Central Bank of the country) issued new five hundred rupee notes and two thousand rupee notes from 10^th November, 2016. This demonetization measure has been adopted in an effort to address the move against corruption, black money, terror financing and counterfeit cuurency. This move is expected to cleanse a formal economic system and improve the same. The demonetization has a significant impact on current state of the Indian economy. Thus, it is imperative to assess its short term and long term impacts. As such, in this study, an effort has been made to determine the impact of demonetization on the common men. The work is exploratory in nature and secondary data have been utilized for the purpose of analysis. The demonetization drive has affected the common public to some extent, but for larger interest of the country, such decisions were inevitable. Further, there are a few inherent benefits of this measure as well which will be reflected in long run.

Published in	International Journal of Economic Behavior and Organization (Volume 5, Issue 3)
DOI	10.11648/j.ijebo.20170503.12
Page(s)	80-86
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2017. Published by Science Publishing Group

Keywords

Demonetization, Money Supply, Electronic Currency, Formal Economic System

References

[1]	S. Balamurugan and B. K. Hemalatha, “Impacts on Demonetization: Organized and Unorganized Sector”, IOSR Journal of Humanities and Social Science, e-ISSN: 2279-0837, p-ISSN: 2279-0845, 2016, pp. 01-11.
[2]	K. Veerakumar, “A Study on People Impact on Demonetization”, International Journal of Interdisciplinary Research in Arts and Humanities, vol 2, issue 1, 2017, pp. 9-12.
[3]	Economic Survey 2016-17, “Demonetisation: To Deify or Demonize?”, Economic Division, Department of Economic Affairs, Ministry of Finance, Government of India, January, 2017, pp. 53-81.
[4]	“Withdrawal of Legal Tender Status for INR 500 and INR 1000 Notes: RBI Notice (Revised)”. Reserve Bank of India, 8 November 2016.
[5]	“Demonetisation: 5 Countries that tried Currency Reforms and Failed”, http://www.business-standard.com/article/economy-policy/demonetisation-5-times-countries-tried-currency-reforms-and-failed-116111 800271_1.html, November 18, 2016.
[6]	“The Biggest Demonetization Failures in the World”, http://www.speller step.com/latest/biggest-demonetiztio n-failures-world, December 20, 2016.
[7]	S. N. Ahamad, G. Shaikshavali, Y. Reshma andV. Sumalatha, “Demonetization: The Effect on Indian Economy”, Interntional Journal of Science Technology and Management, vol. 6, issue 01, January 2017, pp. 1008-1014.
[8]	R. P. Deodhar, “Black Money and Demonetisation”, November 14, 2016, SSRN: https://ssrn.com/ abstract= 2869172.
[9]	“Notes out of circulation", The Times of India, 8 November 2016.
[10]	“Demonetization and its impact”, Event Update, HDFC Bank Investment Advisory Group, November 11, 2016.
[11]	“Impact of demonetisation”, 15^th November, 2016, www.chase-india.com/Impact_of_demonetisation.pdf.
[12]	Tax Research Team, “Demonetisation: Impact on the Economy” No. 182, 14-Nov-2016, National Institute of Public Finance and Policy, New Delhi.
[13]	H. Singh, “Demonetization: Impacts on Indian Economy”, International Journal of Business Management and Scientific Research, vol. 26, February, 2017, pp. 45-54.
[14]	CMA Jai Bansal, “Impact of Demonetization on Indian Economy”, International Journal of Science Technology and Management, vol. 6, issue. 1, January 2017, pp. 598-605.
[15]	A. Chanda, “Notes (and anecdotes) on Demonetisation”, December 17, 2016, pp. 1-11, https://sites01.lsu.edu/faculty/achanda/wp-content/uploads /sites/136/2016/12/Notes-on-Demonetization.pdf.
[16]	“Economic Consequences of Demonetization of 500 and 1000 Rupee Notes”, Economics: Policy View, Economics Division of Credit Analysis &Research Limited [CARE Ratings], November 09, 2016.
[17]	http://www.business-standard.com/article/politics/demonetisation-an-organised-loot-and-legalised-plunder-says-manmohan-singh-116112400334_1.html.
[18]	Why Rs 500, Rs 1,000 notes' circulation surged in over 2 years, http://www.firstpost.com/india/chart-rs-500-rs-1000-notes-form-86-of-total-value-of-currency-in-circulation-3096964.html, Published Date: Nov 09, 2016.
[19]	Disrupting cash: Accelerating electronic payments in India, PricewaterhouseCoopers Private Limited (PwCPL), October, 2015.

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Anindita Adhikary, Bedanta Bora. (2017). Demonetization: A Case in Indian Perspective. International Journal of Economic Behavior and Organization, 5(3), 80-86. https://doi.org/10.11648/j.ijebo.20170503.12

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Anindita Adhikary; Bedanta Bora. Demonetization: A Case in Indian Perspective. Int. J. Econ. Behav. Organ. 2017, 5(3), 80-86. doi: 10.11648/j.ijebo.20170503.12

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AMA Style

Anindita Adhikary, Bedanta Bora. Demonetization: A Case in Indian Perspective. Int J Econ Behav Organ. 2017;5(3):80-86. doi: 10.11648/j.ijebo.20170503.12

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@article{10.11648/j.ijebo.20170503.12,
  author = {Anindita Adhikary and Bedanta Bora},
  title = {Demonetization: A Case in Indian Perspective},
  journal = {International Journal of Economic Behavior and Organization},
  volume = {5},
  number = {3},
  pages = {80-86},
  doi = {10.11648/j.ijebo.20170503.12},
  url = {https://doi.org/10.11648/j.ijebo.20170503.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijebo.20170503.12},
  abstract = {November 8th, 2016, the Government of India declared that the five hundred and one thousand rupee notes will no longer be legal tender effecting from midnight. The Reserve Bank of India (The Central Bank of the country) issued new five hundred rupee notes and two thousand rupee notes from 10th November, 2016. This demonetization measure has been adopted in an effort to address the move against corruption, black money, terror financing and counterfeit cuurency. This move is expected to cleanse a formal economic system and improve the same. The demonetization has a significant impact on current state of the Indian economy. Thus, it is imperative to assess its short term and long term impacts. As such, in this study, an effort has been made to determine the impact of demonetization on the common men. The work is exploratory in nature and secondary data have been utilized for the purpose of analysis. The demonetization drive has affected the common public to some extent, but for larger interest of the country, such decisions were inevitable. Further, there are a few inherent benefits of this measure as well which will be reflected in long run.},
 year = {2017}
}

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TY - JOUR
T1 - Demonetization: A Case in Indian Perspective
AU - Anindita Adhikary
AU - Bedanta Bora
Y1 - 2017/08/17
PY - 2017
N1 - https://doi.org/10.11648/j.ijebo.20170503.12
DO - 10.11648/j.ijebo.20170503.12
T2 - International Journal of Economic Behavior and Organization
JF - International Journal of Economic Behavior and Organization
JO - International Journal of Economic Behavior and Organization
SP - 80
EP - 86
PB - Science Publishing Group
SN - 2328-7616
UR - https://doi.org/10.11648/j.ijebo.20170503.12
AB - November 8th, 2016, the Government of India declared that the five hundred and one thousand rupee notes will no longer be legal tender effecting from midnight. The Reserve Bank of India (The Central Bank of the country) issued new five hundred rupee notes and two thousand rupee notes from 10th November, 2016. This demonetization measure has been adopted in an effort to address the move against corruption, black money, terror financing and counterfeit cuurency. This move is expected to cleanse a formal economic system and improve the same. The demonetization has a significant impact on current state of the Indian economy. Thus, it is imperative to assess its short term and long term impacts. As such, in this study, an effort has been made to determine the impact of demonetization on the common men. The work is exploratory in nature and secondary data have been utilized for the purpose of analysis. The demonetization drive has affected the common public to some extent, but for larger interest of the country, such decisions were inevitable. Further, there are a few inherent benefits of this measure as well which will be reflected in long run.
VL - 5
IS - 3
ER -

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Author Information

Anindita Adhikary

Department of Management Studies, Sikkim Manipal Institute of Technology, Sikkim, India
Bedanta Bora

Department of Management Studies, Sikkim Manipal Institute of Technology, Sikkim, India

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APA Style

Anindita Adhikary, Bedanta Bora. (2017). Demonetization: A Case in Indian Perspective. International Journal of Economic Behavior and Organization, 5(3), 80-86. https://doi.org/10.11648/j.ijebo.20170503.12

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ACS Style

Anindita Adhikary; Bedanta Bora. Demonetization: A Case in Indian Perspective. Int. J. Econ. Behav. Organ. 2017, 5(3), 80-86. doi: 10.11648/j.ijebo.20170503.12

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AMA Style

Anindita Adhikary, Bedanta Bora. Demonetization: A Case in Indian Perspective. Int J Econ Behav Organ. 2017;5(3):80-86. doi: 10.11648/j.ijebo.20170503.12

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@article{10.11648/j.ijebo.20170503.12,
  author = {Anindita Adhikary and Bedanta Bora},
  title = {Demonetization: A Case in Indian Perspective},
  journal = {International Journal of Economic Behavior and Organization},
  volume = {5},
  number = {3},
  pages = {80-86},
  doi = {10.11648/j.ijebo.20170503.12},
  url = {https://doi.org/10.11648/j.ijebo.20170503.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijebo.20170503.12},
  abstract = {November 8th, 2016, the Government of India declared that the five hundred and one thousand rupee notes will no longer be legal tender effecting from midnight. The Reserve Bank of India (The Central Bank of the country) issued new five hundred rupee notes and two thousand rupee notes from 10th November, 2016. This demonetization measure has been adopted in an effort to address the move against corruption, black money, terror financing and counterfeit cuurency. This move is expected to cleanse a formal economic system and improve the same. The demonetization has a significant impact on current state of the Indian economy. Thus, it is imperative to assess its short term and long term impacts. As such, in this study, an effort has been made to determine the impact of demonetization on the common men. The work is exploratory in nature and secondary data have been utilized for the purpose of analysis. The demonetization drive has affected the common public to some extent, but for larger interest of the country, such decisions were inevitable. Further, there are a few inherent benefits of this measure as well which will be reflected in long run.},
 year = {2017}
}

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