Impact of Demonetization in India

Impact of Demonetization in India

M.Angel Jasmine Shirley

M.Angel Jasmine Shirley "Impact of Demonetization in India" Published in International Journal of Trend in Research and Development (IJTRD), ISSN: 2394-9333, Special Issue | NCIRD-17 , February 2017, URL:

On 8 November 2016 midnight, the Government of India announced the demonetisation of all 500 and 1,000 banknotes of the Mahatma Gandhi Series. The government claimed that the action would curtail the shadow economy and crack down on the use of illicit and counterfeit cash to fund illegal activity and terrorism. This scheme has a great impact on the businesses, common people, and financial institutions along with multi-diverse industrial background of India. Demonetization represents much more than destabilization; it has struck a body blow on the economic activity in India. While the proponents of demonetization may have had good intentions, the suffering it has caused to millions of Indians is unwarranted. Since Rs500 and Rs1000 notes make up some 86% of the total currency in circulation in India, especially in the vast rural areas, the pain to what individuals might experience if 86% of their blood was removed from their bodies. The poor were taken totally off guard and the banking infrastructure in the hinterland is rather limited. The tech class has poor exposure to critical social theory in order to understand the impact on the ground. There is an empathy deficit.

Demonetization, Cash Crisis, Cashless Society, Liquidity, Cash on delivery

Special Issue | NCIRD-17 , February 2017


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