Impact on Individual Economy Rs. 500 and 1000 Note Demonetization

Impact on Individual Economy Rs. 500 and 1000 Note Demonetization

S.AnandaNatarajan, J.Shapna

S.AnandaNatarajan, J.Shapna "Impact on Individual Economy Rs. 500 and 1000 Note Demonetization" Published in International Journal of Trend in Research and Development (IJTRD), ISSN: 2394-9333, Special Issue | NCIRD-17 , February 2017, URL:

“It was like someone had picked my pocket,” says Prashuram, a 52-year-old casual laborer in the Indian capital New Delhi, recalling the evening of Nov. 8.The day had begun well. The onset of north India’s traditional wedding season had brought a steady stream of work for Prashuram and his 33-year-old friend Hari. Migrants from nearby Indian states, the two spent the day working a series of odd jobs for a busy wedding caterer. For a dawn to dusk stint, they pocketed 500 rupees (about $7.5) each. That is typical in India’s vast informal economy, which employs more than 90% of the country’s workforce. Agreements here are verbal, the pay very often in cash and workers tend to have few, if any, guarantees or benefits. They also earn less than their compatriots in what is called the formal sector, where salaries are taxed, the work more regular and the average pay is more than twenty times higher.Prashuram and Hari were each paid in a 500 rupee note. “It was always 500 or maybe a 1,000 rupee note for two days work,” says Prashuram.


Special Issue | NCIRD-17 , February 2017


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