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After Effect of Demonetization on Indian Economy


Affiliations
1 PES Modern College of Engineering MCOE, India
2 PES Modern Institute of Business Management, Shivajinagar MIBM, Pune, India
 

Demonetization meaning is withdrawal of a any currency from circulation or Demonetization in very simple terms means that the currency is no longer legal in the country and it is only a piece of paper with no use. On 8th of November 2016 Indian prime minister announced that the notes of Rs 500 and Rs1000 will not be legal to use from midnight. And that Reserve Bank of India is withdrawing the old currency of Rs 500 and Rs 1000 notes and issuing new note of 500 and a 2000 Rs note which will be in circulation from date 10th November 2016. The decision has taken with the expectation to clean the economic system. The objective was to chase black money and fake currency, to remove corruption, to stop terror funding, to encourage country towards cashless economy. This study is attempted to study the impact of demonetization on the Indian financial market. This study is purely based on secondary data. The data has been collected from the different sources like research papers, published sources like journals reports, newspapers, magazines, and websites.

Keywords

Demonetization, Financial Sector, Indian Economy.
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  • After Effect of Demonetization on Indian Economy

Abstract Views: 228  |  PDF Views: 3

Authors

Vinita Choudhary
PES Modern College of Engineering MCOE, India
Vijayalakshmi Srinivas
PES Modern Institute of Business Management, Shivajinagar MIBM, Pune, India

Abstract


Demonetization meaning is withdrawal of a any currency from circulation or Demonetization in very simple terms means that the currency is no longer legal in the country and it is only a piece of paper with no use. On 8th of November 2016 Indian prime minister announced that the notes of Rs 500 and Rs1000 will not be legal to use from midnight. And that Reserve Bank of India is withdrawing the old currency of Rs 500 and Rs 1000 notes and issuing new note of 500 and a 2000 Rs note which will be in circulation from date 10th November 2016. The decision has taken with the expectation to clean the economic system. The objective was to chase black money and fake currency, to remove corruption, to stop terror funding, to encourage country towards cashless economy. This study is attempted to study the impact of demonetization on the Indian financial market. This study is purely based on secondary data. The data has been collected from the different sources like research papers, published sources like journals reports, newspapers, magazines, and websites.

Keywords


Demonetization, Financial Sector, Indian Economy.

References