DEMONETIZATION AND ITS IMPACT ON THE INDIAN ECONOMY
Journal Title: International Journal of Research in Social Sciences - Year 2017, Vol 7, Issue 11
Abstract
Demonetization can be assumed as a “Surgical Strike” on unaccounted Money, Terrorism, Fake Currency, Unorganized trading, Real Estate, Share market. On the other hand Demonetization is a device to encounter the Inflation, Corruption and Crime, depress a cash dependent economy and to assist the trade. Demonetization is the mainly central and essential when there is an alteration of national currency. The previous component of currency must be distant and substituted with a new currency component. If we are talking regarding the Indian industry on a broader way it can be categories in three sectors like Primary sector, Secondary sector and Tertiary sector. After the Process of demonetization only the Primary sector shows some encouraging development and if we are talking about the Secondary and Tertiary sector both were smashed down and it will affects the whole Indian Market. The currency was demonetized for the first time in 1946 and second time in 1978. The prevalent beneficiaries of demonetization are Banks. Demonetization was announced by Honorable Prime Minister of India on 8, November 2016; the government of India has taken a gallant step to demonetize the 500 and 1000 Rs (fully ban). These two biggest currency notes are denominated as accounted 80 per cent of the currency supply. These currency notes have inclined all almost all the corners of the economy.
Authors and Affiliations
Javid Ahmad Shawl
Keywords
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