Effects of Demonetization in India
| International Journal of Economics and Management Studies |
| © 2017 by SSRG - IJEMS Journal |
| Volume 4 Issue 3 |
| Year of Publication : 2017 |
| Authors : Ms.Asra Fatima |
10.14445/23939125/IJEMS-V4I3P111
How to Cite?
Ms.Asra Fatima, "Effects of Demonetization in India," SSRG International Journal of Economics and Management Studies, vol. 4, no. 3, pp. 51-54, 2017. Crossref, https://doi.org/10.14445/23939125/IJEMS-V4I3P111
Abstract:
Demonetization is a generation’s memorable experienced and it has been one of the economic events of our times. It had a greater significant and immediate impact is effected on every citizen. It refers to withdrawal of a particular form of currency from circulation. It is necessary whenever there is a change of national currency. The old unit of a currency must be removed and substituted with a new currency unit. This is a bold step taken by government for betterment of economy of a country. The Indian government has implemented a drastic change in the economic environment by demonetizing the high value of currency note. It is the act of stripping a currency unit of its status as a legal tender is declared invalid due to change in national currency . According to RBI’s (Reserve Bank of India) Annual Report for April 2015 to March 2016, these two notes combined to form 86.4% of the total value of the currency at the end of March 2016, which came to 16.42 trillion Indian rupees. With one stroke, the government removed 86.4% of the currency in circulation by value. In terms of volume, the currency notes of these two denominations formed 24.4% of a total 90.27 billion pieces.
Keywords:
This is a bold step taken by government for betterment of economy of a country.
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