DEMONETISATION ; AN ANALYSIS OF ITS LONG TERM IMPACT ON INDIAN ECONOMY
Journal Title: GJRA-Global Journal For Research Analysis - Year 2018, Vol 7, Issue 7
Abstract
On November2016,Indian government had taken a bold decision to demonetize it’s high denomination currency of RS.500 and Rs.1000 notes. These high denomination currency notes were replaced with new currency note of Rs.500 and Rs.2000 .This bold decision was taken for the betterment of Indian economy.The major objective behind such bold decision were to curb black money , check terror funding , monitoring fake currency supply , increase taxpayers base, achieve financial inclusion ,move towards digitalisation etc. After the passage of more than a year ,the long term impact of demonetization have been clearly visible to all of us. According to latest report of RBI ,lakh of fradulent transaction are under investigation, around 3lakh shell companies have been discovered and around 2.1 lakh companies were deregistered due to irregularities. Around 1150 companies involved in money laundering have been caught and around 13,300 crore has been recovered.The major impact of demonetization Can be seen in field of digitalisation ,there is an unexpected growth of digital payment , taxpayers base rises unexpectedly, GDP growth also come back on track. This paper focused towards analysing long term impact of demonetization on Indian economy after the passage of more than a year
Authors and Affiliations
Jyoti Yadav
Keywords
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