Demonetization: Impact on Indian Economy, With Special Reference To Banking Industry
Journal Title: IOSR journal of Business and Management - Year 2018, Vol 20, Issue 1
Abstract
Demonetization means scrapping a currency unit of its status as legal tender. Demonetization is always regarded as a brave economic decision taken by any government. On 8th November, 2016, the Prime Minister of India surprised one and all when he announced the economy cleansing process in the form of demonetization to achieve multiple and multifaceted objectives . This brave political and economic decision was a war against black money, terrorism and corruption. The impact of this move has been felt across sectors and states with different intensities and has affected all walks of life and the entire economy. At an aggregate level, this move has significantly impacted in eliminating the existing stock of black money, fake currency and will benefit the economy in the medium to long run. Demonetization if adversely impacted the GDP, Small business concerns, given hardships to general public in the short run but in the long run it will increase the tax revenues and will curb the parallel economy and will pave way for cashless economy. Demonetization decision has come up with big responsibilities and challenges for the bankers and the bankers have done a commendable job which is not less than a miracle.
Authors and Affiliations
Sofi Mohd Rafiq, Mir Javeed Iqbal
Keywords
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- EP ID EP409557
- DOI 10.9790/487X-2001070711.
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