Demonetization in India-A study of intent, agenda, and impact on indian economy

Abstract

Demonetization of five hundred and one thousand rupees notes in India came as a sudden and rude shock to over a billion population of India when in an unscheduled live telecast on 8th November 2016 at 8, the Prime Minister of India Shri Narendra Modi announced that from mid night of that day five hundred and one thousand rupees Indian notes would not remain legal tender anymore and gave only three days for their acceptability only at emergency services like hospitals, Airports etc. Since then a lot has been said by many experts, critics and by people who hailed this exercise as a great step towards bringing transparency in financial system. As each coin has two sides, similarly demonetization has also both positive and negative aspects.