Pros and Cons of Demonetization as a Major Economic Leap Forward

Shaktiraj Bhavsar ()
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Shaktiraj Bhavsar: Pandit Deendayal Petroleum University, Gujarat, India

No 9, Working papers Human Development – A Multidisciplinary Research, November 6-7, 2017 from Research Association for Interdisciplinary Studies

Abstract: Marking half of his elected term as India’s Prime Minister, Narendra Modi, announced the Policy of Demonetization. Primarily aimed at eradicating black money, this policy caught the nation off-guard, resulting in financial chaos. The old unit of currency and its highest denominations that were the notes of rupees 500 and 1000 were demonetized and pulled out of the total cash flow in the country. These two denominations constituted 86% of the domestic cash supply. The objective of this paper to systematically analyze the consequences of this bold and unexpected policy through the secondary data. This policy change was strategically placed to block financial funding to terrorist organizations at the Kashmir border.

Keywords: Policy; Demonetization; Economy; Government (search for similar items in EconPapers)
Pages: 11 pages
Date: 2017
New Economics Papers: this item is included in nep-mon and nep-pay
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Published in Conference proceedings Human Development – A Multidisciplinary Research, November 6-7, 2017, pages 95-105

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Persistent link: https://EconPapers.repec.org/RePEc:smo:npaper:009

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