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Current Trends in Science and Technology

an Open Access Publication ISSN: 0976-9730 | 0976-9498

Management and Economics

Demonetization and its Impacts on Indian Economy

Ishfaq Ahmad Bhat
Bhatishfaq21@gmail.com Urichersoo Pulwama, 192301, Jammu and Kashmir M.A, M.PHIL, JKSET Economics, Presently Pursuing B.ED
Online First: March 16, 2018
| Google Scholar

Abstract

Demonetization is the process of withdrawal of a particular form of currency from circulation. Demonetization becomes necessary whenever there is a change in the national currency. The old unit of currency must be retrieved and replaced with a new currency unit. It involves either introducing new notes or coins of the same denomination or completely replacing the old denominations with the new denomination which is usually carried out as an ambush on the black market. In India demonetization has occurred thrice. The first was on 12th January 1946 (Saturday), second on 16th January 1978 (Monday) and the third was on 8th November 2016 (Tuesday). The purpose of this study is to analyze the impact of demonetizations in the economic development of India.

Keyword : ATM, Denominations, Human trafficking, Black money, Transactions.

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Mar 17, 2018
Published
Mar 16, 2018
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References

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References

1. "Withdrawal of Legal Tender Status for 500 and 1000 Notes: RBI Notice (Revised)". Reserve Bank of India. 8 November 2016. Retrieved 8 November 2016.
2. "Here is what PM Modi said about the new Rs 500, Rs 2000 notes and black money". India Today. 8 November 2016. Retrieved 9 November 2016.
3. "Notes out of circulation". The Times of India. 8 November 2016.
4. Saikia, Bijoy Sankar (18 Nov 2016). "Demonetisation may drag India behind China in GDP growth, rob fastest-growing economy tag". The Economic Times. Retrieved 2017-01-05.
5. "The dire consequences of India's demonetisation initiative". The Economist. 3 Dec 2016. Retrieved 2017-01-05.
6. "Demonetization Announcement Anniversary 2017 | Onmanorama". OnManorama. Retrieved 2017-11-07.
7. Bhatt, Abhinav (8 November 2016). "Watch PM Modi's Entire Speech on Discontinuing 500, 1000 Rupee Notes". NDTV India. Retrieved 8 November 2016.
8. "Demonetisation of Rs. 500 and Rs. 1000 notes: RBI explains". The Hindu. 8 November 2016. Retrieved 10 November 2016.
9. "Sensex crashes 1,689 points on black money crackdown, U.S. election". The Hindu. Retrieved 9 November 2016.
10. "India demonetisation: Chaos as ATMs run dry". Al Jazeera. Retrieved 9 November 2016.
11. "Demonetisation: Chaos grows, queues get longer at banks, ATMs on weekend". 12 November 2016.
12. "100 days of demonetisation: Stories of hardship".
13. "India: Demonetisation takes its toll on the poor". Al Jazeera. 16 November 2016. Retrieved 17 November 2016.
14. "Demonetisation Death Toll Rises To 25 And It's Only Been 6 Days". huffingtonpost. Retrieved 15 November 2016.
15. "Demonetisation debate in Parliament: Disaster, says Chidambaram; high cash economy corrupt, counters Jaitley : India, News - India Today". Indiatoday.intoday.in. 2017-02-09. Retrieved 2017-06-26.
16. "Demonetisation: Opposition calls for countrywide protest on November 28". The Indian Express. Retrieved 23 November 2016.
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35. "State Bank of India says it has received deposits worth Rs 53,000 crore". 11 November 2016.
36. "Demonetisation drive windfall for banks, coffers richer by Rs 2.2 lakh cr already". 12 November 2016.
37. Saha, Manojit; Rukhaiyar, Ashish (13 November 2016). "Micro lending badly hit; surge in use of cards". The Hindu.
38. "Pradhan Mantri Garib Kalyan Yojana: Post 'last chance' IDS, comes a new declaration scheme". The Indian Express. 29 November 2016. Retrieved 29 November 2016.
39. "Exclusive: Bank accounts for sale in West Bengals Malda!".
40. "Life has come to standstill in India's counterfeit capital". The Economic Times.
41. "India currency note ban sparks 'dramatic fall' in sex trafficking"
42. "Rs 500, Rs 1,000 ban: Move to curb black money will break back of traffickers, says Kailash Satyarthi".
43. "Rs 2,000 notes too being pushed into human trafficking: Kailash Satyarthi". Retrieved 15 January 2017
44. "Railways gives green light to go cashless", The Economic Times, 2 December 2016
45. "Railmin awards contract of installing 10,000 POS machines to SBI".
46. "Queues get longer at banks, ATMs on weekend". The Hindu. 12 November 2016.
47. "Demonetisation: Sporadic violence in Delhi, cops receive 4.5K calls". New Indian Express.
48. "Unrest erupts in UP towns as cashless crowds vent ire on bank staff – Times of India". Retrieved 24 November 2016.
49. "In western UP, violence marks day 13 of demonetisation – Times of India". Retrieved 24 November 2016.
50. "Demonetisation effect: ATM vandalism on rise". 18 November 2016. Retrieved 24 November 2016.
51. "Demonetisation: Angry customers break bank's glass door in Kollam". The Indian Express. 12 November 2016.
52. Reporter, Staff (13 November 2016). "No cash: 'frustrated' man smashes ATM glass wall". The Hindu.
53. "Hid in Washroom For an Hour: Official After Attack at IDBI Bank".
54. "Villagers loot fair price shop after dealer refuses scrapped banknotes". Hindustan Times. 12 November 2016.
55. "Nerves snap in long cash wait, shop looted".
56. "Villagers looted ration shops in Madhya Pradesh after the shop owner refused to accept old notes".
57. "Demonetisation Fallout: Cashless Villagers Loot PDS Shop in MP's Chhatarpur Village". 12 November 2016.
58. The Hindu Panic following withdrawal of notes has largely faded – PNB CMD (Accessed on 20 November 2016)
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60. "Demonetisation: Month later, long queues still outside banks and ATMs in Mumbai".
61. "Demonetisation pain returns: One-fourth of ATMs across India running dry again". 7 February 2017.
62. "As ATMs dry up, bankers say normalcy will return soon". The Indian Express. Retrieved 2017-04-25.
63. "Cash in short supply, note crunch returns - The Economic Times". Economictimes.indiatimes.com. 2017-04-05. Retrieved 2017-04-25.
64. "ATMs run out of cash in many areas". The Hindu. 2017-04-19. Retrieved 2017-04-25.
65. "No cash in ATMs again? This survey says Hyderabad, Pune worst affected : India, News - India Today". Indiatoday.intoday.in. 2017-04-13. Retrieved 2017-04-25.
66. "Sensex sinks 514pts, Midcap down 4% on demonetisation & earnings". moneycontrol.com. Retrieved 16 November 2016
67. "How Demonetisation Has Affected India's Agricultural And Food Markets". Huffington Post India. Retrieved 2016-11-24.
68. "Demonetisation: Farmers fear loss of crops and income after currency ban". Firstpost. 2016-11-18. Retrieved 2016-11-24.
69. "Demonetisation: Farmers protest in Muzaffarnagar over cash shortage". Press Trust of India. 2016-11-22.
70. "Demonetisation: At Gujarat protests, farmers dump milk, vegetables on road". The Indian Express. 2016-11-20. Retrieved 2016-11-24.
71. "Farmers in Amritsar stage protest against demonetisation, burn PM Modi's effigy". Hindustan Times. 2016-11-19.
72. "Demonetisation: Gujarat farmers warn of stopping milk supply; demand note-exchange at co-op banks". Firstpost. 2016-11-19. Retrieved 2016-11-24.
73. "Farmers forced to dump their produce as note ban turns bumper crop worthless". Hindustan Times. 26 December 2016. Retrieved 15 January 2017.
74. "Oh-nion: Farmers in crisis dump produce in markets instead of selling at 50 paise a kilo". India Today. Retrieved 15 January 2017.
75. Sanjoy Dey (13 January 2017). "At 50p a kg, farmers in Jharkhand prefer dumping tomatoes to selling". Hindustan Times.
76. "MP: After onions, tomatoes for ₹1/kg, farmers dump produce on streets". Hindustan Times. 5 January 2017.
77. Reddy, R. Ravikanth. "Upset over price slump, farmer dumps lorry load of tomatoes". Retrieved 15 January 2017.
78. Correspondent, Special. "Angry onion farmers dump produce on road". Retrieved 15 January 2017.
79. "Glut forces Deesa farmers to bury potatoes".
80. "Farmers in Surat dump produce".
81. "Demonetisation protest: Farmers throw vegetables on road". 7 January 2017. Retrieved 15 January 2017.
82. "Demonetisation: At Gujarat protests, farmers dump milk, vegetables on road". 20 November 2016. Retrieved 15 January 2017.
83. Heller, Nathan. "India Takes a Big Step Back from Cash". The New Yorker.
84. Dwivedi, Yogesh. "India taking a step on the road to cashless economy". The Conversation.
85. Wade, Shepard. "A Cashless Future Is The Real Goal Of India's Demonetization Move". Forbes.
86. "Modi launches schemes to boost cashless economy: Full text of 2016's final Mann Ki Baat". First Post.
87. "Demonetisation effect: more and more people are going for digital payment". Economic Times.
88. "Demonetisation gets 'acche din' for swipe-machine makers", The Economic Times, 15 November 2016
89. "To stay afloat, Coimabtore traders seek card swipe machines", The Times of India, 20 November 2016
90. "demonetization-has-spurred-e-wallet-adoption-but-how-secure-are-these-digital-transaction-apps". India Times.
91. "Flipkart, Snapdeal, Shopclues say demonetisation good for e-commerce industry". Techcircle.in – India startups, internet, mobile, e-commerce, software, online businesses, technology, venture capital, angel, seed funding. 2016-11-17. Retrieved 2016-11-18.
92. "People can now bank with thumb using BHIM app". Indian Express.
93. "With Tez, Google joins post-note ban mobile payments race". The Hindu.
94. "Google's Tez will take India closer to digital transformation". Hindustan Times.
95. Wilson, James. "Unified Payment Interface (UPI) transactions made a giant leapfrog". The Wire.
96. "After demonetisation: As cash comes in, digital deals show sharp dip". The Indian Express. 2017-03-04. Retrieved 2017-06-26.
97. "Digital Payment: Digital transactions go down with more cash coming into the system - The Economic Times". Economictimes.indiatimes.com. 2017-04-03. Retrieved 2017-06-26.
98. https://timesofindia.indiatimes.com/trend-tracking/digital-transactions-declining-since-march/articleshow/59682112.cms
99. "Demonetisation effect: GDP growth slows down to 6.1% in March quarter". Businesstoday.in. 2017-06-01. Retrieved 2017-06-26.
100. "Demonetisation impact: GDP dips sharply in Jan-Mar to 6.1%; lndia loses fastest growing tag". Firstpost.com. Retrieved 2017-06-26.
101. "Demonetisation brings GDP down to 6.1 per cent: Top economists stand vindicated". In.news.yahoo.com. 2017-06-01. Retrieved 2017-06-26.
102. http://www.hindustantimes.com/business-news/economic-growth-slows-to-5-7-in-april-june-as-demonetisation-pain-lingers/story-yzvW9XdOUuzfWoWv5B5QTL.html
103. http://www.business-standard.com/article/economy-policy/india-paid-hefty-price-for-note-ban-5-7-gdp-growth-worrying-kaushik-basu-117090100584_1.html
104. http://www.firstpost.com/business/gdp-at-5-7-narendra-modis-demonetisation-hits-economy-hard-manmohan-singh-has-the-last-laugh-in-growth-debate-3996525.html
105. http://www.huffingtonpost.in/2017/08/31/it-turns-out-manmohan-singh-was-prophetic-in-his-growth-prediction-after-demonetisation_a_23193098/
106. http://economictimes.indiatimes.com/news/economy/indicators/economics-of-note-ban-is-f • "Number of income tax returns filed goes up 24.7%". 7 Aug 2017.
107. "Demonetisation impact: Nearly 25 per cent increase in Income Tax Returns filing in current fiscal year, says CBDT". 7 Aug 2017.
108. "Demonetisation impact: Greater Hyderabad Municipal Corporation collects over Rs 160 crore in just four days". india.com. 15 November 2016.ormer-pm-manmohan-singh-laughing-at-pm-modi/articleshow/60324758.cms
109. "Demonetisation Impact, Over 13,000 Crores Collected In November".
110. "Higher tax collection show no impact of note ban: Jaitley". 9 January 2017.
111. "RBI dividend halves to Rs 30,659 cr: Demonetisation hero turns out to be villain for Narendra Modi govt". 11 August 2017. Retrieved 31 August 2017.
112. "Script gone wrong: RBI takes demonetisation hit and government gets a cut". 11 August 2017. Retrieved 31 August 2017.
113. "Half dividend, full fallacy: RBI implies Modi & Urjit Patel got demonetisation wrong". Retrieved 31 August 2017.
114. "Gold price recovers on renewed demand". Hindustan Times. 10 November 2016. Retrieved 10 November 2016.
115. Langa, Mahesh (9 November 2016). "Scramble for gold in Gujarat after demonetisation". The Hindu. Retrieved 9 November 2016.
116. Pandey, Devesh. "Two Axis Bank managers held in Delhi for laundering Rs. 40 cr".
117. "ED registers case against fake account holders in Axis Bank's Noida branch - Latest News & Updates at Daily News & Analysis". 17 December 2016.
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