Demonetization needs a Devil’s Advocate (original) (raw)
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Demonetization Conundrum: A Harbinger of Growth or the Ominous Sign of Looming Slowdown
After 8/11/2016, a profound effect of demonization is observed in the large section of Indian society. The effects of demonetization have been widespread, sweeping over the economic, social and political arena. It caused mixed reactions in the population, sheer excitement in the upper class, youth and cause of concern and anxiety in the common worker, and sense of fear in the black money hoarders. In the present article, authors attempted to critically analyses the social, economic and political effects of the scheme by considering various issues and challenges involved in the demonetization process. For this purpose, advantages and disadvantages of the program on several areas were discussed based on short-term and long-term effects. 1. INRODUCTION India has witnessed, recently, the biggest policy shift in the name of demonetization, in which currency notes of 500, 100 rupees were withdrawn from the economy, and currency notes of 2000 were introduced. Technically, the word 'dem...
Demonetization Strategy: Impact On The Indian Population
İlköğretim Online , 2021
The discussion post in favor of demonetization is that the cash that would be quenching “black money” should be lawfully put out to set right the perverse incentive arrangement in the economy. This article has attempted to assess the impact as well as consequences that occur during demonetization and how the tool of Demonetization can be used to exterminate parallel economy. Demonetization is one of the big steps initiated by the Government in addressing several issues like black money, fake currency, corruption, terrorism, etc. The history of demonetization in India and around the world is addressed. Lessons from historical demonetization direct us to redefine a country’s financial system by overpowering the previous causes of failure. Demonetization obliviously brings a lot of embarrassment to the ordinary population but it is for only the short term. However, the long-term benefits of demonetization override the short-term challenges.
Demonetization in India: An Evaluation
Asian Journal of Economics, Business and Accounting
The aim of this paper is to discuss the motives and after effects of demonetization decision taken by the Indian Government on November 10, 2016. In addition, it has tried to highlight the demonetization effects in some other countries. The opinions of economists, financial analysts and intellectuals have been highlighted on this paper based solely on published information collected from previous articles, newspapers and books related to the subject matter. The paper will hopefully come to the help of those academicians seeking to investigate more and the policy makers who want some academic references.
Demonetisation -Problems and the Way Forward
Demonetisation, announced by Hon. Prime Minister of India Sri. Narendra Modiji on November 8, 2016 was primarily aimed at eliminating black money and counterfeit notes in the economy. However, the way in which it has been implemented has caused severe hardships to the millions of people, across the socioeconomic circles. It has evoked mixed reactions among economists and politicians. Also, it is doubtful whether the existing framework is adequate for curbing black money that may arise in future. If not, the numerous difficulties suffered by the citizens of the country will be worthless. Because the famous Nobel laureate economist Mr. Paul Krugman said, 'the move might only force the corrupt to become more careful the future'. It is in this context, the paper looks at the demonetisation scenario in India, along with the way forward.
Dr. Bina Rai, 2017
One decision and every walk of life is deeply affected. Now life will never remain the same; the fake life, fake culture and fake currency is gone. It is affect the all shades of life. The black money plays an instrumental role in the lives of almost every section of the society in India. The black money occupies an indispensable position and it is extremely relevant at and every stage of life ranging from given gifts to all occasion or festivals, donation at school, transfer, postings in the services, bribery in recruitment, promotion, wedding of children, purchase of properties, jewelry, railway tickets, sanctioning of loans, tenders, filling of nominations, contesting elections etc. For a long term gain the short–term disruption and inconvenience and inevitable. It will pose a great challenge to our patience, resilience and character as well. This is history in making and we have to change our gears. In fact, changing of gears does not mean enhancing the speed. The gears can be change only brought by coordinated efforts at every level of management and participation.
The Great Indian Demonetization
Journal of Economic Perspectives, 2020
On November 8, 2016, India demonetized 86 percent of its currency in circulation. The stated objectives of the move were to seize undeclared income, to destroy counterfeit currency, to speed up formalization of the economy, and to increase the tax base. I find that the evidence over the subsequent three years suggests that the move had limited success in achieving its stated objectives. Disaggregated data suggests that demonetization did have appreciable costs in terms of lost jobs and output. However, the output costs appear to have been temporary.
Demonetization: Redefining Indian economy
International Journal of Commerce and Management Research, 2016
This article has made an attempt to assess how the tool of Demonetization can be used to eradicate parallel economy. Demonetization is one of the big steps initiated by Government in addressing the various issues like black money, counterfeit currency, corruption, terrorism etc. History of demonetization in India and around the world is addressed. Lesson from historically demonetization guides us how to redefine economy of country by overcoming the earlier causes for failure. Demonetization obliviously brings many inconveniences to common people but it is for only short term. However the long term benefits of demonetization overrides the short term challenges. Government initiatives like Income Declaration Scheme 2016, Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015, Joint Declaration of AEOI between India and Switzerland to address black money etc. in redefining Indian economy are to be appreciate and these initiatives leaves their footsteps as part of history.
Demonetization - Necessity and it's Impact on Indian Economy
"Demonetization-Necessity and it's Impact on Indian EconomyProf. Dr. Roshan S.PatelAssociate Professor,Department of Accountancy,Sheth C.D.Barfiwala College of Commerce, Surat. Email: roshan_sangita@yahoo.com Mob. No. : 9426124543Abstract: The Government has implemented a major change in the economy environment by demonetizing the high value of currency notes - of Rs. 500 and Rs. 1000. India has carried out demonetization earlier two times, i.e. first was on 12th January 1946 ( Saturday ) and second one was on 16th January,1978 ( Monday ) under Morarji Desai Government. This is the third time demonetization happen in India i.e. on 8th November,2016 ( Tuesday ). So like this in India demonetization has occurred three times. On this ground government announced that INR 500 and INR 1000 notes will cease to be legal tender effective immediately. People have been given a time up to 30th December, 2016 to exchange the notes which are held by them. The purpose of this study is to compare and analyze the impact of demonetization and their significance in the economic development of India by comparing with other countries. The demonetization move has been taken in view to club black money, corruption and issues like circulation of fake currency and terror funding. Here I am going to discuss the reasons of it as well as its necessity to implement in India. I would also like to focus on how the tool of demonetization can be used to eradicate parallel economy. This is one of the biggest steps initiated by government in addressing the various issues like black money, circulation of fake currency, corruption, terrorism etc.Key Words: Demonetization, Indian Economy, Black money, corruption.********* Prof.Dr. Roshan S. Patel""Demonetization - Necessity and it's Impact on Indian Economy"" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-1 | Issue-5 , August 2017, URL: http://www.ijtsrd.com/papers/ijtsrd2403.pdf Article URL: http://www.ijtsrd.com/management/accounting-and-finance/2403/demonetization---necessity-and-it's-impact-on-indian-economy/profdr-roshan-s-patel"
Demonetization’16: The after shocks
International journal of applied research, 2017
On the eve of November 8, 2016, Prime Minister of India Sh. Narendra Modi made an astonishing declaration that Rs. 500 and Rs. 1000 notes would stop to be a legitimate tender from November 9, 2016. This declaration sent shockwaves all through the nation and the economy at both the large scale and small scale levels. While some saw it as a stern stride to avert the essential fiendishness of black money, others felt it to be a relentless stride which could upset and wreck the development of the whole Indian economy. This paper endeavors to comprehend and understand the delayed repercussions of the Demonetization ship that left the docks in 2016.
Demonetization and Its Impact on Common People and the Economy
Global journal for research analysis, 2018
Demonetization of currency is a radical monetary step in which a currency units status as a legal tender is declared invalid. In November 2016, the government of India has taken a bold step to demonetize Rs. 500 and Rs. 1000 currency notes which are the two biggest denominated notes accounted for nearly 80 percent of the currency supply. In India demonetization move has been taken to unearth black money, to trace fake currency, to transform Indian economy into cashless economy, to control terror funding and so on. This decision taken by the government is for welfare of the nation, but so many questions comes in mind that, what will be the short term and long term impact of this decision on Indian economy? What is the impact of this decision on common people? Would the Indian economy be prosperous or would be poor and so on. Against this backdrop the present study is being proposed with following objectives – To study the impact of demonetization on common people. To study the positi...