International Research Journal of Commerce , Arts and Science

 ( Online- ISSN 2319 - 9202 )     New DOI : 10.32804/CASIRJ

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A STUDY OF DEMONETIZATION IN INDIAN CONTEXT AND ITS IMPACT ON INDIAN ECONOMY.

    1 Author(s):  VAIBHAV SHAHAJI PATIL . DR. PRADIPKUMAR SINHA . DR. PARAG NARKHEDE

Vol -  7, Issue- 11 ,         Page(s) : 41 - 50  (2016 ) DOI : https://doi.org/10.32804/CASIRJ

Abstract

Demonetization of currency means discontinuity of the said currency from circulation and replacing it with a new currency. Demonetization refers to the decision of RBI/Government to recall the status of a currency note to be used as a legal tender. The World Bank in July, 2010 estimated the size of the shadow economy for India at 23.2% of the Gross Domestic Product (GDP) in 2007. The Demonetization move by the government is to tackle the menace of black money, corruption, terror funding and fake currency. The total value of old Rs.500 and Rs.1000 notes in the circulation is Rs.14.2 trillion, which is about 85% of the total value of currency in circulation. As per RBI, 87% of the transactions in India are cash transactions.

1. http://www.pmindia.gov.in/en/
2. http://finmin.nic.in/
3. https://www.hdfcbank.com/assets/pdf/Event_Update_Demonetization_and_its_impact.pdf
4. http://byjus.com/free-ias-prep/demonetization-of-rs-500-and-rs-1000
5. http://www.forbes.com/sites/greatspeculations/2016/11/29/demonetization-will-impact-amazons-growth-in-india/#1530eb861de4
6. https://en.wikipedia.org/wiki/Indian_500_and_1000_rupee_note_demonetisation
7. http://economictimes.indiatimes.com/news/politics-and-nation/govts-demonetisation-move-fit-for-countrys-security-development-hc/articleshow/55353472.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
8. http://www.forbes.com/sites/timworstall/2016/11/17/indias-rs-500-and-1000-demonetisation-is-lowering-interest-rates-and-also-inflation/#578bd9c62edf

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