An Insight into Demonetization in India of 2016Journal: International Journal of Science and Research (IJSR) (Vol.10, No. 10)
Publication Date: 2021-10-05
Authors : Anindita Neogi;
Page : 147-150
Keywords : Demonetization; Black Money; Tax; Inflation; Employment;
Money is the heart of the financial system of every economy. Demonetization was not in our serious consideration before 8th November, 2016. Money in circulation help financial system to function smoothly like blood help heart in its normal functions. On 8th November, 2016, the sudden declaration by the Central Government of withdrawal of currency notes of the denomination of Rs.500 and Rs.1000 shacked the Indian economy. As the volume of demonetized currencies was 86 percent of the total currency in circulation the Indian economy was forced to face a great challenge. It is expected that prudent financial decisions must be based on factual information and adequate relevant knowledge of the decision maker. Objectives behind demonetization are always positive. But the achievements will depend on the efficiency of the decision makers. The above - mentioned demonetization was announced with the objectives of arresting black money, checking counterfeit currencies, raising tax revenue, digitization of financial transactions, reducing criminal funding etc. This paper is an effort to find out some of the important consequences of demonetization of 2016.
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