Demonetization and the Black Economy Book Information:

On 8 November 2016, the prime minister announced the immediate cancellation of allRs 500 and Rs 1000 denomination notes, wiping out 86 per cent of the currency incirculation. India's well-functioning economy went into a tailspin.This move, it was claimed, was made to wipe out corruption, deter the generation of blackmoney, weed out fake Indian currency notes and curb terrorism. Overnight, people in India realized that the cash in their pockets had no value. A window of fifty days was granted to 1.3 billion people to convert their old notes into new ones. Businesses, especially in the unorganized sectors, came to a grinding halt. Patients in hospitals faced huge problems, farmers had difficulty buying inputs, weddings were scaled down, and fishermen watched their catch rot. Many lost their jobs and could not support their families.A year later, the RBI announced that 99 per cent of the old currency notes had been deposited withit. India continues to grapple with the effects of this move. The black economy has not beendented; counterfeiting and terrorism continue; the credibility of the RBI, banks and currency isdamaged; the accountability of the Parliament and the prime minister has been eroded; and the social dividehas widened. There have been many arguments and counter-arguments from both sides, but they havemissed the complete picture.Demonetization and the Black Economy, for the first time, lucidly explains the storyof demonetization along with its effects on the economy.

• Book Type :

Higher Education Textbooks

• Book Binding :

Paperback

• Language :

English

• Number of Pages :

• ISBN - 10 :

0670090077

• Demonetization and the Black Economy Published On :

20 Dec 2017

• Resource:

Textbooks & Study Guides, Higher Education Textbooks Books for Students, Teachers, Graudates, Professionals and all others

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