Demonetisation in India- Need and Its Impacts

mr Gaganpreet

Abstract


The demonetization had a great significant and immediate impact on the state of the Indian economy. Demonetization is the most important and necessary when there is a change of national currency. The old unit of currency replaced with new currency. Demonetization is the process where government declares the currently running currency notes illegal to be tender after the declaration is made. Demonetization refers to withdrawal of a particular form of currency from circulation. This is the step taken by the government for the betterment of the economy and country. Demonetization is the act of stripping a currency unit of its status as legal tender. The process of demonetization involves either introducing new notes of the same currency or completely replacing the old currency with new currency. Indian government adopted demonetization on 08 November 2016 to tackle with black money and make India a cashless digital economy.

 


Keywords


Demonetization, Indian economy, Black money, Tax evasion

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