Open AccessImpacts of Demonetization in the Indian State Arunachal Pradesh: A Political Gimmick or Robust Policy
Publication year - 2019
Publication title -
international journal of innovative technology and exploring engineering
Language(s) - English
Resource type - Journals
ISSN - 2278-3075
DOI - 10.35940/ijitee.f1222.0486s419
Subject(s) - rupee , currency , language change , legal tender , state (computer science) , government (linguistics) , circulation (fluid dynamics) , politics , business , economics , political science , development economics , finance , law , engineering , exchange rate , monetary economics , art , linguistics , philosophy , literature , algorithm , computer science , aerospace engineering
On November 8th, 2016, the Indian Government announced the demonetisation of the 500-rupee and 1000-rupee currency notes. Demonetisation is the process in which particular notes or coins are withdrawn from the circulation as a legal tender. The main objectives of demonetisation are, in general, to control corruption, black money, the finance of terrorist organisations and the duplicity of currency notes within a country. In the case of India, the 500-rupee and 1000 rupee notes ceased to be a legal tender starting from December 31st, 2016, and people having this demonetised currency notes had to change them or deposit them into their bank accounts. The objective of this research paper is to highlight the impacts that demonetisation brought to India.