CONTENTS

 WHY I‘M CHOOSING THIS TOPIC ?

 WHAT IS DEMONETIZATION?

 INTRODUCTION

 DEMONETIZATION IN INDIA

 OTHER COUNTRIES WHO HAVE HAD DEMONETIZATION

 IMPACT OF DEMONETIZATION

 ALTERNATIVE FUNDS

 PROCEDURE OF DEMONETIZATION.

 REASONS FOR DEMONETIZATION

 PROS OF DEMONETIZATION IN INDIA

 CONS OF DEMONETIZATION IN INDIA

 EFFECTS OF DEMONETIZATION

 PUBLIC REACTIONS TO DEMONETIZATION IN INDIA.

 RECENT POSITIVE AND NEGATIVE IMPACTS FROM

DEMONETISATION

 MY VIEWS

 CONCLUSION

 BIBLIOGRAPHY
 WHY I’M CHOOSING THIS TOPIC ?

The reason why I chose this topic was because this is

extremely practical and nature. Therefore, theoretical studies of this
topic along with its application in real life has benefitted me to
understand how economics impacts the micro and the macro parts
of the society. I am grateful for this opportunity to understand the
subject at a deeper level by the help of these topics.
 WHAT IS DEMONETIZATION?

Demonetization is the act of stripping a currency unit of its

status as legal tender. It occurs whenever there is a change of
national currency: The current form or forms of money is pulled from
circulation and retired, often to be replaced with new notes or coins.
Sometimes, a country completely replaces the old currency with new
currency.

Demonetization refers to discontinuing of current currency

units and replacing those currency units with new currency units. It
is a major decision and it impacts all the citizens of the country
because overnight all the money you have become a piece of paper
which has no value if you do not exchange it with new currency units
or deposit it in the banks. The panic and discomfort are temporary
phase. Actually, intention behind this move is to curb the black
money which is source of terrorism, bribes and other anti-social
activity.
 INTRODUCTION
DEMONETIZATION IN INDIA

1. January 1946: Notes of Rs 500, Rs 1000, Rs 10,000

demonetised

On January 11, 1946, the government announced that notes

of Rs 500, Rs 1000 and Rs 10,000 will not be legal tender from
January 12, 1946. The front page of Indian Express from that day
reads that the move was made with an aim to curb black marketing.
The repercussions were similar with people dying of shock,
exceptionally long lines at the bank and the middle classes being hit.

The old notes were being sold at 60 and 70 per cent of their
price. The move was called a ‗death blow‘ to black marketeers. A
rumour also went around that Rs 100 notes were being demonetised
too, leading to panic and people discarding their Rs 100 notes as
well.

2. January 1978: Notes of Rs 1000, Rs 5000, and Rs 10,000

demonetised

The Janata Dal demonetised high currency notes of Rs 1000,

Rs 5000 and Rs 10,000 in a second such historic move, again with a
view to curb black money transactions. It was termed as ―an Act to
provide in the public interest for the demonetisation of certain high
denomination bank notes and for matters connected therewith or
incidental thereto.‖

People who possessed these notes were given till January 24

the same year — a week‘s time — to exchange any high
denomination bank notes. The one big difference with the
announcement Tuesday is that Rs 1,000 and higher value notes
were almost impossible to possess then for the common man given
the value of these amounts then.

3. November 2016: Notes of Rs 500, Rs 1000 demonetised

On 8 November 2016, the

Government of India announced the
demonetization of all ₹ 500 and ₹ 1,000
banknotes of the Mahatma Gandhi Series.
It also announced the issuance of new ₹
500 and ₹ 2000 banknotes in exchange
for the demonetized banknotes. Prime
Minister Narendra Modi claimed that the
action would curtail the shadow economy and reduce the use of illicit
and counterfeit cash to fund illegal activity and terrorism.
 OTHER COUNTRIES WHO HAVE HAD
DEMONETIZATION

• SOVIET UNION: Under the leadership of Mikhail Gorbachev,

50 and 100 ruble notes were removed from circulation in an
attempt to combat the parallel economy. The removed notes
formed about one third of the total money in circulation. There
were economic dislocations and several Soviet republics such
as Kazakhstan and Ukraine were severely affected. Economic
activity headed towards a major downturn and people began
to lose faith in the government. The demonetization exercise
was unsuccessful as Gorbachev faced a coup merely months
later in August. Some historians also suggest that these series
of events fuelled the eventual break-up of the USSR.

• ZIMBAWE: In order to stabilize its economy racked by

hyperinflation, the government decided to replace the
Zimbabwe dollar with the American dollar in 2015. The move,
carried out in a haste turned out to be unsuccessful as most
wealth holders saw the value of their accumulated savings
receding. Along with resentment among people, there were
adverse effects on the economy as exports took a major hit
due to loss of competitiveness.

• NORTH KOREA: In order to halt black market and improve

the economy, Kim Jong–II government introduced currency
changes. The move backfired as the price of necessity goods
 increased and people strongly resisted the move. This was
followed by the murder of the finance minister.

• NIGERIA: Muhammadu Buhari in 1984 introduces new

currency notes in Nigeria. Inflation and rising debt lead to a
collapsed economy.

• GHANA: Ghana saw demonetization of old Cedi 50 currency

in 1982.Government issued the notion for economic rise and
upliftment of its citizens. As a result of this people lost interest
and belief in the country‘s economic policies.

• Australia, United States of America and many other countries

have already implemented this approach in past. Even in
India; demonetization has been already implemented and
announced in 1946 and 1948.Lets look forward to its effect
during the long term. We are still to witness -Will it be fruitful
and beneficial for a stable economy in India or not.
 IMPACT OF DEMONETIZATION

Demonetization in India:- On 8 November 2016, the

Government of India announced the demonetisation of all ₹500 and
₹1,000 banknotes of the Mahatma Gandhi Series. It also announced
the issuance of new ₹500 and ₹2,000 banknotes in exchange for the
demonetised banknotes. Prime Minister Narendra Modi claimed that
the action would curtail the shadow economy and reduce the use of
illicit and counterfeit cash to fund illegal activity and terrorism.

The announcement of demonetisation was followed by

prolonged cash shortages in the weeks that followed, which created
significant disruption throughout the economy. People seeking to
exchange their banknotes had to stand in lengthy queues, and
several deaths were linked to the rush to exchange cash.
 According to a 2018 report from the Reserve Bank of India,
approximately 99.3% of the demonetised banknotes, or ₹15.30 lakh
crore (15.3 trillion) of the ₹15.41 lakh crore that had been
demonetised, were deposited with the banking system. But the
banknotes that were not deposited were worth ₹10,720 crore (107.2
billion), leading analysts to state that the effort had failed to remove
black money from the economy. The BSE SENSEX and NIFTY 50
stock indices fell over 6 percent on the day after the
announcement.The move reduced the country's industrial production
and its GDP growth rate.

Initially, the move received support from several bankers as

well as from some international commentators. The move was also
criticised as poorly planned and unfair, and was met with protests,
litigation, and strikes against the government in several places
across India. Debates also took place concerning the move in both
houses of Parliament
Exchange of Old Notes

The Reserve Bank of India stipulated that the demonetized notes

could be deposited with banks within 150 days until December 2016.
The bank notes could also be deposited with banks over the counter
of all banks.

Withdrawal Limits

Cash withdrawal from bank account were restricted to 10,000 per

day and 20,000 per week per account from 10 to 13 November. This
limit was increased to 24,000 per week from 14 November 2016.
 ALTERNATIVE FUNDS

Soon after the announcement people rush

to buy gold a day man that drove prices up in
some cases even to a sixty percent premium
prompting the tax authorities to conduct surveys
according to the business Standard newspaper
the government emphasized the need to furnish
PAN (Indian Permanent Account Number) card details on purchases
for accountability purposes and many jewellery shops that were
floating the Norms cause under crackdowns.

Simultaneously rumours of a gold band started to float which

led to agency's ramping up the volume of gold Imports to around a
hundred metric tons during November the highest since 2015 as
reported by Reuters.

Many Indians switch to Alternative Payment Avenues- a big

deal in a country of 1.2 billion with only twenty-five points nine
million credit cards and six ninety-seven million ATM cards as of
July 2016. The biggest gainers were Mobile Wallet companies that
offer ease of transactions through a large network of Partners.
Alibaba packed Paytm saw a Sevenfold increase in overall traffic
and the tenfold jump in money added took the Paytm accounts. It
also saw the number of transactions double to 5 million a day app
downloads for PTM increased by 300% Paytm vital movie quick also
saw its app downloads quadruple and a 20-fold increase in money
added to the wallets Moby quick founder and CEO Bipin Preet Singh
told CNBC tv18 on November 13.
 PROCEDURE OF DEMONETIZATION.

Demonetization is a form of economic intervention, where a

country moves to replace one form of currency with another. At the
beginning of the demonetization process, the old currency is
discontinued and pulled from circulation to be replaced with new
forms of money.

During the process, people are given time to exchange their

existing banknotes and coins for the new currency before it is
officially discontinued. After a currency has been discontinued, it is
no longer legal tender and contains no monetary value.

The demonetization process can occur in many different forms

– a country can introduce new banknotes or coins or implement a
completely new form of currency altogether. However,
demonetization is a drastic measure that occurs rarely and can
disrupt society if implemented improperly. At times, countries may
also decide to reinstate discontinued currency as legal tender
through a process known as remonetization.
 REASONS FOR DEMONETIZATION

Although demonetization is rare, countries around the world

have conducted demonetization measures for various reasons.

• Governments may choose to undergo demonetization if the

currency gets out of control, due to problems like
hyperinflation.

• Demonetization can also be used to prevent criminal actions,

such as counterfeiting, terrorism, or tax evasion.

• In other cases, demonetization occurs to implement a new

currency standard. For example, in 2002, the European Union
introduced the euro, a central currency that would replace the
existing currencies of several nations. In adopting the common
currency, countries across Europe discontinued their
currencies and introduced the euro as the standard across the
European Union.
 PROS OF DEMONETIZATION IN INDIA

• LOWER LENDING RATES – With currency demonetization,

money moves from people to banks and financial institutions.
Thus, there is a better circulation of money. This will lead to a
lower cost of funds which translates into lower lending rates.

• BETTER ECONOMY – As more cash is with the banks, there

is a higher circulation of money in the economy. The
government receives more taxes and can undertake more
development projects. This leads to a better-performing
economy.

• REDUCING COUNTERFEIT CURRENCY NOTES – Banks

check if the old notes are genuine or counterfeit before
accepting them. Thus, this allows the government to weed out
counterfeit notes from the market.

• One of the biggest advantages of demonetization is to put a

complete full stop to malpractices carried out in the black
money market. Now, people will be quite scared to involve in
hoarding their cash as they would have an inherent fear of
being prosecuted by the concerned authorities. Black money
cash would now never be exchanged with banks either. Quite
a lot of terrorist countries were dealing with hot currency
including counterfeit notes to buy arms and ammunition.
• You can witness the move as a positive one as you have a
number of fabulous benefits of demonetization. The move can
reduce the risk and liability of handling liquid currency. It is
always easier handling soft money as against hard money. As
every note is a liability for the Govt., this liability can be
reduced considerably. The old currency is again worthless for
people who decide not to disclose their income. The old notes
have become worthless pieces of paper now. With the current
demonetization move, it is estimated that more than 5 Lac
Crore may come to the Govt. in the form of extinguished
notes, taxes, and penalties. The money the Govt. realizes this
way is enough to take care of the country‘s administration for
the entire fiscal.

• Another benefit is that due to people disclosing their income by

depositing money in their bank accounts government gets a
good amount of tax revenue which can be used by the
government towards the betterment of society by providing
good infrastructure, hospitals, educational institutions, roads
and many facilities for poor and needy sections of society.

• Reduced tax avoidance can lead to a better flow of clean

money into the economy. In the longer run, tax and interest
rates are expected to come down as higher income tax
collections can offer a better scope to reduced rates of interest
on loans. Housing loans can be offered at reduced rates of
interest. This, in turn, will hike up the disposable income of the
economy. When more and more people enjoy disposable
income, the GDP or Gross domestic Product levels of the
economy can improve by quite a deal. Better purchasing
power among people can leave a positive impact on the
consumption demand, in the longer run.
 CONS OF DEMONETIZATION IN INDIA

• The biggest disadvantage of demonetisation has been the

chaos and frenzy it created among common people initially.
Everyone was rushing to get rid of demonetised notes while
inadequate supply of new notes affected the day to day
budgets of citizens. Banks and ATMs witnessed long queues
while small businesses suffered temporary financial losses.
The situation was even worse in rural India where people
struggled to exchange and withdraw cash due to lack of
enough number of banks and ATMs in their vicinity.

• The falling interest rates due to demonetisation is not good

news for those who save their money in banks as from now
onwards, they are going to get less amount of interest from
banks and thus, they will be less benefitted. Canara Bank,
ICICI Bank and HDFC Bank have cut their fixed deposit rates
by up to 1%. State Bank of India cut their fixed deposit interest
rates by 0.15% on select maturities.

• Another disadvantage is that destruction of old currency units

and printing of new currency units involve costs which has to
be borne by the government and if the costs are higher than
benefits then there is no use of demonetisation.

• The informal sector accounts for more than 40 percent of

India‘s GDP and provides employment to close to 80 percent
of the labour force. Due to demonetisation, the share of the
 informal economy in India could shrink from 40 percent to 20
percent. This shrinkage of the informal sector is likely to result
in a short-term adverse effect as the informal sector is no
longer able to employ the numbers that it did. So,
demonetisation is going to result in increase in unemployment
in informal sector.

• Due to drop in consumption, the GDP is likely to drop by 0.5-

1% this fiscal year as compared to previous years. Ambit
Capital, a respected Mumbai-based equity research firm, has
officially estimated that the demonetisation-driven cash crunch
will result in GDP growth crashing to 0.5% in the second half
of financial year 2016-17. This means the GDP growth for six
months, from October 2016 to March 2017, could decelerate
to 0.5%, down from 6.4% in the previous six months.

• Any slowdown in the economy or investment in bonds and

securities due to demonetisation is going to affect the business
firms especially the retail sector to a large extent in the short
term.

• Industrial activity is going to slow down in the short term that

will going to result in delay in payment of wages and
purchases of input.

• Demonetisation has also affected media and advertising

industry to a large extent as consumers have become choosier
about where to spend their money after demonetisation.
• Another problem is that this move was targeted towards black
money but many people who had not kept cash as their black
money and rotated or used that money in other asset classes
like real estate, gold and so on were not affected by
demonetisation.
 EFFECTS OF DEMONETIZATION

Views on the effects of Demonetization on the Indian economy

differ widely and reflect ideological differences, with those in favor,
for whatever reason, anticipating positive effects, and vice versa.
Though the implications of such a decision would reflect in long-
term—the short-term reaction of the stock market to Demonetization
provides early indicators as to what the effects have been or was
anticipated to be.

The results presented in this study, on the basis of the event

study methodology, confirm the proposition that Demonetization
have varying sectoral effects, although most sectors reacted
negatively as indicated by negative ARs in the early days; however,
the trend reversed in the medium term—next two months of trading -
40 days post event window. As expected, the banking and finance
sector was the worst affected while the certain sectors like IT/ITES,
Pharma and consumer durables witnessed gains in the early days
which continued in the event window period. Surprisingly sectors like
Travel & Tourism did not get affected adversely despite early
hiccups. While from the firms‘ affiliation perspective PSUs looked to
be mostly shielded by the adversaries of the cash crunch while
Group Affiliates, which are considered to have superior bargaining
power in their upstream and downstream because of their
diversification benefits and interlinks of the group affiliated firms and
subsidiaries, surprised with the most negative CAAR on the event
day and event window period which could recover the least till the
next 40 days of trading amongst others.

LONG TERM EFFECTS:

• Government revenue will boost up as more earnings would be

declared. The unbanked people will move to banking like Jan-
dhan contributing towards government‘s efforts of financial
inclusion.

• Demonetization will set accountability in motion as

service/sales tax is not paid by people like local
photographers, tailors etc. and thus their income goes
unaccounted.

• Collection of higher taxes will help in nation building like

development of roads, infrastructure, transportation and many
others.
• Increase in nation developmental projects will demand more
labor and other skilled manpower which will give rise to
employment opportunities.

SHORT-TERM EFFECTS:

• GDP formation will be effected with the reduction in

consumption demand. Consumption ↓→ Production ↓→
Employment ↓→ Growth ↓→ Tax revenue ↓

• Certain sections of the society namely agriculture sector, small

traders, households, SME‘s, daily wage earners etc. will face
short term disruptions due to absence of liquid cash.

• Money supply will reduce in the short-run until the new 500Rs.
& 2000Rs. gets widely circulated in the market.

• Negative impact on disposable income and the consumption

patterns of the people is expected.

• Less currency circulation will reduce inflation.

• Short term recession in sectors like real-estate, construction

material, textile, handicrafts etc.
 PUBLIC REACTIONS TO DEMONETIZATION IN INDIA.

Chaos at ATMs, petrol stations

 The immediate reaction to the announcement was inevitable:

chaos. Long queues were formed outside ATMs at night, as
citizens hurried to withdraw Rs 4000 in denominations of 100
multiple times.

 The situation played out across India, including Delhi, Lucknow,

Mumbai, Bhopal and others. Soon, ATMs ran dry, leaving people
stranded.

 Meanwhile, vehicles clogged up petrol stations, until petrol pump

attendants allegedly stopped accepting notes of Rs 500 and Rs
1,000. Some reports say that petrol pumps were shut on
Wednesday.

 Toll gates also experienced heavy traffic on Wednesday.

Brands make the most of the situation

 While people worried about how they were going to get through
the next few days, some brands were opportunistic. Online food
delivery app Box8 immediately sent out a push notification
message saying that this was the last chance to order using Rs
500 or Rs 1,000 notes.
 Ola, Zomato, Paytm, Freecharge and MobiKwik also joined the
bandwagon, and reminded their customers and the public that
they were open to online payments.

 On the other hand, people began purchasing more gold to get rid
of their old notes. According to reports, jewellers sold gold at Rs
40,000 to Rs 60,000 per 10gm, and marking these transactions
as back-dated entries in their accounts.

 The news of scrapping denominations, along with Donald

Trump's nomination as the next president-elect, caused a steep
fall in the Indian stock market the following day.
RECENT POSITIVE AND NEGATIVE IMPACTS FROM
DEMONETISATION

On November 8, 2016, Prime Minister Narendra Modi announced to

the nation that Rs 500 and Rs 1,000 currency notes — 86 per cent
of all currency notes in circulation in value — would cease to be
legal tender. The stated objectives were unearthing black money,
cracking down on counterfeit currency, and choking terror financing.

Unsurprisingly, there were strong reactions both in favour of and

against the unprecedented move, which would come to be known as
‗demonetisation‘ or ‗note ban‘. While some hailed it as a courageous
step against impropriety that was hurting the economy, others saw
the move itself as disastrous for the economy.

In the months that followed, even as reports suggested that the

government had not come any close to achieving its stated
objectives, the government was seen patting itself on the back for
the country‘s move towards becoming a ‗cashless‘ economy, or, as
the PM said, a ‗less-cash‘ economy. Many called this an act of
‗moving goal posts‘ and rushed to label demonetisation as an
economic nightmare.

Three years later, we have enough data to analyse and gauge the
impact of the note-ban exercise on various important sectors of the
economy.
Jobs

According to Labour Bureau's Sixth Annual Employment-

Unemployment Survey, the unemployment rate rose to a four-year
high in 2016-17, when the government demonetised old currency
notes. In 2017-18, the country's unemployment rate stood at a 45-
year-high of 6.1 per cent, according to the National Sample Survey
Office's (NSSO's) periodic labour force survey (PLFS).

Moreover, demonetisation caused a 2-3-percentage-point reduction

in jobs and national economic activity in November and
December 2016, according to a research.

Between 2016 and 2018, five million people lost their jobs and
the labour force participation started declining suddenly between
September and December 2016 for both urban and rural men. The
rate of decline slowed down by the second half of 2017, but the
general trend had continued and there had been no recovery.

Income taxpayers

As many as 8.80 million taxpayers did not file tax returns in the
financial year 2016-17 - the year Modi government demonetised
high-value currency notes. Records accessed by The Indian
Express reveal a massive spike in the number of ―stop filers‖ in the
same year, reversing a four-year trend. In 2016-17, the number of
stop filers jumped 10-fold to 8.80 million from 856,000 in 2015-16,
the highest increase since 2000-2001.
During 2017-18, there was some positive impact
of demonetisation on the widening of the tax base. The Income
Tax department said it added 1.07 crore new taxpayers while the
number of dropped filers' came down to 25.22 lakh.

The Central Board Of Direct Taxes (CBDT) said 6.87 crore Income
Tax Returns (ITRs) were filed during FY 2017-18 as compared to
5.48 crore ITRs filed during FY 2016-17, translating into a growth of
25 per cent. Also, during FY 2017-18, the number of new ITR filers
increased to 1.07 crore as compared to 86.16 lakh new ITR filers
added during FY 2016-17.

Real Estate

The total number of developers in the top nine Indian cities shrunk
by over 50 per cent by 2017-18. While Gurugram witnessed a
decline of 76.8 per cent in the number of developers from 82 in
2011-12 to 19 in 2017-18, Noida registered a plunge of 73.2 per
cent – from 41 to 11.

Financial distress of small developers, lack of execution capability

and over-supply of inventory played a key role in the downturn.

According to analysts, a large number of fly-by-night developers

were forced to leave the market after demonetisation. All major cities
with significant potential for real estate development – Mumbai,
Pune, Thane, Kolkata, Bengaluru and Hyderabad – saw a decline in
the number of developers.
Farm income and wages

Both farmers‘ incomes from crop cultivation as well as wages of

farm labourers contracted in 2016-17 despite the above-normal
monsoon season. On the positive side in agriculture as a whole,
output from fishing and livestock grew the fastest in 2016-17. The
growth was nearly 10 per cent over the previous year.

In a period of low supply of cash, input suppliers demanded higher

prices. Demonetisation was carried out briefly after the harvest of
the kharif season entered the markets, and when the entire rabi
output was yet on the fields. On the other hand, agriculture had
grown (gross value added) the fastest since 2012 in the
demonetisation year due to a bumper crop.

Factory investment

In the year when the demonetisation was implemented, investment

in the country’s factories contracted 10.3 per cent over 2016-17,
showing their worst performance since 2002-03. In the year
immediately after the note ban exercise, even as factories in the
organised sector witnessed job growth and wage rise consistent with
previous years, their ability to channel funds in productive capital
was severely dented in 2017-18.

Spending on milk and milk products

In 2017-18, the amount spent on milk and milk products

(M&MP) dropped 10 per cent. Households, hotels, and halwai shops
spent Rs 6 trillion on M&MP in 2016-17, consumption expenditure
reduced to Rs 5.4 trillion in 2017-18, the data released by the
National Statistical Office (NSO) showed.

Digitisation

The government pushed for a less-cash society by increasing

infrastructure to allow digital payments. In most of the tier-II and
tier-III towns, digital payments had doubled since demonetisation.
From global tech giants such as Google, WhatsApp, to few of the
country's biggest mobile wallets, including Paytm, MobiKwik all
adopted the digital payments system around the time
demonetisation took place.

Till December 2018, UPI managed transactions of more than Rs

1.02 trillion. National electronic funds transfer (NEFT) transactions
saw an upsurge from Rs 9.88 trillion. Mobile banking payments also
saw a spike since September 2015. All the digital transactions
collectively registered an increase of 440 per cent since
demonetisation.
 MY VIEWS

 Demonetization has been praised as well as critized various

grounds. There has been a lot of opposition regarding the
implementation of this policy.

 In the short run, there have been problems related to liquidity

crunch, unemployment, loss of growth momentum, and a
temporary halt to major economics activities.

 All this is evident from the data provided by the RBI. The long
term effects of demonetization are yet to be ascertained.

 It is expected that it can improve the Indian economy in the long

sum by increases tax compliance, financial inclusion,
consequently improving the state of the economy.
 CONCLUSION

• Demonetization was move take by the Modi government and

the RBI to curb the black money practices and this was due to
prevent the people form hoarding of the cash and to prevent
the counter fitting of the currency and to fight against the
terrorist groups that operate in India.

• The demonetization impacted the economy by creating a short

term pain but a long term profit for the economy as the change
was felt by all the segments of the economy the decline in the
productive capacity and decline of the cash-based transaction
that made the nation cashless and thereby benefiting the firm
and consumer levels.

• This move stopped the black and illegal trade of goods and
services and possesses a challenge for the future currency
markets and thus has a profitable outcome in the long run
when the economy will bounce back to the high growth without
black or illegal capital.
 BIBLIOGRAPHY:

• https://www.theweek.in/webworld/features/lifestyle/india-
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• https://www.slideshare.net/saksham1991999/demonetisation-
1- economics-project-class-12-cbse

• https://corporatefinanceinstitute.com/resources/knowledge/fina
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0the,before%20it%2 0is%20officially%20discontinued.

• https://economictimes.indiatimes.com/markets/stocks/news/de
monetisation-has-several-long-term-benefits-
officials/articleshow/60318013.cms

• https://www.taxreturnwala.com/impact-currency-
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• ISC Economics Book Class XII