UGC Approved Journal no 63975(19)

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Published in:

Volume 5 Issue 10
October-2018
eISSN: 2349-5162

UGC and ISSN approved 7.95 impact factor UGC Approved Journal no 63975

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Published Paper ID:
JETIRG006008


Registration ID:
189002

Page Number

62-69

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Title

Demonetization in India: Issues and Challenges

Authors

Abstract

Demonetization is the legal process of devaluing a piece of currency or changing the value of a particular denomination of currency to nil. India has great history of demonetization from 1946. Rs 1,000 and higher denomination notes were first demonetized in January 1946. The highest denomination note ever printed by the Reserve Bank of India was the Rs 10,000 note in 1938. Again, higher denomination banknotes of Rs 1,000, Rs. 5,000 and Rs 10,000 were reintroduced in 1954 and all of them were demonetized in January 1978. Rs 1,000 note came back in November 2000. Rs 500 note came into circulation in October 1987 as an attempt to contain the volume of banknotes in circulation due to inflation. Similarly, the Government of India on the 8 November 2016 announced demonetization of Rs 500 and Rs1000 banknotes with effect from the same day’s midnight, making these notes invalid. Apart from combating black money, the stated purpose is also to check fake currency (used to finance terrorism) and corruption. A new redesigned series of Rs 500 banknote, in addition to a new denomination of Rs 2000 banknote is in circulation since 10 November 2016. Though demonetization is not new in India, this 2016 effect of demonetization has drastic effect on people. This may be due to lack of proper planning and sudden introduction. It was announced that the higher income people would be affected seriously since the higher denomination has been demonetized but reality remains contradictory to it. The middle and low income people suffered a lot. The small retail shops and street vendors thrive on cash flow and don’t really have the facility of Swipe Machines are hit in large. Real Estate is a known fact that a big chunk of real estate runs on cash most of it in black as well. The study aims in understanding the issues and challenges faced by 250 residents of Bengaluru due to demonetisation in India. The sample was selected using simple random sampling method in the city. The study involves a descriptive design and quantitative approach among 250 residents of Bangalore. The data was collected through semi-structured interview schedule. The data had been analyzed using SPSS (version 20). The higher analysis includes independent sample t test, one way ANOVA, Chi-square and correlation The impact of demonetization has been measured with special reference to the health problems due to long duration of standing in queues, financial deficit and the stress caused due to the problems in the banks and ATMs. Understanding about the demonetization among the respondents was measured using their attitude towards the demonetization. The results divulge among the respondents felt that lower income families (55.4%) are affected than middle (39.3%) and higher (5.4%) income families. More than half (59.5%) of the respondents were using cash mode to buy materials in the market while 25.6% of them use debit cards. Few (5.4%) use both modes at the same time about 9.5 % of them use neither mode. Majority (69%) of the respondents spent more than two hours in the queue to collect money in banks. More than half of the respondents thought that low income families (55.4%) and middle income families (39.3%) are affected more than that of the upper income families.

Key Words

: Demonetisation, Income groups, Issues and Challenges, Banking in Bangalore, Money Management, Health Issues.

Cite This Article

"Demonetization in India: Issues and Challenges", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.5, Issue 10, page no.62-69, October-2018, Available :http://www.jetir.org/papers/JETIRG006008.pdf

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2349-5162 | Impact Factor 7.95 Calculate by Google Scholar

An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 7.95 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator

Cite This Article

"Demonetization in India: Issues and Challenges", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.5, Issue 10, page no. pp62-69, October-2018, Available at : http://www.jetir.org/papers/JETIRG006008.pdf

Publication Details

Published Paper ID: JETIRG006008
Registration ID: 189002
Published In: Volume 5 | Issue 10 | Year October-2018
DOI (Digital Object Identifier):
Page No: 62-69
Country: Bengaluru, karnataka, India .
Area: Commerce
ISSN Number: 2349-5162
Publisher: IJ Publication


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