• Dr. Bhujanga Manku Rai

The demonetization of 500 and 1,000 banknotes by the Government of India on 8 November 2016, ceasing the usage of all 500 and 1,000 banknotes as the legal tender in India from 9 November 2016 was made by the Prime Minister of India in an impromptu live televised address to the Nation. Officials of public and private sector banks had come under the scanner of finance ministry over alleged irregularities in converting old currency into new notes post the demonetization drive. As per latest statistics available with RBI 99% of the demonetized notes come back into the banking system. Ordinary public had to face great difficulty. Besides, agriculture and industrial production were adversely impacted. The positive aspect had been reduction in human trafficking, terror activities and hawala operations. Millions of Indians expected the drawn of a new corrupt-free and healthy Indian economy due to this courageous act of the Government of India. The objective of the Government was to eliminate counterfeiting of these high denomination notes and as well as to stamp out the flow of black money into terror activities and also to give India a digital push. Therefore the decision of the Government to demonetize high-value currencies was a welcome step. The pertinent questions remain as to whether the objectives of the Government were fully met? Whether the benefits are long lasting or short lived?

Demonetization, Banking system, Reserve Bank of India (RBI), Black money, Prime Minister’s Office (PMO), Terror activities,

"DEMONETIZATION IN DIGITAL INDIA ", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.6, Issue 4, page no.212-214, April-2019, Available :http://www.jetir.org/papers/JETIRBH06031.pdf

"DEMONETIZATION IN DIGITAL INDIA ", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.6, Issue 4, page no. pp212-214, April-2019, Available at : http://www.jetir.org/papers/JETIRBH06031.pdf