Demonetization and Its Impacts in India



Demonetization refers to withdrawal of a particular form of currency from circulation in an economy. Demonetization is necessary whenever there is a change of national currency and it has its pros and cons. The old units of currency must be removed and substituted with a new currency. In India, the currency was demonetized first time in 1946 and second time in 1978. On 8th November, 2016 the currency was demonetized third time by the present government. This paper elucidates the impact of demonetization on the availability of credit, spending, government finances and public.

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