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Demonetization and the Black Economy

Demonetization and the Black Economy

Paperback

Investing & Finance

Currently unavailable to order

ISBN10: 0143456407
ISBN13: 9780143456407
Publisher: India Portfolio
Published: May 1 2022
Pages: 344
Weight: 0.50
Height: 0.87 Width: 5.28 Depth: 8.43
Language: English
On 8 November 2016, the prime minister announced the immediate cancellation of all Rs 500 and Rs 1000 denomination notes, wiping out 86 per cent of the currency in circulation. India's well-functioning economy went into a tailspin. This move, it was claimed, was made to wipe out corruption, deter the generation of black money, weed out fake Indian currency notes and curb terrorism. Overnight, people in India realized that the cash in their pockets had no value. A window of fifty days was granted to 1.3 billion people to convert their old notes into new ones.

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Investing & Finance