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FEB, 2018. VOL.10. SPECIAL ISSUE FOR ICGS-2018 www.ascgujarat.org Page | 243
IMPACT OF DEMONETIZATION ON FINANCIAL TRANSACTION OF
AAMADMI
Ms. Komal Ramavat
&
Ms. Riddhi Thummar
&
Prof. Riddhi Sanghvi
Abstract In recent time Demonetization has announced by the PM on the night of 8th Nov, 2016.
Demonetization means withdrawal of particular currency from circulation. Reserve bank of India
has withdrawal the old Rs. 500 and Rs 1000 notes as they are official mode of payments. Due to
this aam aadmi suffers a lot but it is required to revive the economy from fake note and black
currency. Demonization affects the economy through the liquidity side. Demonetization in India
is a clear indication of that where nation wants to move. Demonetization is progressive shift to a
cashless economy with a greater focus on electronic transaction. In India more than 90%
transactions are done in cash so, it is a big step to for Indian economy to go cashless transaction.
In this paper at the end we find that how demonization impact if aam aadmi and their day to day
life, how this change their payment mode, how change this step their online transaction
(increases or decreases) and according to them demonization is good or bad to change the
economy from cash dominant to cashless. Demonetization raises the uses of cards, mobile
wallets, net banking and other online payments mechanisms as well.
Keywords: Demonetization, impact on Economy, digital payments, cashless
Introduction of Topic Demonetization is the act of stripping a currency unit of its status as a legal tender. In other
words, it is a withdrawal of particular form of currency circulation. This move is usually
undertaken when the old currency is replaced by new one. This paper is focusing on the issue of
making the Indian society a “cashless society”. This is correct that 100% cashless society is
never possible in a country like India but people can make the start with less-cash society, after
this start, the dream of a cashless society will not be a far-off destination. Many youths are
indulging in the process of teaching people and families how to conduct cashless transactions
through mobile apps, mobile banking and debit/credit cards. But with this, there are many
problems which are to be tackled and it would take time to get emerge out of its impact. This
great move has been taken for many important purposes such as to reduce untaxed black money,
ISSN No. 0974-035X
An Indexed, Refereed & Peer Reviewed Journal of Higher Education
Towards Excellence UGC-HUMAN RESOURCE DEVELOPMENT CENTRE,
GUJARAT UNIVERSITY, AHMEDABAD, INDIA
Towards Excellence: An Indexed, Refereed & Peer Reviewed Journal of Higher Education / Ms.
Komal Ramavat & Ms. Riddhi Thummar & Prof. Riddhi Sanghvi / Page 243-254
FEB, 2018. VOL.10. SPECIAL ISSUE FOR ICGS-2018 www.ascgujarat.org Page | 244
to reduce the wild corruption, to encourage cashless transactions etc. This move will definitely
bring about a whole amount of transition to no cash or low cash kind of transactions.
India is one of the key growth countries for the companies, with a huge potential for growth in e-
commerce. The cash crunch may bring the cash on delivery sales down significantly of e-
commerce and increase the online payments”. For e-commerce companies such as Amazon,
Flipkart, Jabong.com, Snapdeal etc. already have a digital payment system, pointers to higher
online payment which ultimately eliminates the troublesome cash on delivery options as well as
there are e-wallets like paytm, oxizen, freecharge and mobikwik etc., plastic money (debit cards
and credit cards) etc. for the digital transaction system.
But with these positive things, there are many problems that the people are facing during this
cash crunch move. There are many mishandling on the part of the Banks and third party who
manage the ATMs. There is a shortage of liquidity whether it be a bank, people or anything else.
This paper deals with the objective mentioned below and its effects on online transactions during
this transformation period.
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.
In India demonetization has happened thrice.
The first was on the 12th of January 1946 (Saturday), second on 16th of January 1978 (Monday)
and the third was on 8th of November 2016 (Tuesday).
The demonetization of denominations Rs. 500 and Rs. 1,000 banknotes was a policy decision
carried out by the Government of India on 8th of November 2016.
In the declaration, the use of denominations of all Rs. 500 and Rs. 1,000 banknotes of the
Mahatma Gandhi Series would be invalid after the midnight of the same day, and was also
announced that the new Rs. 500 and Rs. 2,000 banknotes of the Mahatma Gandhi New Series
will be issued in exchange for the above mentioned old currency notes.
The move by the government is defended as an attempt to eliminate a reasonable volume of
currency notes which is in the circulation because of inflation.
Objective of the Study ➢ The main objective of this paper is to study the impact of demonetization on 8th
Nov.2016 by the present government on Indian economy and system.
➢ To highlight the positive and negative impacts of demonetization on the life if a
common man in 2016
➢ To see the effect of demonetization on various sectors of the economy.
Literature Review
Towards Excellence: An Indexed, Refereed & Peer Reviewed Journal of Higher Education / Ms.
Komal Ramavat & Ms. Riddhi Thummar & Prof. Riddhi Sanghvi / Page 243-254
FEB, 2018. VOL.10. SPECIAL ISSUE FOR ICGS-2018 www.ascgujarat.org Page | 245
Vedashree Mali, (December 2016), According to this research paper, The paper discusses about
the move of demonetization taken by Central Government of India on 8th November, 2016 with
respect to its reasons and effects on different sectors in India. The sectors cover Micro
Businesses, E-Wallet businesses, online retail stores and so on. The paper is based on secondary
data collected from different newspapers and online sources, mentioned in references.
Prabhakar Joshi (August 2017), According to this research paper, In spite of the fact that
Demonetization has Bring into existence so many constrains must negotiate with series of
hurdles for the citizens of India, and they had confronted so many state of difficulty that needs to
be resolved; they faced wait in line problems in the banks and ATMs for depositing and
withdrawing money. Citizens of India faced problem of less expenditure of goods due to the lack
of cash liquidity. Various businesses broke up due the lack of liquidity; business proprietors as
well as person who uses goods or services faced so many question raised for consideration or
solution. Government has given so many legal means to recover a right or obtain redress for a
wrong to the citizens for time to time. Some economics connoisseur said that positive and
forceful consequence of demonetization will showed in future. Government has also increased
the withdrawal limits so that the queues in front of banks and ATMs have brought down. In some
manner black money also seems to be comes out to many cooperators. Now we should wait and
watch the on the whole impact of demonetization constrain.
Research Methodology
Period of Research : 1 month
Type of analysis : Secondary
Data Collection Method : Internet, Newspapers, Magazines and Videos
Type of Research : Descriptive Research
Effect of 2016 Demonetisation Soon after the announcement of demonetization, all banks and ATMs across the country were
paralyzed because of cash shortages.
The cash shortages had many disadvantageous effects on every small business, agriculture, and
also on transportation, with people wanting to exchange their old banned notes having lengthy
waits in long queues, and several deaths were reported to be linked to the difficulty in
exchanging cash.
Deaths were also accounted for the lack of medical facilities or preparations due to denial of old
currency notes by the hospitals.
In turn as a collective effect because of the demonetization and US presidential election, the
Indian stock exchange indices fell to a six-month low in the week which followed the
pronouncement. On the very next day after the demonetization announcement, BSE SENSEX
lost nearly 1,689 points and NIFTY by over 541 points. At the close of the intraday trading as on
15 November 2016, the BSE SENSEX index was low by over 565 points and the NIFTY 50
index was below 8100 on intraday.
Towards Excellence: An Indexed, Refereed & Peer Reviewed Journal of Higher Education / Ms.
Komal Ramavat & Ms. Riddhi Thummar & Prof. Riddhi Sanghvi / Page 243-254
FEB, 2018. VOL.10. SPECIAL ISSUE FOR ICGS-2018 www.ascgujarat.org Page | 246
The first four days after the demonetization witnessed about Rs. 3 trillion (US$45 billion) in the
form of old currency notes of Rs. 500 and Rs. 1,000 being deposited in the banking system and
an amount of Rs. 500 billion (US$7.4 billion) had been distributed through withdrawals from the
deposited bank accounts, ATMs and exchanges over the bank counters.
In just four days, the Indian banking system handled almost 180 million transactions. The State
Bank of India reported to have received about Rs. 300 billion (US$4.5 billion) as deposits after
just two days of demonetization.
A sudden hike in the online transactions with the usage of debit and credit cards was also
reported.
Evading techniques like Gold purchases, Donations, Multiple bank transactions, depositing in the
Jan Dhan Scheme bank Accounts, Railway bookings, Municipal and local tax payments,
Backdated accounting were also reported to have happened.
According to an information by the Union Minister of State for Finance Arjun Ram Meghwal, as
stated in Rajya Sabha 1,716.5 crore pieces of Rs 500 denomination notes and 685.8 crore pieces
of Rs 1,000 notes were in circulation as on the November 8th 2016, the date on which
demonetization was pronounced. It actually sums up in a value which comes close to Rs 15.44
lakh crore
Demonetization Affects the Cashless Transaction The government wants India to go cashless, but doing so is not easy.
Embracing cashless options and being an informed consumer who is aware of the available
systems and their designs increases the chances of a convenient and consumer-friendly
experience.
Traditionally, online transactions were done either by providing debit and credit card details or
through net banking interfaces. While there were issues of security, which kept improving, the
payment experience was not very user-friendly.
Options were also largely restricted to computers with access to internet. But after the smart
phone revolution, things have changed entirely.
India has seen an explosion in digital payment options, from e-Wallets to the Unified Payment
Interface to a combination of the two. There are many cashless payment options available in
India.
Impact of demonetization on various fields Demonetization impacted to every area in Indian economy. Daily routine of people changed a lot
due to note exchange. Many people were facing difficulties due to the move of government.
Even this decision lowered the GDP of the country, downfall in stock market as well. Major
changes in the day-to-day activity and bank exchange as follows:
Effect on parallel economy: Cash economy to witness contraction The currency of the aforementioned denominations constitutes around 86% of the total value of
the currency in circulation. It was expected to remove black money from the economy as they
Towards Excellence: An Indexed, Refereed & Peer Reviewed Journal of Higher Education / Ms.
Komal Ramavat & Ms. Riddhi Thummar & Prof. Riddhi Sanghvi / Page 243-254
FEB, 2018. VOL.10. SPECIAL ISSUE FOR ICGS-2018 www.ascgujarat.org Page | 247
would be blocked considering the holders would not be in a position to deposit the same in the
banks, temporarily halt the circulation of large volumes of counterfeit currency and curb the
funding for anti-social elements like smuggling, terrorism, espionage, etc. (factly, 2016).
Effect on GDP: downward bias to GDP growth The sudden decline in money supply and simultaneous increase in bank deposits was adversely
impacted consumption demand in the economy in the short term. This, coupled with the adverse
impact on real estate and informal sectors may lead to lowering of GDP growth (factly, 2016).
Effect on banks As directed by the Government, the 500 and 1000 Rupee notes, which at that time cease to be
legal tender were to be deposited or exchanged in banks (subject to certain limits). This would
automatically lead to more amounts being deposited in Savings and Current Accounts of
commercial banks. This, in turn, would enhance the liquidity position of the banks, which would
be later utilized further for lending purposes. (factly, 2016).
ATM withdrawals In initial days, ATM which were not recalibrated had limit of withdrawal up to Rs 2000/- per
day, whereas which were recalibrated had limit of withdrawal up to Rs 2500/- per day. (factly,
2016).
Impact Positive Impact
• Foreign Trust: Transparency is always welcomed, especially in business. It is the most
important gradient for foreign investors. Everyone likes to have their money in safe
hands. Black money is a major factor in India which inhibits the rapid growth in private
sector. When a company decides to invest in a product they can calculate almost every
kind of expenditure they will have to face except bribe. Ratan Tata has shown his
irritation about corruption and bribe many times. So decreased black money will surely
help Indian government to gain trust from foreign investors.
• Lubrication in Circulation: Money is the lubrication that makes the market economy
possible. A large portion of this lubricant was immobilized in the form of black money.
Rs 500 and Rs 1000 share a major part. Due to this immobilization government is bound
to circulate more currency notes in the market to keep it running.
• Hard Money to Digital Money: Though, it is the first of its kind, but we may have to face
these surgical strikes on black money in the future too. This will give some time to
people to understand the need of digital money in the current era. We have seen some
inspiring pictures where vegetable seller is accepting money via PayTm. India is
changing.
• New Hope: Black money was a key agenda for BJP during election campaigns. But
people were disappointed when there was no major step taken by the current government.
Now when PM Modi has declared the demonetization of Rs 500 and Rs 1000 notes, a
positive vibe has been spread throughout the country.
• Zero Counterfeit Notes: In India, the circulation of fake Indian currency notes (FICN)
has been on the rise, according to the Reserve Bank of India’s (RBI) annual reports. The
Towards Excellence: An Indexed, Refereed & Peer Reviewed Journal of Higher Education / Ms.
Komal Ramavat & Ms. Riddhi Thummar & Prof. Riddhi Sanghvi / Page 243-254
FEB, 2018. VOL.10. SPECIAL ISSUE FOR ICGS-2018 www.ascgujarat.org Page | 248
year 2014-2015 saw a steep rise, with 594,446 FICN detected, up from 488,273 in the
year 2013-14. When it comes to the type of notes counterfeited in 2014-15, RBI data
showed that counterfeited Rs 500 notes were most common, with 273,923 recorded. Rs
100 and Rs 1000 notes were the second and third most counterfeited bills, respectively.
Most of the FICN are printed in Pakistan. Major transit points include India’s
neighboring countries Nepal and Bangladesh. Other transit routes includes Dubai,
Thailand, Malaysia, Sri Lanka and China. Now all this FICN is equal to ZERO.
• Rein on Terrorism: The ISI has been making a profit of 30-40% on the face value of each
counterfeit Indian note produced in Pakistan, according to the report. The cost of printing
a Rs 1,000 counterfeit note, for instance, is Rs 39 (the RBI spends Rs 29 to print a Rs
1,000 note), but it is sold at Rs 350-400, according to the report. It is a measure source of
funding for these terrorist groups. Now all these funding will be equal to ZERO.
• Increased Income Tax Revenue: It would be an exaggeration to say that all black money
holders will deposit all of their stored cash into bank accounts. But they will also not let
their hard-earned cash to become worthless paper. And whatever they will do it will
convert their black money into white, at least for once. Someone is surely going to pay
income tax on that amount. It will drastically increase the revenue generated from tax.
• Deflation: Deflation refers to situation, where there is decline in general price levels. It
increases the real value of money and allows one to buy more goods with the same
amount of money over time. All of the above mentioned points will lead to the decrease
in inflation which will automatically increase deflation rate. Goods will be cheaper and
facilities will be in the range of poor people.
Negative Impact
• As government has announced it in hastiness, it may affect its execution.
• Allow withdrawal from ATM is upto Rs. 2500 and from bank its Rs 10000 only. Long
queues will not allow a person to get money on time. It will be a little difficult for a
family person to survive with this amount.
• The Average Population per Bank Branch (APBB) as on 31.3.2013 stands at 12,100.
Government has given us 50 days to deposit all our cash money into our bank accounts.
Let’s say 40 days are working out of 50. It means, on banks have to deal with average of
300 people daily. Yes, I agree that this number includes every living human being
(children, senior citizens, women), so you can say that this number will reduce on
practical scale. But wait, what about people who will come along? What about people
who will come repeatedly, or I can say, daily? What about people who have to come
again due to closing time or any other reason? This number will surely exceed. Believe
me, public dealing is a very tough job and when you have 300 hassled brains in front of
you, it becomes horrible.
• Running out of Money: Though, everyone needs new currency notes, it is very hard to
provide cash on time, even by RBI. Because, there is a limit on printing currency notes.
Government just can’t order RBI to print new notes as per requirement. There is a
regulatory system which guides RBI and Indian government how much new currency
Towards Excellence: An Indexed, Refereed & Peer Reviewed Journal of Higher Education / Ms.
Komal Ramavat & Ms. Riddhi Thummar & Prof. Riddhi Sanghvi / Page 243-254
FEB, 2018. VOL.10. SPECIAL ISSUE FOR ICGS-2018 www.ascgujarat.org Page | 249
notes should be printed other country has to face some serious issues like, inflation. So,
government will not be able to provide enough money to banks to pass on to consumers.
It will create uncertainty.
• Empty ATM’s: Same as bank branches, queues on ATM’s will also have to face same
fate. Standing in long queues and returning with nothing will not please anyone.
• Patients: Government hospitals have been allowed to accept old Rs 500 and Rs 1000
notes. According to National Family Health Survey-3, the private medical sector
remains the primary source of health care for 70% of households in urban areas and 63%
of households in rural areas. So its easy to understand that what will be the effects on
these 63% and 70% patients.
• White into Black: As Indian, we do believe in cash. Even if our money is purely white,
we go to bank, withdraw some money and go for shopping. Cheques and ATM swipes
are not available everywhere. Like, if someone in family is hospitalized or, have marriage
in house, we do withdraw our cash and feel comfortable. So, whatever the reason is, if
someone has withdrawn a decent amount from his account then it will create a huge
problem for him to prove himself innocent. So, in this case, instead of converting black
money into white, a person has accidentally converted his white money into black.
• Patience of People: Considering all of the above points (and many more in the line), it
will need a superman effort from a common man to keep his patience in balance. Any
outburst in the tolerance of people will make the situation more terrible. Though, for
now, people are more in favor of respected PM because right now they are not suffers.
But when they will face hurdles in their routine jobs due to shortage of money then it will
be their patience which will make this historic move a success story.
• Downfall in Economy: Though, it will be a very temporary effect, but for the next few
months, there will be a visible effect on economy due to the decreased purchased
capacity of consumers. Worst effects will be on startups and medium sized companies
and firms.
Recent update of demonetization Latest RBI data on reserve money shows that as on June 16, 2017, currency in circulation (CIC)
reached a figure of Rs 15.287 lakh crores. But this is still short (by 15%) of the CIC of Rs 17.977
lakh crores available on circulation as on November 4, 2016, the week prior to the announcement
of demonetization.
Although Prime Minister Narendra Modi asked for 50 days to restore the normalcy, even after
seven months of demonetization, currency shortage still remains unresolved. On social media,
people still complain about empty ATMs and cash crunch in several parts of the country, though
most mainstream media publications are not paying any attention to this.
Within a couple of weeks after the demonetization, the narrative of the goals of the
demonetization dramatically shifted from the black money and fake currency to the virtues of
digital economy. Consequent to this, India witnessed a publicity blitzkrieg that promoted digital
transactions. Digi dhan melas and lucky dips were organized to encourage people to embrace the
Towards Excellence: An Indexed, Refereed & Peer Reviewed Journal of Higher Education / Ms.
Komal Ramavat & Ms. Riddhi Thummar & Prof. Riddhi Sanghvi / Page 243-254
FEB, 2018. VOL.10. SPECIAL ISSUE FOR ICGS-2018 www.ascgujarat.org Page | 250
digital economy. We heard tall claims from the top ministers and bureaucrats that the digital
transactions made a giant leap and that the present currency in circulation is more than enough to
meet the demands of transactions needed by the nation.
Niti Aayog CEO Amitabh Kant made a very ambitious announcement that ATMs, credit and
debit cards and POS machines will be redundant by 2020. He claimed that “they will all become
redundant in India, and India will make this jump because every Indian will be doing his
transaction just by using his thumb in thirty seconds”. Prime Minister, in his mann ki
baat address on March 26, 2017, exhorted people to embrace digital transactions so that target
could be reached in half the time.
In this context, a fact check is essential to ascertain the current status of digital transactions to
understand how much our economy has shifted from cash transactions to digital transactions.
RBI and NPCI data, all available in the public domain, are used here to separate wheat from the
chaff
Yardsticks used by RBI to analyze digital transactions Cashless transactions are given in the RBI Annual Report 2015-16 in Part II, under the chapter
IX namely “Payment and Settlement Systems and Information Technology”. These transactions
are divided into two major heads, namely ‘Systemically Important Financial Market
infrastructures (SIFMIs)’ and ‘Retail Payments’. SIFMIs consists of big token transactions viz.
RTGS, CBLO, government securities clearing and forex clearing.
SIFMI consists of almost 90% of the amount of cashless transactions while retail payments
consist rest of the 10% of the cashless as per annual report of 2015-16. The numbers of
transactions under SIFMIs are only 101.4 million, which is just 1.5% of all cashless transactions
volume of 7046.6 million. “Table IX.1, Payment Systems Indicator – Annual Turnover” is
reproduced from the RBI Annual Report for 2015-16 here.
Based on the same yardsticks, which are being used by RBI, a detailed comparison of various
components of the cashless transactions for last six years is done here. Our present area of
interest is not the big ticket transactions (SIFMIs), but the big volume transactions fall under the
‘retail payments’, which is broadly divided into three major groups: ‘Paper Clearing’, ‘Retail
Electronic Clearing’ and ‘Card Payments’.
Paper Clearing Paper clearing consists of the Cheaque transaction system, MICR clearing and non-MICR
clearing. These don’t fall under digital transactions though they qualify to be cashless
transactions. If we look at data from the last six years (2011-12 to 2016-17), we can see that
slowly electronic (digital) transactions are replacing these paper clearing transactions. From the
graph given below, it can be seen that paper clearing transactions, which consisted of 82% value
of the total retail payments in 2011-12, was reduced to 37% in 2016-17.
Towards Excellence: An Indexed, Refereed & Peer Reviewed Journal of Higher Education / Ms.
Komal Ramavat & Ms. Riddhi Thummar & Prof. Riddhi Sanghvi / Page 243-254
FEB, 2018. VOL.10. SPECIAL ISSUE FOR ICGS-2018 www.ascgujarat.org Page | 251
This phenomenal change is due to a steady shift in the consumer behavior as people adapt to
digital transactions such as NEFT, IMPS, NACH.
Chart 01: Paper Clearing Value as % of total Retail Cashless Payments
(Source: RBI Website)
Card Payments A card payment consists of credit cards, debit cards and PPIs. This is the one sector which seen a
remarkable year-to-year growth of 65% during the last financial year. This growth is basically
driven by a substantial jump in the debit card POS usage which shows a growth of 107%. Of
course, demonetization forced people to use their debit cards extensively for personal
consumption expenses. But, we should remember that the total amount of Rs 7421 billion under
the card payments is just over 5% of total retail payments of Rs 1,39,611 billion.
Chart 02: Card Payment Transactions for Last Six years
Towards Excellence: An Indexed, Refereed & Peer Reviewed Journal of Higher Education / Ms.
Komal Ramavat & Ms. Riddhi Thummar & Prof. Riddhi Sanghvi / Page 243-254
FEB, 2018. VOL.10. SPECIAL ISSUE FOR ICGS-2018 www.ascgujarat.org Page | 252
(Source: RBI Website)
Chart 03: Transactions Volume of last 6 years
(Source: RBI Website)
Chart 04: Pre & Post Demonetization Trend for Digital Payments
(Source: RBI Website)
Conclusion
Towards Excellence: An Indexed, Refereed & Peer Reviewed Journal of Higher Education / Ms.
Komal Ramavat & Ms. Riddhi Thummar & Prof. Riddhi Sanghvi / Page 243-254
FEB, 2018. VOL.10. SPECIAL ISSUE FOR ICGS-2018 www.ascgujarat.org Page | 253
In 21st century all the thing are going to digital. People have no time for going to manual work,
shopping or any other things. The name itself suggests Digitalizing India i.e. a vision to
transform India digitally by infusing technology in governance also known as E-Governance.
This campaign was started by our PM in 2015 with a prior objective of connecting people
digitally with the new transparent and responsive government like for example, railway
computerization, land record computerization, providing digital literacy, availability of high
speed internet, mobile phone and bank account enabling in digital space, providing services in
online platform etc.
There are lots of benefits with this innovative like
• Every service would be just a touch away (i.e. by increase in usage of smart phones)
• Banking facilities were made a lot easier, also available in remote areas of the country
• Information is made open to all, access to various government services through a
single online platform, for e.g.: UMANG
• Corruption would be reduced by opting online mode for transactions
• Online market available i.e. GeM (government e-marketplace)
• IT Infrastructure is also developed and many employment opportunities will be
increased
• Increase rate in ease of doing business.
And a lot of more advantages, hence this can be considered as a good innovative program to
transform India digitally
Demonetization though it has created some positive and some negative impavts on different
sectors but in long run it definitely will have positive impact in controlling black money and fake
money.
Towards Excellence: An Indexed, Refereed & Peer Reviewed Journal of Higher Education / Ms.
Komal Ramavat & Ms. Riddhi Thummar & Prof. Riddhi Sanghvi / Page 243-254
FEB, 2018. VOL.10. SPECIAL ISSUE FOR ICGS-2018 www.ascgujarat.org Page | 254
References 1. Read more:http://www.businessdictionary.com/definition /demonetization.html
2. Investopedia
http://www.investopedia.com/terms/d/demonetization.asp#ixzz4PhFwOAeH
3. http://www.investorguide.com/definition/demonetization.html
4. http://www.careratings.com/upload/NewsFiles/SplAnalysis/Effects%20of%20Demonetiz
ation%20of%20500%20a
Ms. Komal Ramavat
Student, MBA 2nd Year
Noble Group of Institutions,
Junagadh, Gujarat
Ms. Riddhi Thummar
Student, MBA 2nd year
Noble Group of Institutions,
Junagadh, Gujarat
Prof. Riddhi Sanghvi
Assistant Professor,
Noble Group of Institutions,
Junagadh