CURRENCY DEMONETIZATION- A VALIANT MOVE TO UPROOT BLACK MONEY & PREVAILING CORRUPTION FROM INDIAN ECONOMY

Manika Sharma

Abstract


On November 8, 2016, night, in an unusual televised address to the nation, Indian Prime Minister Narendra Modi surprisingly announced the demonetization of `500 and `1000 currency notes in order to check on black money. This is one of the historical steps ever taken by an Indian Prime Minister. The banknotes that were declared illegal tender represent more than 86% of cash in circulation in India. Since then, the entire nation is suffering from a financial hurricane. This currency demonetization has taken a lot of attention from the citizens of India, politicians, media and research community as well. The incidence of fake Indian currency notes in higher denomination has been increasing since the last few decades. For ordinary citizens, the fake notes look similar to genuine notes issued by the Reserve Bank of India (RBI). These fake Indian currency notes are used for anti-national and illegal activities. High denomination notes like `500 and `1000 banknotes have been misused by terrorists and for hoarding black money.

Full Text:

PDF

Refbacks

  • There are currently no refbacks.