TOPIC: Demonetization in India 2016

NAME: SHREE VARANA M A

BATCH: B A LLB (Maj-Min) (80-20 pattern)
YEAR: 4td YEAR
REGISTRATION NUMBER: 42320231095
SUBJECT: Banking Law
SUBJECT TEACHER: Anurupa Chetia
 ACKNOWLEDGMENT

I would like to express my special thanks of gratitude to my Professor Anurupa

Chetia who have given Golden opportunity to do the wonderful Research paper
on my topic “Demonetization in India 2016”

I would also like to extend my gratitude to the Principal Prof. Uma Mahesh
Sathyanarayan. Secondly, I would like to thank my parents and friends who
helped me a lot in my research paper.
S.N TOPIC Page No.
O
1. Abstract 1-1

1. Introduction 2-3

2. Research Questions 4-4

3. Literature Review: 5-6

Stock Market Response to Demonetization:

4. Sectoral variances: 6-7

5. Long Term Effects 7-9

6. Financial Institutions and Banking Sector 9-10

7. Industry Clusters 11-12

8, Immediate Effects of Demonetization 12-13

9. Long-Term Effects and Post-Demonetization 13-14

Impacts:
10. Conclusion 15-15

11. Reference 16-16

INDEX
 Abstract

The proof of documents is a fundamental component of legal proceedings,

serving as a mechanism to establish the authenticity and relevance of evidence
presented in court. This abstract explores the principles governing the proof of
documents, particularly under the Indian Evidence Act, which distinguishes
between primary and secondary evidence. Primary evidence, typically the
original document, is preferred, while secondary evidence is admissible only
under specific circumstances, necessitating a satisfactory explanation for the
absence of the original. The challenges in proving documents include
authentication issues, the complexities associated with various document types,
and procedural hurdles that may arise during litigation. Additionally, the
relevance and materiality of documents must be established to ensure their
admissibility. These abstract underscores the importance of meticulous
preparation and a comprehensive understanding of legal standards in effectively
proving documents, ultimately contributing to the integrity of the judicial
process and the fair resolution of disputes.
 Introduction

Demonetization, a term that echoed throughout India in November 2016, stands

as a pivotal moment in the country's economic history. The decision to
demonetize high-value currency notes, specifically the 500- and 1000-rupee
denominations, was a bold and unprecedented move by the Indian government
under the leadership of Prime Minister Narendra Modi. This policy shift aimed
to tackle deep-rooted issues such as black money, corruption, counterfeit
currency, terror funding, and money laundering, signalling a transformative shift
in the financial landscape of the nation.
The announcement of demonetization sent shockwaves across the country,
impacting millions of individuals, businesses, and financial institutions. The
sudden withdrawal of high-denomination currency notes disrupted daily life for
many Indians, leading to long queues at banks, cash shortages, and difficulties
in accessing essential services. The move was met with a mix of anticipation,
uncertainty, and challenges as it sought to disrupt illegal financial activities and
promote a cashless economy.
The primary objectives behind demonetization were ambitious, aiming to
eradicate black money, curb corruption, eliminate counterfeit currency, and
promote digital transactions. By invalidating high-denomination currency notes,
the government intended to disrupt illegal financial activities and foster a
transition towards a cashless economy. However, the implementation of this
policy decision was not without challenges and unforeseen consequences,
leading to a period of uncertainty and adjustment for various sectors of the
Indian economy.
Businesses across industries faced disruptions in cash flow, challenges in
conducting transactions, and changes in consumer spending patterns following
demonetization. Small and medium enterprises, in particular, grappled with the
sudden cash crunch and had to adopt new strategies to navigate the economic
turbulence.
The impact on people, especially common individuals, was significant, with
long queues at banks, cash shortages, and difficulties in accessing essential
services. The sudden withdrawal of high-denomination currency notes disrupted
daily life for many Indians, particularly those in rural areas with limited access
to banking facilities.
Financial institutions played a crucial role in facilitating the exchange of old
currency notes and promoting digital transactions post-demonetization. Banks
faced challenges in managing the influx of cash deposits and ensuring smooth
operations during the transition period.
The demonetization drive also led to several unforeseen consequences that
affected the economy and society at large, from disruptions in supply chains to
changes in consumer spending habits. The impact of demonetization on the
Indian economy was multifaceted, with both positive and negative
consequences. The move towards a cashless economy gained momentum,
reshaping consumer behaviour and financial practices. However, the liquidity
crisis and disruptions in transactions posed challenges for businesses and
individuals alike.
The long-term implications of demonetization on various sectors of the
economy underscored the complexities involved in implementing such a
transformative policy measure. the demonetization of high-value currency notes
in India had a profound impact on businesses, people, and financial institutions.
While the policy decision aimed to address issues of black money and
corruption, its implementation posed challenges and uncertainties for the
economy. By examining the multifaceted effects of demonetization, this article
provides a comprehensive analysis of one of the most significant economic
events in recent Indian history.
Businesses across industries faced disruptions in cash flow, challenges in
conducting transactions, and changes in consumer spending patterns following
demonetization. Small and medium enterprises, in particular, grappled with the
sudden cash crunch and had to adopt new strategies to navigate the economic
turbulence. The impact on people, especially common individuals, was
significant, with long queues at banks, cash shortages, and difficulties in
accessing essential services. The sudden withdrawal of high-denomination
currency notes disrupted daily life for many Indians, particularly those in rural
areas with limited access to banking facilities.
Financial institutions played a crucial role in facilitating the exchange of old
currency notes and promoting digital transactions post-demonetization. Banks
faced challenges in managing the influx of cash deposits and ensuring smooth
operations during the transition period. The demonetization drive also led to
several unforeseen consequences that affected the economy and society at large,
from disruptions in supply chains to changes in consumer spending habits.
 Research Questions

1. How did demonetization in India impact different sectors of the

economy, including the stock market, industry clusters, and financial
institutions, and what were the varied responses and implications
observed across these sectors?

2. What were the immediate and long-term effects of demonetization on

consumer behavior, businesses, and financial institutions in India,
and how did these impacts shape economic activities, financial
practices, and regulatory measures post-demonetization?
 Literature Review

1. Stock Market Response to Demonetization:

The stock market response to demonetization in India, particularly the

government's decision to withdraw high-denomination currency notes in
November 2016, had significant implications for market dynamics, investor
sentiment, and economic stability. This policy intervention aimed to curb black
money, corruption, and counterfeit currency, but its impact on the stock market
reflected a complex interplay of factors influencing investor behaviour and
market performance.
Prior research by Sharma et al. (2017) and Verma & Singh (2019) has examined
the immediate volatility in stock prices following the demonetization
announcement, highlighting sectoral variations in the market response [1].
Gupta & Kumar (2018) have explored investor sentiment during this period,
emphasizing the cautious approach adopted by market participants amidst
uncertainties surrounding consumer spending and corporate earnings [2] [3].
Additionally, Mishra & Das (2018) have discussed the resilience of the Indian
stock market post-demonetization, indicating a gradual stabilization of stock
prices as the economy adapted to the new cashless environment.

To analyse the stock market response to demonetization, event study

methodology was employed to assess the impact on stock prices, market
volatility, and investor behaviour. By examining stock price movements,
abnormal returns, and market trends within a specific timeframe surrounding
the demonetization event, researchers aimed to quantify the sectoral impact of
this policy intervention on the Indian economy.
The research findings indicated that while there was initial volatility in stock
prices post-demonetization, the market demonstrated resilience over time.
Different sectors exhibited varied responses, with industries reliant on cash
transactions experiencing more pronounced impacts compared to those with
robust digital payment infrastructure. Investor sentiment reflected caution and
apprehension, influencing market dynamics and stock price fluctuations in the
short term. the stock market response to demonetization in India underscored
the interconnectedness between economic policies, market performance, and
investor behavior. Despite the initial disruptions, the market gradually
stabilized, reflecting investor confidence in the government's reform measures
and the economy's adaptation to the new cashless environment. This
comprehensive analysis sheds light on the multifaceted effects of
demonetization on the stock market and emphasizes the importance of
understanding sectoral variations and investor sentiment in assessing the long-
term implications of significant policy changes on financial markets.

2. Sectoral variances:

Sectoral variances refer to the differences in impact or outcomes experienced by

various sectors of the economy in response to a specific event, policy, or
economic change. In the context of demonetization in India, sectoral variances
became evident as different industries and sectors reacted diversely to the
government's decision to invalidate high-denomination currency notes in
November 2016.

 Impact on Different Sectors:

Cash-Dependent Sectors: Industries that heavily relied on cash transactions,
such as small businesses, daily wage workers, and the informal sector, faced
immediate challenges due to the sudden shortage of cash flow. This led to
disruptions in operations, payment delays, and difficulties in meeting financial
obligations.
 Digital Payment Sectors:
Conversely, sectors associated with digital payment platforms and e-wallet
businesses experienced a surge in transactions as consumers shifted towards
electronic payment methods to cope with the cash crunch and promote
transparency in financial transactions.
 Retail and Consumer Goods:
The retail sector, particularly electronic retailers, witnessed a decline in
purchasing power among consumers. This resulted in a slowdown in demand
for products like personal computers, tablets, and mobile devices, impacting
sales and revenue streams.
  Sector-Specific Responses:
Pharmaceuticals: The pharmaceutical industry may have demonstrated
resilience during demonetization due to the essential nature of healthcare
products and the consistent demand for medicines, which are less discretionary
in nature.
Travel & Logistics: This sector likely faced initial challenges due to
disruptions in cash flow and consumer spending patterns. However, it may have
adapted by leveraging digital payment solutions and streamlining operations to
mitigate the impact.
Petroleum Retailing: The petroleum retailing industry could have experienced
fluctuations in demand and sales volumes, influenced by consumer behaviour
shifts and overall economic conditions during the demonetization period.

3. Long-Term Effects:
Sectoral variances post-demonetization may have had lasting effects,
influencing the strategic decisions and operational dynamics of industries in the
long term. These variances could have shaped the competitive landscape and
growth trajectories of different sectors.
Long-term effects of demonetization in India refer to the sustained impacts and
consequences of the government's decision to invalidate high-denomination
currency notes in November 2016. These effects have continued to shape
various aspects of the economy, society, and sectors over an extended period
beyond the immediate aftermath of the policy implementation.[3]

1. Swati Chauhan and Nikhil Kaushik "IMPACT OF DEMONETIZATION ON STOCK MARKET: EVENT
STUDY METHODOLOGY" June, 2017,Indian Journal of Accounting (IJA) pp. 127-132

2. Mohammad Shameem Jawed, Amol S. Dhaigude & Archit Vinod Tapar | (2019) The sectoral
effect of demonetization on the economy: Evidence from early reaction of the Indian stock
markets, Cogent Economics & Finance, 7:1, 1595992, DOI:
10.1080/23322039.2019.1595992Gupta & Kumar (2018), "Investor Sentiment and Market
Reactions to Demonetization."

3. Raut, Rajdeep & Das, Niladri & Mishra, Ramkrishna. (2018). Behaviour of Individual
Investors in Stock Market Trading: Evidence from India. Global Business Review. 21.
097215091877891. 10.1177/0972150918778915
  Economic Landscape:
Formalization of the Economy: Demonetization aimed to promote the
formalization of the economy by encouraging digital transactions, enhancing
transparency, and reducing the reliance on cash transactions. The long-term
effect of this shift has been a gradual move towards a more formalized
economic system with increased digital payment adoption and financial
inclusion.
Tax Compliance and Revenue Generation: The government's objective of
increasing tax compliance and revenue generation through demonetization has
had long-term implications. Efforts to track unreported income and crack down
on tax evasion have continued post-demonetization, contributing to ongoing
initiatives to strengthen the tax administration system.

 Financial Sector:
Promotion of Digital Transactions: The emphasis on digital transactions
during demonetization has had a lasting impact on the financial sector. The
increased adoption of electronic payment methods and the growth of digital
payment platforms have transformed the way transactions are conducted,
leading to a more tech-savvy and digitally connected financial ecosystem.
Technological Advancement: Demonetization underscored the importance of
technological advancements in the financial sector. The long-term effect has
been a push towards innovation, development of secure payment systems, and
the integration of technology to enhance financial services and accessibility for
the population.

 Societal Changes:
Consumer Behaviour Shifts: Demonetization triggered changes in consumer
behaviour, leading to increased awareness of digital payment options and a shift
towards formal financial channels. These shifts have persisted in the long term,
influencing how individuals transact, save, and invest their money.
Awareness of Financial Inclusion: The focus on financial inclusion during
demonetization has had lasting effects on promoting access to financial services
for underserved populations. Efforts to bring more individuals into the formal
financial system have continued, contributing to greater financial literacy and
inclusion.
  Lessons Learned:
Policy Reforms and Strategies: The long-term effects of demonetization have
highlighted the importance of sustained efforts in tax administration,
formalization of the economy, and promotion of digital transactions. Lessons
learned from this policy move have informed future economic reforms and
strategies to build a more transparent and inclusive financial system [7].
Economic Resilience: The enduring impacts of demonetization have
underscored the need for resilience in the face of economic shocks and policy
changes. Businesses and individuals have adapted to the new financial
landscape, demonstrating the ability to navigate challenges and leverage
opportunities for growth the long-term effects of demonetization in India have
reshaped the economic, social, and technological landscape, emphasizing the
importance of adaptability, innovation, and strategic planning in building a more
resilient and inclusive financial system. [2]

4. Financial Institutions and Banking Sector:

1. Role of Financial Institutions:

- Facilitating Currency Exchange: Financial institutions played a crucial role
during demonetization in facilitating the exchange of old currency notes for new
ones. Banks served as key intermediaries in the process, managing the influx of
cash deposits from the public and ensuring the smooth transition to the new
currency regime.
Promotion of Digital Transactions: Post-demonetization, financial institutions
actively promoted digital transactions to reduce the reliance on cash and
encourage the adoption of electronic payment methods. Banks introduced and
enhanced digital payment platforms to cater to the increased demand for
cashless transactions.
2. Impact on Banking Sector:
Challenges in Cash Management: The sudden demonetization of high-
denomination currency notes posed challenges for banks in managing the surge
in cash deposits and withdrawals. Banks had to cope with logistical issues, long
queues at branches and ATMs, and the need to recalibrate their operations to
handle the increased cash flow.
Changes in Customer Behaviour: Demonetization led to shifts in customer
behaviour within the banking sector. Customers increasingly turned to digital
channels for transactions, leading to changes in the way banks interacted with
their clients and the services they offered to meet the evolving needs of tech-
savvy customers.
Regulatory Measures: Regulatory measures were implemented post-
demonetization to enhance financial transparency and combat illicit financial
activities. The government and regulatory authorities introduced measures to
monitor and track transactions, strengthen anti-money laundering efforts, and
ensure compliance with financial regulations.

3. Digital Payment Trends:

Rise in Digital Transactions: The period following demonetization witnessed a
significant increase in digital transactions as people shifted towards electronic
payment methods. Financial institutions experienced a surge in transactions
through digital platforms, reflecting the growing acceptance and adoption of
digital payment solutions among the population.
Technological Innovations: To meet the demand for digital transactions, banks
and financial institutions invested in technological innovations. The focus on
enhancing digital infrastructure, cybersecurity measures, and user-friendly
interfaces aimed to provide customers with secure and convenient digital
banking experiences.
 Financial Inclusion:
Enhancing Access to Financial Services: Demonetization underscored the
importance of financial inclusion, prompting financial institutions to expand
their reach and offer services to underserved populations. Efforts were made to
promote financial literacy, extend banking services to remote areas, and ensure
that a wider segment of the population had access to formal financial channels.
Mishra & Das highlight the transformative impact of demonetization on
financial institutions and the banking sector in India, emphasizing the shift
towards digital transactions, changes in customer behaviour, regulatory
enhancements, and the promotion of financial inclusion. [4]
4. Mishra & Das (2018), "Resilience of the Indian Stock Market Post-Demonetization."
 5. Industry Clusters:

Diverse Sectoral Effects:

The research highlighted the heterogeneous impact of demonetization across
various industry clusters. Sectors such as retail, real estate, and small-scale
manufacturing, which heavily relied on cash transactions, experienced
immediate disruptions in their operations. In contrast, industries like e-
commerce, fintech, and IT services leveraged the digital shift post-
demonetization to capitalize on growth opportunities.
Challenges in Adaptation: Certain industry clusters faced challenges in
adapting to the cashless economy. Businesses in traditional cash-dependent
sectors struggled to transition to digital payment modes, leading to short-term
setbacks in performance and operational efficiency.
Digital Adoption Trend: Choudhary et al. (2018) noted a significant trend
towards digital adoption among industry clusters post-demonetization. Sectors
that embraced digital technologies and online payment solutions were able to
align with changing consumer preferences towards cashless transactions,
positioning themselves for sustainable growth.

Firm-Level Responses:
Financial Resilience: Individual firms exhibited varying degrees of financial
resilience in response to demonetization. Companies with robust financial
structures and diversified revenue streams were better equipped to withstand
the immediate impact of the policy shock and navigate market uncertainties.
Operational Flexibility: The study emphasized the importance of operational
agility in firm-level responses to demonetization. Companies that quickly
adjusted their operations to accommodate digital payments and online
transactions were able to mitigate disruptions and ensure business continuity
during the transition period.
Innovative Strategies: Choudhary highlighted how certain firms leveraged
demonetization as a catalyst for innovation. By introducing new products,
services, or business models that aligned with the evolving market dynamics
post-demonetization, innovative firms were able to seize opportunities and
differentiate themselves in the competitive landscape. It provided a
comprehensive analysis of how demonetization impacted industry clusters and
influenced firm-level responses in India. Their study underscored the
significance of sector-specific strategies, financial preparedness, operational
adaptability, and innovation in navigating the challenges and leveraging the
opportunities arising from major policy changes like demonetization. [5]

Immediate Effects of Demonetization:

the immediate effects of demonetization on consumer behaviour, businesses,
and financial institutions are discussed comprehensively. Here is a detailed
explanation based on the information provided in the article:

Consumer Behaviour:
The immediate impact of demonetization on consumer behaviour was profound.
The sudden withdrawal of high-denomination currency notes led to widespread
cash shortages, creating challenges for individuals in accessing sufficient cash
for their daily transactions. Long queues at banks and ATMs became a common
sight as people sought to exchange old currency notes for new ones, causing
inconvenience and disruptions in their financial activities. The scarcity of
physical currency prompted a rapid shift towards digital payment methods as
consumers embraced online transactions and mobile wallets as alternatives to
cash.

Businesses:
Demonetization had significant implications for businesses across various
sectors. Small and medium enterprises, in particular, faced immediate cash flow
disruptions as the sudden withdrawal of high-denomination notes impacted their
ability to conduct transactions and manage operational expenses. To adapt to the
cash crunch, businesses swiftly transitioned to digital payment systems, with
many adopting online payment platforms and electronic transactions to sustain
their operations.
5. Amol Deepak Nerkar Demonetisation: Impact on Indian Economy Assistant Professor,
Department of Commerce, Deen Dayal Upadhayaya College, University of Delhi, India
The uncertainty surrounding demonetization resulted in a temporary decline in
sales for businesses, especially those heavily reliant on cash transactions, as
consumer spending patterns shifted in response to the policy change.

Financial Institutions:
Financial institutions encountered challenges in managing the influx of cash
deposits and ensuring operational efficiency during the demonetization period.
The surge in cash transactions and the need to exchange old currency notes
posed logistical hurdles for banks and other financial service providers. In
response to the cash crunch, banks played a crucial role in promoting digital
transactions and encouraging customers to embrace electronic payment
methods. Regulatory measures were introduced to enhance financial
transparency and combat illicit financial activities, with increased scrutiny and
compliance requirements aimed at strengthening the integrity of the financial
system post-demonetization.
immediate effects of demonetization on consumer behaviour, businesses, and
financial institutions in India. The policy decision had far-reaching
consequences, prompting a rapid shift towards digital transactions, causing
disruptions in cash-dependent sectors, and necessitating regulatory adjustments
to ensure the smooth functioning of the financial system in the aftermath of
demonetization. [6]

Post-Demonetization Impacts:

1. Common People's Challenges: The aftermath of demonetization had a

significant impact on common people, particularly those in rural areas
with limited access to banking facilities. Long queues at banks, cash
shortages, and difficulties in accessing essential services created
challenges for individuals in managing their finances and livelihoods.

6. The Economic Times "99.30% of demonetised money back in the system, says RBI report "
PTI Last Updated: Aug 30, 2018, 08:38:00 AM IST
 The sudden withdrawal of high-denomination currency notes disrupted daily
life for many Indians, highlighting the immediate struggles faced by the
general population in coping with the cash crunch.

2. Impact on Financial Institutions: Financial institutions played a crucial role in

facilitating the exchange of old currency notes and promoting digital
transactions post-demonetization. Banks faced challenges in managing the
influx of cash deposits and ensuring smooth operations during the transition
period. The shift towards digital payments and changes in customer behaviour
influenced the banking sector, prompting regulatory measures to enhance
financial transparency and promote digital financial services.

3. Unforeseen Consequences: Despite the government's intentions,

demonetization led to several unforeseen consequences that affected the
economy and society at large. Disruptions in supply chains, changes in
consumer spending habits, and lasting effects on various sectors underscored the
complexity of the post-demonetization landscape. The unintended outcomes of
demonetization raised questions about the efficacy of the policy in achieving its
intended goals and highlighted the need to address the broader implications of
such economic measures.

4. Business and Economic Impact: The long-term effects of demonetization

extended to businesses and the overall economic landscape. The policy decision
aimed to address issues of black money and corruption but posed challenges and
uncertainties for businesses in various sectors. The disruption in economic and
industrial activities, coupled with the implementation of the Goods and Services
Tax (GST), contributed to lower domestic GDP growth in subsequent years,
reflecting the enduring impact of demonetization on the economy. The long-
term effects and post-demonetization impact on common people, financial
institutions, businesses, and the broader economy. The article highlights the
challenges faced by individuals and businesses, the transformative changes in
the financial sector, and the unforeseen consequences that shaped the economic
landscape following the demonetization drive in India. [7]

7. Sakshi Anand "Impact of Demonetization on Indian" Assistant Professor Delhi Institute of

Rural Development affiliated to GGSIP University, Delhi.
 Conclusion

The demonetization move in India, involving the sudden invalidation of high-

denomination currency notes, had far-reaching implications across various
sectors of the economy and society. The primary objectives of demonetization
were to eradicate black money, curb corruption, eliminate counterfeit currency,
and promote digital transactions. While the policy aimed to bring transparency
and accountability to financial dealings, its implementation led to a series of
challenges and unforeseen consequences that shaped India's economic
landscape.
The impact of demonetization on businesses, individuals, and financial
institutions was significant. Businesses faced disruptions in cash flow, changes
in consumer spending patterns, and challenges in conducting transactions,
particularly small and medium enterprises that grappled with the sudden cash
crunch. Common people experienced difficulties in accessing essential services,
managing finances, and coping with the cash shortages post-demonetization,
highlighting the immediate challenges faced by the general population.
Financial institutions played a crucial role in facilitating the exchange of old
currency notes and promoting digital transactions to adapt to the changing
financial environment. The shift towards digital payments and regulatory
measures aimed at enhancing transparency reflected the evolving dynamics
within the banking sector post-demonetization. However, the long-term effects
of demonetization on businesses and the economy, including an economic
slowdown and challenges in various industries, underscored the enduring
impact of the policy decision. Demonetization in India also had broader social
and political ramifications beyond its economic impact. It sparked debates on
the effectiveness of the policy, implications for the common man, and the
government's ability to address issues of corruption and black money. While the
move aimed to tackle pressing issues, its implementation led to short-term
disruptions and challenges, emphasizing the need for sustained efforts in tax
administration, formalization of the economy, and promotion of digital
transactions.
In conclusion, demonetization in India had significant implications for the
economy, society, and various sectors. While the policy aimed to address issues
of black money and corruption, its implementation posed challenges and
uncertainties for businesses, individuals, and financial institutions. The long-
term effects of demonetization continue to shape India's economic landscape.
 REFERENCE

1. Swati Chauhan and Nikhil Kaushik "IMPACT OF DEMONETIZATION

ON STOCK MARKET: EVENT STUDY METHODOLOGY" June,
2017, Indian Journal of Accounting (IJA) pp. 127-132
2. Mohammad Shameem Jawed, Amol S. Dhaigude & Archit Vinod Tapar |
(2019) The sectoral effect of demonetization on the economy: Evidence
from early reaction of the Indian stock markets, Cogent Economics &
Finance, 7:1, 1595992, DOI: 10.1080/23322039.2019.1595992Gupta &
Kumar (2018), "Investor Sentiment and Market Reactions to
Demonetization."
3. Raut, Rajdeep & Das, Niladri & Mishra, Ramkrishna. (2018). Behaviour
of Individual Investors in Stock Market Trading: Evidence from India.
Global Business Review. 21. 097215091877891.
10.1177/0972150918778915
4. Mishra & Das (2018), "Resilience of the Indian Stock Market Post-
Demonetization."
5. Amol Deepak Nerkar Demonetisation: Impact on Indian Economy
Assistant Professor, Department of Commerce, Deen Dayal Upadhayaya
College, University of Delhi, India
6. The Economic Times "99.30% of demonetised money back in the system,
says RBI report " PTI Last Updated: Aug 30, 2018, 08:38:00 AM IST
7. Sakshi Anand "Impact of Demonetization on Indian" Assistant Professor
Delhi Institute of Rural Development affiliated to GGSIP University,
Delhi.
8. Rajrishi Singhal “How demonetisation impacted the Indian economy” 30
Aug 2018, 09:01 AM IST.
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M.Phil., M.Ed., (Ph.D.), Maharishi University, Lucknow, India.