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1
KUMAR, HARISH. "Demonetization's Effects: A Study Focused on the Ambala District." Turkish Journal of Computer and Mathematics Education 09, no. 01 (2018): 445–53. http://dx.doi.org/10.36893/tercomat.2018.v09i01.445-453.
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Demonetization is the procedure of eliminating a monetary unit's lawful tender position. Each occasion the monetary system is modified, demonetization is required. A new currency unit must be introduced to replace the previous one. 200 participants were randomly chosen for samples from the Haryana district of Ambala. Four factors—gender, age, annual income, and occupation—have been found to significantly correlate with the effects of devaluation. Demonetization's role in destroying black money came in first place among respondents' rankings, which were then followed by the elimination of social evils including terrorism and corruption.
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S, Basheer Ahamed. "Issues and Challenges of Demonetisation in India." Shanlax International Journal of Management 6, S1 (2019): 75–77. https://doi.org/10.5281/zenodo.2567693.
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This paper analyze about demonetization issues and challenges when it was implemented by the Govt of India. For every action there will be reaction. Demonetization was implemented on 500 and 1000 Indian currency notes. This article enumerates aftermath of demonetization in India. It answers to the following questions: - Was demonetization implemented at right time? Was demonetization good decision? Were People benefitted? For what Demonetization was implemented? Did the demonetization process reach the desired goal of the Government of India?
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NARSAIAH, Neralla. "DEMONETIZATION IMPACT OVER BANKING LOANS & ADVANCES-A CASE STUDY." Business Excellence and Management 9, no. 1 (2019): 17–32. http://dx.doi.org/10.24818/beman/2019.9.1-02.
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The demonetization footstep by the Government of India twisted complicated influences in the economy. Complete sectors of the economy had faced and produced mixed sensation results over the decision of demonetization. India’s financial services struggled with demonetization; on the other hand, demonetization affects utmost over the banking sector because it is substantial influenced services to transform money circulation in an Indian economy. Eradicating components of currency notes from circulation in an economy is demonetization. It is as the processes of components of money are denied the status of legal tender. Consequently, ceased currency notes will not be account as valid currency in an economy. The term ‘demonetization’ is an instrument to shrink Inflation, Black Money, Corruption and terror funding, this step discourages a cash dependent economy in India. Government of India drive towards demonetization has given a strong push to the popularity of digital banking and made helps with the alternative arrangements of e-banking and e –wallet to trade and commerce. Exploring the demonetization emergence in an economy and impact on banking services ecosystem dynamics, this study take an abductive approach anchored in over 4 years of case study data regarding. The present study foremost intention is to be analyzing the demonetization impact over banking loans and advances. In this regard the present study is to be examining the pre demonetization and post demonetization period
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Hurtado, Alberto, and Sadcidi Zerpa. "Impact of demonetization 2016 on Venezuelan economy." Revista Estudios de Políticas Públicas 5, no. 2 (2019): 16. http://dx.doi.org/10.5354/0719-6296.2019.55353.
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This article aims to analyze the impact of demonetization 2016 on the Venezuelan economy. The Government of Venezuela demonetized the 100 bolívares notes on December 11, 2016, for achieving economic, monetary and price stability, eliminating the smuggling of banknotes, achieving a higher level of efficiency and quality in government management, and eliminating the laundering of bolívares. In this sense, the origin of the measure is presented and the proposed objectives set are explored. It results that the measure generated shortages of cash, changes in production decisions and commercialization of goods, increase in deposits in the Venezuelan banking system, change in the evolution of monetary aggregates, protests in the offices of banking, and a new distribution of the monetary cone. The originality of this work lies in it being a pioneer in analyzing the impact of demonetizations implemented in Venezuela and Latin America. It is concluded that the demonetization represented a monetary shock that altered the evolution of the economy and required complementary measures to mitigate its effects on the welfare of the population.
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Dobhal, Jyoti. "DEMONETIZATION AND ITS IMPACT ON BANKING INDUSTRY." International Journal of Social Science and Economic Research 07, no. 12 (2022): 4052–57. http://dx.doi.org/10.46609/ijsser.2022.v07i12.014.
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Demonetization is an act of stripping a currency unit of its status as a legal tender. In simple words, demonetization is the process by which the demonetized notes cease to be accepted as legal currency for any kind of transaction. After demonetization, the old currency is replaced by a new currency, which may be of the same denomination or may be of a higher denomination. Demonetization is done by a country for various reasons. In India Demonetization happened three times. First time it happened in the year1946 and then in the year 1972. Third time it happened on 8 Nov 2016. It affected many sectors of the nation but banking sector was the most affected one as it was the main channel through which whole economic process had moved on. It was assumed that banking sector had an edge over the rest during the entire exercise of demonetization. It becomes necessary to understand Demonetization effect on banks financial performance as banks financial performance directly related to a country’s economic growth. The present study is made out of available literature on post demonetization. It illustrated how the demonetization affected the banking industry.
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Shamim, Mohd. "Impact of Demonetization Process on the Performance of Nifty." Studies in Economics and Business Relations 2, no. 1 (2021): 16–30. http://dx.doi.org/10.48185/sebr.v2i1.284.
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This paper investigates the impact of demonetization process on the performance of Nifty 50 and its Sectorial Indices. The study uses data of closing prices from 28 June 2016 up to 20 March 2017. The study employs descriptive statistics, paired sample T test and ANOVA to evaluate the impact of demonetization process on the performance of Nifty 50 and its Sectorial Indices. It has found that there is statistical significance at the level of 5% that Nifty 50 dropped after the demonetization event as compared to the pre demonetization event. Further, the results reveal that most of Sectorial Indices of Nifty 50 sloped downward post demonetization event and the significance of the statistical results are varied from one sector to another. It is recommended that periodic review of the policy should be made to iron out the negative impacts of demonetization. Also, it is imperative to evaluate the impact of demonetization on the short, medium, and long run to avoid any grey areas for any future policy regarding cashless economy or demonetization.
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Gupta, Vandana, Utsav Asher, and Hunny Jain. "An Analysis of the Impact of Demonetization on Stock Prices and Quarterly Performance of BSE 50 Companies." International Journal of Emerging Research in Management and Technology 6, no. 11 (2018): 65. http://dx.doi.org/10.23956/ijermt.v6i11.48.
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The objective of this study is to analyze the impact of demonetization by the Indian government on the stock prices of top 50 BSE companies (based on market capitalization). The authors use event study methodology to calculate abnormal stock returns up to 20 days post-demonetization. It is observed that 54 percent of the companies showed positive impact to demonetization in their stock prices up to the 20th day post demonetization. The quarterly performance of these top 50 companies is analyzed by segregating these 50 companies across 6 sectors and paired sample t-test methodology is applied to assess the quarterly performance pre and post demonetization. Although there have been several viewpoints expressed on demonetization as theoretical and conceptual articles, to the best knowledge of the authors this is the first paper that does an empirical analysis on the top 50 companies by market capitalization for the effect of demonetization.
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Prof., Babagouda. A. Patil. "A Study on Effect of Demonetization on Indian Economy." International Journal of Trend in Scientific Research and Development 3, no. 5 (2019): 1063–66. https://doi.org/10.5281/zenodo.3590522.
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Pulling back units of cash from dissemination is demonetization units of cash are denied the status of legitimate delicate. Demonetization is characterized as a procedure by which cash units wont stay lawful delicate. The money notes wont be taken as substantial cash. Demonetization is a step taken by the administration where money units are stopped of its status as legitimate delicate. Demonetization is an essential condition to change national money. As it were, demonetization can be said a difference in money where new units of cash supplant the old one. It might include the presentation of new notes or coins of a similar category or totally new division. The cash has been demonetized thrice in India. The principal demonetization was in 1946, second in 1978 and the third was on 8th November 2016 Tuesday . The investigation endeavors to get importance and reasons for demonetization, the segment insightful effect of demonetization. This examination likewise gives a knowledge into the positive and negative effect of demonetization on the Indian economy. This investigation is of graphic nature so all the required furthermore, significant information have been taken up from different diaries, magazines for distributed papers and sites. Books have likewise alluded for hypothetical data on the theme as required. Prof. Babagouda. A. Patil "A Study on Effect of Demonetization on Indian Economy" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-5 , August 2019, URL: https://www.ijtsrd.com/papers/ijtsrd26562.pdf
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Rawat, Shailika, and Nishi Sharma. "Examining the impact of demonetization on banking efficiency: Evidence from bootstrapped estimates after consideration of undesirable outputs." International Journal of Applied Economics, Finance and Accounting 16, no. 2 (2023): 222–33. http://dx.doi.org/10.33094/ijaefa.v16i2.963.
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The recent demonetization announced in India led to a massive flow of deposits in banks, which called for efficient disbursement of available funds. Realizing its implication for the financial sector, researchers explored the possible impact of demonetization on the performance, profitability, and efficiency of Indian banks. However, these studies overlooked the non-performing assets, which are a serious concern for banks and have emerged as an undesirable output of the credit creation process. To fill this research gap, the present study investigates the impact of demonetization on the efficiency of domestic banks with due consideration of such undesirable assets. To get bias-free efficiency estimates, bootstrapped data envelopment analysis has been done. The study period has been divided into two sub-periods viz., pre-demonetization period and post-demonetization period. The results indicate that the efficiency of the majority of banks remains unaffected by demonetization. Only 13 banks have got a significant impact, out of which eight banks exhibited better efficiency while five banks were found to be less efficient during the post-demonetization period. However, these changes have been contributed to bank-specific factors, and demonetization cannot be accounted for the same. The findings are useful to banks, regulators, and policymakers.
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Raja Prasad, S. V. S. "Measuring the Efficiency of Indian Real Estate Firms During the Pre- and Post-Demonetization Period by Adopting Data Envelopment Analysis." Baltic Journal of Real Estate Economics and Construction Management 7, no. 1 (2019): 98–109. http://dx.doi.org/10.2478/bjreecm-2019-0006.
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Abstract Indian real estate segment has been one of the utmost affected segments of economy contemplating the changes in economic policies. The Indian economy experienced a radical change as an outcome of demonetization and the consequences are perceived on the real estate segment. The current study has been proposed to evaluate the efficiency of Indian real estate firms by adopting the technique of data envelopment analysis during the pre- and post-period of demonetization. The aim of the research is to understand the effect of demonetization on the performance of the Indian real estate firms during the post-demonetization period compared to pre-demonetization period. Eight real estate firms have been considered for the analysis. The firms have been ranked on the basis of the efficiency score. It is evident from the results of the study that there is a significant difference between the ranks of the firms during the period of pre and post demonetization; and it can be elucidated that the demonetization has an impact on the performance of the firms.
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Chaurasia, Sushil S., Surabhi Verma, and Vibhav Singh. "Exploring the intention to use M-payment in India." Transforming Government: People, Process and Policy 13, no. 3/4 (2019): 276–305. http://dx.doi.org/10.1108/tg-09-2018-0060.
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Purpose The purpose of this study is to develop a model that explains a user’s attitude toward M-payments in India, based on the motivational model and awareness about demonetization policy. The study also investigates the validity and differential predictive power of four different M-payment usage models, by considering the effect of improved awareness regarding demonetization policy on the core construct of the motivational model. Design/methodology/approach The model was tested with survey data from 362 M-payment users using partial least squares. Respondents were M-payment users with significant usage experience. Findings This study empirically determined that the motivation model and awareness about demonetization policy in M-payment usage after demonetization are connected. As hypothesized, the study found: a positive relationship between extrinsic motivation and intention to use M-payment, positive relationship between awareness about demonetization policy and behavioral intention to use M-payment, positive relationship between intrinsic motivation and extrinsic motivation, positive relationship between awareness about demonetization policy and extrinsic motivation and positive moderation effect of awareness about demonetization policy on the extrinsic motivation-behavioral intention relationships. The hypothesis that awareness about demonetization policy would have a moderating effect on intrinsic motivation–behavioral intention relationship was not supported. Practical implications From a practitioner’s perspective, this study underscores the importance of raising sufficient awareness about the demonetization policy as a determinant of users’ willingness to use M-payment services. Mandatory regulations by the government and motivation toward M-payment use can be a good starting point for a cashless economy. Originality/value This study makes a needed contribution to the literature by validating the integrated motivation model, emphasizing the importance of raising awareness about the demonetization policy among M-payment users. The model may provide a useful foundation for future research in this area.
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Pandey, Dharen Kumar, and Amit Kumar Jaiswal. "Impacts of demonetization on Indian stock market- An empirical study." Al-Barkaat Journal of Finance & Management 9, no. 2 (2018): 46–66. https://doi.org/10.5958/2229-4503.2017.00015.7.
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In order to examine the Indian stock market reaction to demonetization with a sample of 51 stocks using the standard event study methodology, the hypothesis that abnormal returns on and around demonetization are equal to zero has been tested. The empirical results infer that the significant average abnormal returns and cumulative average abnormal returns around the demonetization date rejects the null hypothesis. The study further indicates that demonetization has affected the abnormal returns on stocks traded on the NSE. It is concluded that demonetization has had positive impact on the stocks of the financial services sector, the information technology sector and the energy sector while negative impacts on the stocks of the automobile sector and the consumer goods sector
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Jain, Deepa, K. S. Thakur, and Manoj Kumar Dash. "Demonetization move in India: a conceptual study." Journal of Money Laundering Control 23, no. 4 (2020): 863–69. http://dx.doi.org/10.1108/jmlc-12-2019-0100.
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Purpose The purpose of this paper is to explore the real causes of demonetization drive and the future path created by the drive. Design/methodology/approach The study started with a conceptual understanding of the demonetization drive in India and ended with a future impact analysis. For exploring the concept, the authors reviewed various articles, government and corporate reports as well as studies published in newspaper and available online. Findings The study revealed that demonetization is a success in terms of cashless path created to eradicate corruption but a failure in terms of disruption caused in the economy. Thus, appropriate measures could be taken by government to make this daunting step successful in the long run. Research limitations/implications The study is limited only to demonetization concept based on secondary data. Future work may be done keeping in view more empirical data to know the effectiveness of the demonetization drive along with other parameters. Originality/value To the best of researchers’ knowledge, no study tried to uncover the strong reasons behind the demonetization move. The study extends the literature by exploring the real causes and impacts of the demonetization drive through a conceptual lens.
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Srivastava, Dr Surabhi, and Dr Anand Kumar Srivastava. "Impact of Demonetization on Performance of Banks (With Special Reference to Uttarakhand)." International Journal of Innovative Research in Engineering and Management 10, no. 5 (2023): 39–44. http://dx.doi.org/10.55524/ijirem.2023.10.5.7.
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Demonetization is the strongest policy that is used against many illegal elements such as corruption and inflation to reform the economy. The concept of Demonetization is not new almost across the globe has adopted Demonization to upgrade their financial system. India adopted the Demonetization three times: first on January 12, 1946, and second on January 16, 1978. But the term Demonetization became well known on November 8, 2016 when P.M. Narendra Modi suddenly demonetized the Rs. 500 and Rs.1000 bank notes of Mahatma Gandhi series with the prime objective to curb the black money and counterfiet currency. This monetary step shaked each segment of economy in which banking performance was significantly affected. Their depositposition, Advance Policy, NPAs and Liquidity were impacted at some or large scale. Therefore, the present study has analysed the impact of demonetization on the performance of banks (with special reference to Uttarakhand) and found that there is no significant impact of demonetization on the overall performance of banks in Uttarakhand State.
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Abhishek, Parikh. "Impact of Demonetization on Shareholders’ Wealth: Case of India." Asian Journal of Empirical Research 9, no. 9 (2019): 217–29. http://dx.doi.org/10.18488/journal.1007/2019.9.9/1007.9.217.229.
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This paper examines the impact of demonetization on shareholders’ return in India. After the demonetization announcement in India (8 November 2016) money became a significant source of stress. It is documented that this announcement had various effects on individual, social, and economic levels. The data of shareholders’ returns from before and after demonetization for 60 months from October 2012 to November 2017 were collected using a capital line database. The results depict that demonetization ruined shareholders’ wealth for 12 months. However, in the long run it gives investors very attractive returns.
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K., Veerakumar. "A STUDY ON PEOPLE IMPACT ON DEMONETIZATION." International Journal of Interdisciplinary Research in Arts and Humanities 2, no. 1 (2017): 9–12. https://doi.org/10.5281/zenodo.252271.
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The<strong> </strong>demonetization had a great significant and immediate impact on the state of the Indian economy. In this paper, an attempt has been made to find impact of demonetization on the public. Samples of 100 respondents were randomly selected from Coimbatore District. It is found that four variables namely gender, age, annual income, occupation have significant association with the impact of demonetization. It also results that demonetization helps to destroy black money is the first ranking given by the respondents and it is followed by corruption, terrorism etc.
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Pandey, Dharen Kumar, and Vineeta Kumari. "Impacts of Demonetization on Indian Banking Sector Stocks: An Empirical Study." Indian Journal of Commerce 73, no. 1&2 (2020): 182–97. https://doi.org/10.5281/zenodo.4698468.
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In order to examine the market reaction, specifically the banking sector stocks, to demonetization, with a sample of eight banks using the standard event study methodology, the hypothesis that abnormal returns on and around demonetization are less than or equal to zero has been tested. The empirical results infer that the average abnormal returns and the cumulative average abnormal returns are positive and significant around the demonetization date, thus, rejecting the null hypothesis. The study indicates positive impacts of demonetization on the banking sector stocks.
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Dr., Anand Kumar Shrivastava. "The Effect of Demonetization on Banking Sector: A comparative study of Public and Private Sector Bank." RESEARCH REVIEW International Journal of Multidisciplinary 03, no. 05 (2018): 246–53. https://doi.org/10.5281/zenodo.1253492.
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This study about the effect of demonetization on banking sector. Paper tried to explore the positive and negative effect of demonetization. Study is based on the data available for two banks; one is Axis Bank, which is private and other is State Bank of India which is public bank. Analysis is done on the basics of percentage in the various parameters by taking March as a base month. It is observed that the analytical ratios where SBI shows decreasing result as we compared to Axis bank. After demonetization its ratio margin is declining. Whereas in axis bank shows much affect it shown increased in their profit margin. so we conclude that effect of demonetization is on both sector as it is a private sector or public sector both have effected after demonetization.
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Padhi, Vijaykumar Rank. "“A STUDY ON IMPACT OF DEMONETIZATION OF BANKING SECTOR”." INTERANTIONAL JOURNAL OF SCIENTIFIC RESEARCH IN ENGINEERING AND MANAGEMENT 08, no. 05 (2024): 1–5. http://dx.doi.org/10.55041/ijsrem35112.
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Demonetization, a significant economic policy initiative, has sparked debates and investigations into its multifaceted impacts across various sectors. This study delves into the repercussions of demonetization specifically on the banking sector. By employing a mixed-methods approach, combining quantitative analysis and qualitative insights, this research comprehensively examines how demonetization has influenced the banking industry's dynamics, operations, and customer behavior. The study reveals nuanced consequences, including shifts in deposit patterns, changes in lending practices, alterations in digital banking adoption, and implications for financial inclusion efforts. Moreover, it investigates the role of regulatory responses and policy measures undertaken by banking institutions to navigate the challenges and capitalize on emerging opportunities post-demonetization. Through an exploration of both short-term disruptions and long-term structural transformations, this research contributes to a deeper understanding of the intricate interplay between demonetization and the banking sector, offering valuable insights for policymakers, industry stakeholders, and academic researchers. Keywords: Demonetization, Banking Sector, Economic Policy, Financial Inclusion, Regulatory Responses, Digital Banking, Customer Behavior, Lending Practices, India, Mixed-Methods Analysis.
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SUNDAR KAPRI, SHYAM. "Impact of Demonetization on the Indian Economy." Turkish Journal of Computer and Mathematics Education 09, no. 03 (2018): 1017–26. http://dx.doi.org/10.36893/tercomat.2018.v09i03.1017-1026.
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Demonetization is the procedure for eliminating a monetary unit's legal tender status. In an effort to combat black money, corruption, and counterfeit money, the Indian government executed demonetization by banning the 500 and 1,000-rupee notes in November 2016. The decision provoked mixed responses, with some applauding the government's audacity and others criticizing it for seriously disrupting the economy. The impacts of demonetization on the Indian economy, including their implications on GDP, inflation, employment, and other economic indices, are thoroughly looked at in this paper. Demonetization impacted the Indian economy in the near term, the research finds, but its long-term repercussions are yet unknown but they can be assumed. (Veerakumar, 2017) This study uses data from 2015 to 2017 to provide a longitudinal analysis of the effects of demonetization on the Indian economy. Statistical techniques including regression analysis, t-tests, and time-series breakdown are used in the analysis. This paper will also discuss reviews of different individuals on demonetization as well as the people who were arrested during this time period.
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Panah, Abdul Masood, and Y. Muniraju. "AN EXPLORATORY STUDY ON EFFICACY OF DEMONETIZATION IN INDIA: POLICY ROLLOUT ON DEMONETIZING OLD CURRENCY." Australian Finance & Banking Review 5, no. 1 (2021): 1–28. http://dx.doi.org/10.46281/afbr.v5i1.1007.
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Demonetization is the process of declining the use of currency from circulation by the government or monetary authorities in a country. This research paper analyses the efficacy of Indian demonetization from common public perspectives, the policy that the government of India has implemented to fight against black money, drying the financial roots of terrorism, and direct the civilization towards digital transactions and a cashless economy. A field survey was conducted in Karnataka and Kerala’s coastal region by distributing a structured questionnaire among the common public to generate the data. The authors run descriptive statistics and ordinal regression analysis to obtain the result for the study’s objectives. The descriptive statistics result found that demonetization increased the number of bank account holders in India. There is not much impact of demonetization on controlling evasion of tax and illegal investments of black money, and the policy adversely affects regular business in the country. The findings from ordinal regression reveal that the time frame was given to the public to demonetize their old notes were sufficient; money circulation was well planned at the time of demonetization. The policy implemented at the right time and the common public, despite facing enormous challenges while purchasing goods and services at the time of demonetization, considers that demonetization implementation was effective.
 JEL Classification Codes: E5, E6, E7, E58, E60.
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Dr., Jayashree R. Kotnal. "Demonetization impact the Indian economy: A descriptive study." International Journal of Applied Research 3 (March 3, 2017): 599–603. https://doi.org/10.5281/zenodo.7122310.
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Abstract The term demonetization is not new to the Indian economy. The highest denomination note ever printed by the Reserve Bank of India was the Rs 10,000 note in 1938 and again in 1954. But these notes were demonetized in January 1946 and again in January 1978, according to RBI data. Since less than 5 percent of population in India had access to such notes and most banks never had such currency notes, demonetization did not have a big impact on the country. The decision was taken to curb the illegal use of high denomination currency which was used for corrupt deals in the country. However, with the latest round of demonetization, the common public and bankers are undoubtedly facing hardship since more than 85 percent of currency in circulation has been rendered illegal in one single stroke. Demonetization is surely hampering the current economy and will continue to do so in the near term and will also impact India’s growth for the coming two quarters but will have positive long lasting effects. The question that arises is why demonetization was required at this point of time. There are certain pros and cons of demonetization.
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Dr.Jayashree, R. Kotnal. "A descriptive study of demonetization and its impact on Indian economy." International Journal of Advanced Research and Development 2, no. 6 (2017): 68–72. https://doi.org/10.5281/zenodo.7122551.
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Abstract The term demonetization is not new to the Indian economy. The highest denomination note ever printed by the Reserve Bank of India was the Rs 10,000 note in 1938 and again in 1954. But these notes were demonetized in January 1946 and again in January 1978, according to RBI data. Since less than 5 percent of population in India had access to such notes and most banks never had such currency notes, demonetization did not have a big impact on the country. The decision was taken to curb the illegal use of high denomination currency which was used for corrupt deals in the country. However, with the latest round of demonetization, the common public and bankers are undoubtedly facing hardship since more than 85 percent of currency in circulation has been rendered illegal in one single stroke. Demonetization is surely hampering the current economy and will continue to do so in the near term and will also impact India’s growth for the coming two quarters but will have positive long lasting effects. The question that arises is why demonetization was required at this point of time. There are certain pros and cons of demonetization.
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Prof.Dr., Roshan S. Patel. "Demonetization Necessity and it's Impact on Indian Economy." International Journal of Trend in Scientific Research and Development 1, no. 5 (2017): 1025–28. https://doi.org/10.31142/ijtsrd2403.
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Demonetization Necessity and it's Impact on Indian EconomyProf. Dr. Roshan S.PatelAssociate Professor,Department of Accountancy,Sheth C.D.Barfiwala College of Commerce, Surat. Email roshan sangita@yahoo.com Mob. No. 9426124543Abstract The Government has implemented a major change in the economy environment by demonetizing the high value of currency notes - of Rs. 500 and Rs. 1000. India has carried out demonetization earlier two times, i.e. first was on 12th January 1946 Saturday and second one was on 16th January,1978 Monday under Morarji Desai Government. This is the third time demonetization happen in India i.e. on 8th November,2016 Tuesday . So like this in India demonetization has occurred three times. On this ground government announced that INR 500 and INR 1000 notes will cease to be legal tender effective immediately. People have been given a time up to 30th December, 2016 to exchange the notes which are held by them. The purpose of this study is to compare and analyze the impact of demonetization and their significance in the economic development of India by comparing with other countries. The demonetization move has been taken in view to club black money, corruption and issues like circulation of fake currency and terror funding. Here I am going to discuss the reasons of it as well as its necessity to implement in India. I would also like to focus on how the tool of demonetization can be used to eradicate parallel economy. This is one of the biggest steps initiated by government in addressing the various issues like black money, circulation of fake currency, corruption, terrorism etc.Key Words Demonetization, Indian Economy, Black money, corruption. Prof.Dr. Roshan S. Patel "Demonetization - Necessity and it's Impact on Indian Economy" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-1 | Issue-5 , August 2017, URL: https://www.ijtsrd.com/papers/ijtsrd2403.pdf
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Kingsley, Sara, Proteeti Sinha, Clara Wang, Motahhare Eslami, and Jason I. Hong. ""Give Everybody [..] a Little Bit More Equity": Content Creator Perspectives and Responses to the Algorithmic Demonetization of Content Associated with Disadvantaged Groups." Proceedings of the ACM on Human-Computer Interaction 6, CSCW2 (2022): 1–37. http://dx.doi.org/10.1145/3555149.
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Algorithmic systems help manage the governance of digital platforms featuring user-generated content, including how money is distributed to creators from the profits a platform earns from advertising on this content. However, creators producing content about disadvantaged populations have reported that these kinds of systems are biased, having associated their content with prohibited or unsafe content, leading to what creators believed were error-prone decisions to demonetize their videos. Motivated by these reports, we present the results of 20 interviews with YouTube creators and a content analysis of videos, tweets, and news about demonetization cases to understand YouTubers' perceptions of demonetization affecting videos featuring disadvantaged or vulnerable populations, as well as creator responses to demonetization, and what kinds of tools and infrastructure support they desired. We found creators had concerns about YouTube's algorithmic system stereotyping content featuring vulnerable demographics in harmful ways, for example by labeling it "unsafe'' for children or families -- creators believed these demonetization errors led to a range of economic, social, and personal harms. To provide more context to these findings, we analyzed and report on the technique a few creators used to audit YouTube's algorithms to learn what could cause the demonetization of videos featuring LGBTQ people, culture and/or social issues. In response to the varying beliefs about the causes and harms of demonetization errors, we found our interviewees wanted more reliable information and statistics about demonetization cases and errors, more control over their content and advertising, and better economic security.
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Khan, Asif. "Decrypting Demonetization and its impact on the sustainable economic growth in India." Revista Review Index Journal of Multidisciplinary 2, no. 2 (2022): 01–08. http://dx.doi.org/10.31305/rrijm2022.v02.n02.001.
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This paper addresses the impact of Demonetization on sustainable economic growth in India after five years of Demonetisation in India. The study is exploratory. The data was collected through purposive sampling. Bank Managers, academicians and scholars located in New Delhi were interviewed. The unstructured interview schedule was used. The data pointed out that Demonetization adversely impacted the sustainable economic growth, as the informal sector in India, which constitutes more than ninety per cent of the total population of India, got severely affected by this move and was unable to continue contributing to the economy of India as the sector was doing in the pre-demonetization period. This paper will help understand the phenomena of Demonetization and the impact of the call for Demonetization on the sustainability of the Indian economy. Since the concept has not been researched sufficiently in the country, therefore, has ample scope to study further. The small sample size and location were the limitation.
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Raza, Sohail, and Shahzad Munir. "Did Demonetization Affect Indian Stock Market?" International Research Journal of Business Studies 15, no. 1 (2022): 1–15. http://dx.doi.org/10.21632/irjbs.15.1.1-15.
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This study explores the impact of ”2016 demonetization” on the stock market in India. The policy declared 86% of cash in circulation in the form of Indian rupees (INR) 500 & 1000 notes as an illegal tender effective from midnight of November 8, 2016. However, India’s government progressively released new 500 and 2000 INR notes over the next few months. Following the demonetization announcement, stock prices of cash-sensitive industries like consumer goods and financial services dropped rapidly, reflecting a significant reduction in demand. This study focuses on the short-term effects of demonetization on the stock prices of 100 publicly listed firms using their daily stock data. We use estimating windows within 60 days of the announcement and then capture the short-term effects of demonetization by employing the Ordinary Least Square (OLS), the Fixed Effect (FE), and the Random Effect (RE) methods. Estimation results demonstrate that demonetization effectively decreases stock prices.
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Mary, Judit A., and Subi G. Sweetlin. "Impact of demonetization on unorganised labour." B-Research 24, no. 1 (2024): 21. http://dx.doi.org/10.26634/bresearch.24.1.20903.
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Demonetization is the process of withdrawing a particular form of currency from circulation. It becomes necessary whenever there is a change in the national currency, where the old currency is replaced by a new one. This process involves either introducing new notes or coins or completely replacing the old currency with the new one. Such measures are often carried out to curb activities in the black market. The first demonetization occurred on 12th January 1946, followed by the second on 16th January 1978, and the third on 8th November 2016, during which Rs. 1000 and Rs. 500 currency notes were demonetized, accounting for 86 per cent of the total currency in circulation. This study focuses on the impact of demonetization on the unorganized labor sector. The objectives of the study are to understand the socio- economic conditions of unorganized laborers and to explore their opinions on demonetization. Consequently, this paper concludes by discussing the broad implications of demonetization on the unorganized sector, particularly on its labor force.
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Koner, Jonardan, and Avinash Purandare. "Demonetization is a Curse or Blessing: a Study in the Context of Real Estate Market in Pune City." Journal of Lifestyle and SDGs Review 5, no. 1 (2025): e04578. https://doi.org/10.47172/2965-730x.sdgsreview.v5.n01.pe04578.
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Objectives: The study aims to measure the impact of demonetization on both residential and commercial real estate units, focusing on the primary and secondary real estate markets. Methods: The study used a multiple regression analysis model to assess the impact of demonetization on the real estate sector. Results: Demonetization had a significant negative short-term impact on the real estate sector, leading to a fall in demand in all segments of the primary and secondary markets, both residential and commercial. The primary reason for this decline was the reliance on cash transactions in real estate financial dealings. However, the increased deposits from demonetization enhanced the liquidity position of banks, which can be leveraged for credit to boost the real estate sector in the long term. Conclusion: Demonetization is expected to have a positive long-term impact on the real estate sector, as the increased transparency and accountability will attract institutional investors and foreign direct investment, thereby improving the sector's growth.
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Rizwana Begum, A. Varalakshmi, Mohammad Mona, Mohammed Afreen Sana, Moluguri Keerthi, and Momena Begum. "Impact of Demonetization on Electronic Banking: An Analytical Study." international journal of engineering technology and management sciences 8, no. 2 (2024): 318–24. http://dx.doi.org/10.46647/ijetms.2024.v08i02.040.
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This research investigates the multifaceted repercussions of demonetization on electronic banking, examining the transformative effects on financial systems and consumer behavior. Key components of the study include an assessment of the immediate and long-term impacts of demonetization on electronic banking adoption, transaction volumes, and security concerns. The analysis encompasses a comprehensive review of key financial indicators, regulatory changes, and technological advancements in the electronic banking landscape post-demonetization.
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Dr.Akumarthi, Nageswara Rao. "Politics of Demonetization in India and its Impact on Economy and Society: A Review." 'Journal of Research & Development' 15, no. 11 (2023): 102–6. https://doi.org/10.5281/zenodo.8046182.
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This research paper aims to analyze the politics of demonetization in India, focusing on its objectives, the research methodology employed, the findings derived, and the conclusions drawn. By examining the political dimensions of demonetization, this paper seeks to provide a comprehensive understanding of its impact on the Indian economy and society. The politics of demonetization in India has been a topic of significant interest and debate. Demonetization, implemented in November 2016, was a decision taken by the Indian government led by Prime Minister Narendra Modi, with the aim of addressing issues like black money, corruption, and counterfeit currency. The move had both political motives and consequences, leading to diverse opinions and reactions from different stakeholders.
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Kaleeshwari.S and Jegadeeshwaran Dr.M. "Impact Of Demonetisation On Currency Circulation In The Indian Economy." International Journal of Advance and Applied Research 10, no. 3 (2023): 52–61. https://doi.org/10.5281/zenodo.7583161.
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The government of India announced the concept of demonetization of currency that is 500- and 1000-rupee banknotes in the economy. So, they said that this would raise an effect on the shadow economy. and to crack down on the use of illicit and counterfeit cash to fund illegal activity and terrorism. This sudden launch of demonetization prolonged cash shortages in the weeks that followed, which created disruptions throughout the economy weakening the economic output. The ordinance of specific bank notes (cessation of liabilities )2016, was passed by the government on 28, Dec 2016 for ceasing the liability of the government for the banned bank notes. so demonetization of technically a liquidity shock which has stopped in terms of currency availability. This created a situation where the lack of currencies jams consumption, investment, production, and employment. The intensity of demonetization effects clearly depends upon the duration of the liquidity shock. So, keeping this in focus the study is carried out to analyze the effect of demonetization on the currency circulation of the economy during and after the effect of demonetization. The help of statistical tools such as cointegration analysis, granger causality, paired t-test, covariance analysis, and regression analysis have been used to execute the results.
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Srinivas, Gumparthi, and S. Pradeepa. "Demonetization Impact on Liquidity of Large Corporates in India." econ 4, no. 3 (2021): 57–66. https://doi.org/10.31014/aior.1992.04.03.369.
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This paper ‘Demonetization Impact on Liquidity of Large Corporates in India’ focuses on the changes in the Liquidity pattern of the companies’ in-order to cope up with the Business Risk that emerged due to the unforeseen Demonetization Policy of the Government of India. The study aimed at finding the performance of various sectors on liquidity parameters during pre and post demonetization period. The study covered the companies listed in NIFTY 50 over the period of 6 years from 2014-2019. The methodology used for analysis is the longitudinal study under descriptive analysis as it involves the repeated observations of the same variables over a period of time. As the paper focuses on the top companies listed, though companies faced the uncertainty during that particular period of demonetization, they bounced back at the earlier than the MSME companies. Some sectors like FMCG, Pharmaceutical were immune to demonetization as it has an inelastic demand in the market and demonetization created giant opportunities for the software sector as the country has been shifted towards digitalization. Found short-term implications for the cash-intensive sectors but in the long run it helps in the growth of the economy, which in turn will have a positive correlation with the growth of companies.
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R., Venkatesh, and Sathiya Priya P. "IMPACT OF DEMONETIZATION ON RETAIL OUTLETS – AN ANALYTICAL STUDY." International Journal of Current Research and Modern Education 2, no. 2 (2017): 96–105. https://doi.org/10.5281/zenodo.891337.
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Demonetization is known as an act of stripping currency unit of its status as legal tender. It is also known as withdrawing of a particular form of currency from circulation. Government pulled the old Rs 500 and Rs 1,000 notes out of circulation. While the unprecedented action taken by the Prime Minister Narendra Modi has impacted e-commerce and at the same times it has an impact on the consumers and their shopping behavior through online shopping. Thus it becomes necessary to study the impact of demonetization on e- commerce industry. The main aim of the study is to understand and analyze the effect of demonetization on consumer’s frequency of buying product and consumer’s mode of payment mode through online shopping post demonetization
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Sinha, Manish, Dipasha Sharma, and Pratima Amol Sheorey. "How did Markets and Public Sentiment React During Demonetization? Study of a Significant Event in the Indian Economy." Australasian Business, Accounting and Finance Journal 16, no. 5 (2022): 130–52. http://dx.doi.org/10.14453/aabfj.v16i5.09.
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The present study aims to determine the impact of shock of demonetization which happened in November 2016 in India. It has been observed in literature that while the market moves due to unforeseen events, market movements are largely affected by news reports on such events. Considering these two threads and the association between them, the study follows mixed method research methodology and assesses the impact of demonetization on stock market movement through time series analysis and text analytics of news items generated during the period. This study examines, through time series analysis, the impact of demonetization as an unexpected event on stock market movement. Time series analysis evaluates the impact on overall stock market movements and on sectoral indices, liquidity shocks in the emerging Indian economy due to demonetization. This study integrates time series analysis with robustness tests and follows text analytics, news analytics and sentiment analytics to gauge public sentiment (influenced by media coverage) during the event. These evaluations validate negative movements in the market and most of the sectors due to the negative sentiment of people about demonetization.
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SHIVASHANKAR, K., and BASAVARAJ TIGADI Mr. "A STUDY ON CASCADING IMPACT OF DEMONETIZATION ON LIVELIHOOD IN BELGAUM CITY OF KARNATAKA." International Journal of Marketing & Financial Management, Volume 5, Issue 5, May-2017, (2017): pp 27–36. https://doi.org/10.5281/zenodo.817210.
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Demonetization has often been used as a tool to cut down hyper inflation<strong>.</strong> Which is essential to maintain country inflation in a moderate level in turn helps to have fastest growing economy in the world? Prime Minister of India Mr. Narendra Modi came out with his master stroke on corruption, counterfeit currency, terrorism and black money by announcing demonetization and ceasing Rs 500 and Rs. 1000 notes as a part of legal tender in India. Many of the scholars, politicians, business men and every other category the society defined their views in different way about the effects of demonetization in India. Hence this study has been taken up to know the reality of the Cascading impact of this demonetization on livelihoods of the Belgaum city of Karnataka. Emphasis was given on studying the various factors and problems / constraints faced by the people by the Demonetization in Belgaum city of Karnataka. Primary data was collected by taking response of different class of the people in Belgaum city of Karnataka with help of structured questionnaire. Secondary data was elicited from different websites and journals and Newspaper for the study and the data collected was analyzed by using the statistical tools like Frequencies and percentage. The overall results revealed that the impact of demonetization was almost on positive rather than Negative impact on livelihood of the study area.
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Ms., B. Kishori, and Sangavi S. "Impact of Demonetisation on Indian Stock Market: with special referance to NSE." RESEARCH REVIEW International Journal of Multidisciplinary 03, no. 06 (2018): 146–49. https://doi.org/10.5281/zenodo.1285875.
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Demonetization is an act of seizing a currency unit of its status as legal tender. Demonetization is necessary whenever there is a need to change national currency. The government claimed that the action would “curtail the shadow economy and crack down on the use of illicit and counterfeit cash to fund illegal activity and terrorism”. The Objectives of the study were (a) to measure the returns of the NIFTY 50 stocks, pre and post demonetisation, using BETA(b)to find the expected returns of the selected stocks pre and post demonetisation, using ANOVA model and (c) to study the impact of Demonetization on stock prices of NIFTY 50. This study focuses on impact of demonetization on stock prices of 15 selected sectors, Automobiles, Banking, Consumer Durables, Telecommunication and Real Estate. 15 companies in each sector were considered for this study. The closing prices of stocks for last 1 year were used to find the returns, starting from 8th October 2015 to 8th 2017 which consists of data of 30 days before demonetization and 30 days after demonetization. Realised return, NSE companies returns, NIFTY 50 returns has been carried out in the study. Using ANOVA on the BETA the three windows, it was concluded that demonetisation had no impact on stock returns during the study period.
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NWANKWO, Temple Nneamaka, and Oluwaseun Joseph KOMOLAFE. "Assessment of agricultural produce price differentials in Anambra State, Nigeria before and during demonetization." Agriculture, Food and Natural Resources Journal 3, no. 1 (2024): 8–13. https://doi.org/10.5281/zenodo.13697720.
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Agricultural sector that is one of the cash-intensive sectors was adversely impacted by cash crunch created by the 2022 demonetization in Nigeria. The agricultural value chain was disrupted with resultant effect of distress sales, wastage of perishable products, labour constraint and reduction in time allotted to farming. Thus, this study examined agricultural produce price differentials before and during demonetization in Anambra State, Nigeria<strong>. </strong>A three-stage sampling procedure was adopted for the study. Five rural Local Government Areas (LGAs) were purposively selected; Ogbaru, Anambra West, Ihiala, Idemili North and Anaocha followed by a random selection of four villages from each LGA and ten farmers from each village making 200 farmers sampled using structured questionnaires before and during demonetization. The data was then analyzed using mean, frequency, percentages, graph, and inferential statistics-t-testα<sub>0.05</sub><strong>. </strong>The result showed farmers financial inclusion (48%), out of which only (45.83%) who were majorly youth (mean age=34 years) operated digital banking. Before demonetization (94%) farmers used cash for transactions which only reduced to 70.00% during demonetization. Physical bank transaction also dropped from 4.20% to 9.00%, but there was an increase in digital transactions from 2.10% to 24.30%. A significant price differential α<sub>0.05 </sub>was obtained for all farm produce considered. Market price reduction (75%), Cash constraint (60.50%) and loss of time/ divided attention (58%) were the most severe challenges of the farmers during demonetization. The study recommends that financial institutions should make provision for rural populace especially farmers to easily change their money during demonetization.
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SHYAM SUNDAR, ITIKELA. "DIGITAL TECHNOLOGY IN BANKING POST DEMONETIZATION." International Journal of Engineering Technologies and Management Research 7, no. 7 (2020): 8–14. http://dx.doi.org/10.29121/ijetmr.v7.i7.2020.711.
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This research investigates the differences in the technology adoption behaviour of customers of Indian banks during the pre and post demonetization phase. The Survey results of 200 bank customers in India find that the Indians are still holding back from embracing the digital platforms to make payments. The study could not establish the constructive effects of demonetization in e-banking adoption behaviour, despite the significant growth in the use of small digital payment platforms like Paytm. However, the usage of Point of Sale (POS) machines for transacting payments has increased tremendously. The research finds drastic reductions in the use of other e-payment modes during and after demonetization. In that sense, the study concludes that the demonetization negatively affects the technology banking adoption behaviour of customers of Indian banks.
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Mr., Nagji U. Chavda, and Pankaj K.Trivedi Dr. "THE EFFECTS OF DEMONETIZATION ON THE FINANCIAL PERFORMANCE OF INDIAN NSE-CNX BANKS USING CAMEL MODEL." International Journal of Marketing & Financial Management 6, no. 1 (2018): 11–22. https://doi.org/10.5281/zenodo.10816771.
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<strong>ABSTRACT</strong> “ The CAMEL rating system is a recognized international rating system that bank supervisory authorities use in order to rate financial institutions according to six factors represented by the acronym "CAMEL" Supervisory authorities assign each bank a score on a scale. Researcher has sampled 8 NSE-CNX Indian Nationalized Banks in which four Banks from Public Sector and other four Banks from Private Sector. This research study endeavor to find out the effects of demonetization on the NSE-CNX Banks financial performance through using the CAMEL Model. Demonetization is the act of stripping a currency unit of its status as legal tender. In The banks’ data, before and after demonetization, have been analyzed and tested with Excel Hypothesis Testing tool on the basis of five different parameters of CAMEL Model to find out the significant effects of Demonetization policy. <strong><em>Keywords: </em></strong>NSE-CNX Banks, Demonetization<em>, CAMEL Model</em>
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Dr., Sangeeta Malpani, and Inder Singh Rathore Dr. "IMPACT OF DEMONETIZATION ON THE DIFFERENT SECTOR OF ECONOMY." International Journal of Marketing & Financial Management 4, no. 9 (2016): 113–23. https://doi.org/10.5281/zenodo.10816084.
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<strong>ABSTRACT </strong> <strong> </strong> Demonetization was an imitative step which taken by Indian govt. At that time it was so painful and not accepted by a large part of country but slowly and slowly it accepted. Due to demonetization different type of impact shown on different sector of economy. The supply of money increase in banking sector but many sector of economy affected by less working capital and lower availability of cash. Industrial and business sector growth rate decrease at rapid rate. Lower availability of cash in public hand is most powerful factor which decreases the demand of everything capital goods as well as consumer goods but capital goods demand more lower than consumer goods. In this paper we are trying to explore the impact of demonetization on different sector of economy. <strong>Keywords</strong> : availability, demonetization, economy, growth, sectors.
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Hanumanthappa. ""A Comment on the Influence of Demonetization on the Indian Economy"." International Journal of Advance and Applied Research 4, no. 23 (2023): 32–35. https://doi.org/10.5281/zenodo.8158956.
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The point of this article is to dissect the effect of demonetization on the Indian economy. Slander is the demonstration of eliminating the legitimate delicate of a unit of money. In November 2016, the Indian government declared the demonetization of high-grade rupees 500 and 1000 rupees. The point of this choice was to battle dark cash, debasement, and fear-based oppressor funding. Notwithstanding, it essentially affected different areas of the economy. The article investigates the effect of demonetization on Gross domestic product, expansion, business, and different areas like farming, assembling, and administration.
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Ahmad, Irfan, and Nisha Khan. "Demonetization and Indian Economy." Asian Journal of Research in Banking and Finance 7, no. 8 (2017): 60. http://dx.doi.org/10.5958/2249-7323.2017.00092.x.
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Agrawal, Abha. "Demonetization and cashless economy." ACADEMICIA: An International Multidisciplinary Research Journal 8, no. 6 (2018): 73. http://dx.doi.org/10.5958/2249-7137.2018.00035.6.
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Jain, Vipin. "An overview of demonetization." ACADEMICIA: An International Multidisciplinary Research Journal 11, no. 11 (2021): 1015–21. http://dx.doi.org/10.5958/2249-7137.2021.02571.4.
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Lahiri, Amartya. "The Great Indian Demonetization." Journal of Economic Perspectives 34, no. 1 (2020): 55–74. http://dx.doi.org/10.1257/jep.34.1.55.
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On November 8, 2016, India demonetized 86 percent of its currency in circulation. The stated objectives of the move were to seize undeclared income, to destroy counterfeit currency, to speed up formalization of the economy, and to increase the tax base. I find that the evidence over the subsequent three years suggests that the move had limited success in achieving its stated objectives. Disaggregated data suggests that demonetization did have appreciable costs in terms of lost jobs and output. However, the output costs appear to have been temporary.
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Sarika, Pansare Sheetal M. Darekar. "Financial services post-demonetization." International Journal of Research and Analytical Reviews 5, no. 3 (2018): 405–9. https://doi.org/10.5281/zenodo.7565068.
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Tripurari, Kumar. "AN ASSESSMENT OF DEMONETIZATION." International Journal of Interdisciplinary Research in Arts and Humanities 3, no. 1 (2018): 290–91. https://doi.org/10.5281/zenodo.1269255.
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Demonetization is the process of replacing the current currency from the economy with the new one. It is the step taken by the national Government generally to wipe out corruption and black money. This study is an attempt to assess the efficiency of demonetization introduced by union government. Demonetisation which was announced on November 8, 2016 was meant to address corruption, black money, counterfeit currency and terror funding. This analysis shows that demonetisation impacted many sectors of the economy in different degrees; however, in the affected sectors, the undesirable impact was temporary and felt mainly in November and December 2016. Currency compress due to demonetisation along with seasonal factors had brought food inflation considerably down but has not had much impact on inflation excluding food and fuel. A rush in deposits led to a sharp growth in the consolidated balance sheet of scheduled commercial banks and shaped large surplus liquidity conditions. Reserve Bank of India managed these through a mix of conventional and unconventional policy measures. There had not been any significant impact on the external sector. There had been a spike in the number of accounts under the Pradhan Mantri Jan Dhan Yojana and the deposits in such accounts had also surged. An important consequence of demonetisation had been the sharp increase in the use of digital transactions.
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Lisna, Jose, Thomas K.V, and Sebastian Shinta. "The Extent of Influence of Demonetization on Digital Banking with Special, Reference to Idukki District, Kerala State." RESEARCH REVIEW International Journal of Multidisciplinary 3, no. 12 (2018): 39–42. https://doi.org/10.5281/zenodo.2109092.
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It has been a year and ten months since the stripping of 500 rupee and 1000 rupee notes of their status as legal tender. Now it is right time to take stock of the influence of demonetization on Indian economy in general and digital banking in particular. The objective of demonetization, inter alia, was to drive India to a less cash, if not cashless economy and thereby reducing the incidence of black money and counterfeiting. This paper attempts to assess the extent of influence of demonetization on digital banking habit of people with reference to Idukki district.
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Paudel, Janardan. "Need of Demonetization to wash away the Black Money of the Corrupt People and Market: A Review of the Lesson from India." Medha: A Multidisciplinary Journal 6, no. 1 (2023): 34–39. http://dx.doi.org/10.3126/medha.v6i1.63955.
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This research paper presents corruption and demonetization with respect to some impacts on people, production and market. The research question to be answered is" Why was demonetization of Rs. 500 and 1000 notes in India and Nepal needed? The methodology is qualitative and related to interaction with people and document analysis. Demonetization is the process of stripping units of currency from their legal status. After demonetization, those units of currencies will not be used as before. It means their age will be passed away. The units of currencies will have no any existence. If someone circulates these units of currencies after demonetization, it will be a matter of fraud or doing illegal activity and the person will be the subject of deserving candidate for legal action and punishment for blackmailing government and people. Narendra Modi's midnight announcement of the legal proceeding of demonetization of the notes of Rs 500 and 1000 made the silently sleeping citizens wake up around the thunderstorm without cloud and amidst many sink holes without landslides. Millions of corrupted people counting their dreamful beautiful golden notes turned amongst heavy and scaring ghosts haunting around them. This situation was nearly compared to the philosophy of Nietzsche's "Death of God". It is because blackmailed money is the form of God for the blackmailers. The silent sound turned into the unending shape of murderer. It was one of the greatest decisions made by The Prime Minister of India, Narendra Modi, in the history of India and other territories in the proximity of India. In the overall situation, it was a feeling of patriotic ideology in controlling black money in India, Nepal and Bhutan.