‘Demon’etization – Yes or No?

Demonetization refers to the policy action taken by the government of a country that aims at changing its current legal tender to a new and polished one. Once the process of demonetization takes place the former or the previous currency losses its value.

There has always been a debate on the pros and cons of it or in simpler words, on its advantages and disadvantages. Let’s have a look at the nationwide debate that took a huge surge for the same.

Demonetization in India took place on the 8th of November, 2016 at 8:15 p.m. This decision was a major change and it affected our economy a lot. It triggered a widespread debate among policymakers, economists, politicians, citizens, etc.

Purpose

The aim of it was to curb all counterfeit currency, black money, and corruption as well as to promote digital well-being and a vision of bringing a methodically refined economy into being. There have been arguments, residuals, debates, and protests for the same because as much it helped revive our economy, it also affected our GDP growth, industrial production, inflation, and investment.

Research Findings & Data

Is it still 'Demon'etization?