Demonetization move in India: a conceptual study
| Date | 10 April 2020 |
| Pages | 863-869 |
| Published date | 10 April 2020 |
| DOI | https://doi.org/10.1108/JMLC-12-2019-0100 |
| Author | Deepa Jain,K.S. Thakur,Manoj Kumar Dash |
| Subject Matter | Accounting & Finance,Financial risk/company failure,Financial compliance/regulation,Financial crime |
Demonetization move in India:
a conceptual study
Deepa Jain
School of Commerce and Business Studies, Jiwaji University, Gwalior, India
K.S. Thakur
Faculty of Commerce, School of Commerce and Business Studies,
Jiwaji University, Gwalior, India, and
Manoj Kumar Dash
Department of Economics and Management, Khallikote University,
Berhampur, India
Abstract
Purpose –The purpose of this paper is to explore the real causes of demonetization drive and the future
path createdby the drive.
Design/methodology/approach –The study started with a conceptual understanding of the
demonetizationdrive 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 publishedin newspaper and
availableonline.
Findings –The study revealed that demonetization is a success in terms of cashless path created to
eradicate corruption buta failure in terms of disruptioncaused in the economy. Thus, appropriate measures
could be takenby government to make this daunting step successfulin the long run.
Research limitations/implications –The study is limited only to demonetization concept based on
secondary data. Future work may be done keepingin view more empirical data to know the effectiveness of
the demonetizationdrive along with other parameters.
Originality/value –To the best of researchers’knowledge, no studytried to uncover the strong reasons
behind the demonetizationmove. The study extends the literature by exploring the realcauses and impacts of
the demonetizationdrive through a conceptual lens.
Keywords India, Demonetization, Cashless, Fake currency
Paper type Conceptual paper
1. Introduction
Prime Minister Narendra Modi in his speech on 8th of November 2016 declaredthe country that
from the midnight of 8th of November2016, currency of `500 and `1,000 notes will no more be a
legal tender. The announcement shocked the whole country. The currency of `500 and `1,000
notes in circulation was nearly `14.2 lakh crore that will no more be a legal tender. The objective
of the demonetization storm was to combat corruption, black money, money laundering, new
Present study focused on demonetization impacts, causes and effects with respect to Indian economy
but there are many challenges to be dealt in future. In future researchers may unearth, the history of
demonetization using various scientific methods. The researchers may take studies to determine the
success of cashless path created post demonetization using ISM technique to identify the critical
factors influencing e-payment gateway system. Hence empirical testing is required in future using
new constructs to determine the effectiveness of demonetization drive.
Demonetization
863
Journalof Money Laundering
Control
Vol.23 No. 4, 2020
pp. 863-869
© Emerald Publishing Limited
1368-5201
DOI 10.1108/JMLC-12-2019-0100
The current issue and full text archive of this journal is available on Emerald Insight at:
https://www.emerald.com/insight/1368-5201.htm
To continue reading
Request your trial