Indian Economy: Demonetization and its Effect

Abstract

The cleanness in Indian economy is the demonetization of currency notes of Rs.500 and Rs.1000 to detect the black money and to curb corruption and terror financing as well. The demonetization has a major impact on curbing black money even though it may not curb black money and the boldest reform by Prime Minister Shri Narendra Damodardas Modi after becoming prime minister. In the world's largest democracy, the demonetization was revolutionary: it called into question the state's promise to "pay the bearer" the face value on every banknote. One can expect a great improvement in the national deficit and a largely clean business environment in the long term.
Keywords: Demonetization, Black Money.