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Understanding Demonetization in India by Shrawan Kumar Singh

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CHAPTER 1

Introduction to Demonetization

Demonetization is an act of canceling the legal-tender status of a currency unit in circulation. India is not the only country to introduce demonetization, and it is not the first time India has done so. Countries across the globe have used demonetization at one time or other to control certain ailments in their economies. Demonetization is an extraordinary experiment in economic policy that raises social, political, and ethical questions. There are criticisms of and counterarguments to this move by the government.

Every economic policy has certain consequences, and predicting those consequences is not an easy task. Therefore, every economic policy needs to take into account some basic considerations, ...

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