Indian Demonetisation of 2016: It’s Comparison with 1978 and 1946 Demonetisations
The Supreme Court judgement date Jan 02, 2023, about “the Demonetisation of 2016”, announced by honourable Prime Minister Narendra Modi, has reopened the discussion related to the big bang event of 2016. In 2016, the ‘Demonetisation’ term was new to the vocabulary of many, but it was not unknown to India. India saw similar events of demonetisation in 1946 and 1978. This paper attempts to understand the Indian demonetisation of 2016 and compare it with the previous two demonetisations of 1946 and 1978. This literature review-based study is aimed to study the demonetisations of 1946, 1978 and 2016; and compare them. This comparison may help policymakers of various countries and scholars understand these economic events and help them decide on a future demonetisation prudently after analysing the effect of a few economic indicators of these demonetisations.
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