The commodities and agricultural sector, including the market for consumer durables and non-durables is expected to face reduction in demand. Impact on Informal Economy In our cash-based economy where close to 83 percent of transactions takes place in cash, a cash deficit is bound to have a paralyzing effect on economic activity levels in the short term. help me write my research paper videos It also reduces the cost of managing the paper currency. Recently the Indian government decided to demonetize the biggest denomination notes i. We will write a custom essay sample on Effects of Demonetization in India specifically for you.
Long term effect on economy The demonetization is attacking only the stock of black money and not addressing the generation and flow of black money. You can always add your own information and make your content unique. writing services for research papers useful phrases springer spaniel However, as the informal sector shrinks, the formal organized sector is likely to gain market share. This parallel economy helps in terror financing which in turn hampers the growth and development of country.
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This is not the first time that India has demonetized its currency, earlier it was done in with the complete ban of Rs and Rs notes to deal with the unaccounted money i. The govt revenues are expected to rise as they will seize the unaccounted money. Introduction around 40 words Body around words Conclusion around 50 words For a better understanding, it is recommended that you open the earlier articles while reading this one. Impact on rural economy Cash and cooperative banks are the back bone of the rural economy.
Hence the desired effect of bringing back the black money and thereby increase the govt income is difficult to achieve. I want a free account. It will surely bring the clear view of every transaction within the country and promote cashless transactions. The real estate sector is already suffering from reduction in demand as prices remain high and the unsold housing units are piling up will further face downfall as the transaction are made in cash partially or fully.
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Assignments Writing - Help For Students. Local traders and shopkeepers are facing problem. msc project management dissertation examples The informal financial sector comprising moneylenders and other institutions such as nidhis, hundis, chit funds, etc. Though clarity is unfolding on this, commodity transactions and general cash market transactions are likely to feel an immediate impact. Financial transaction done through the credit card, debit card, net banking and the other source of electronic payments can be monitored by the government and give them the ability to track and stop black money transactions.
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The govt revenues are expected to rise as they will seize the unaccounted money. The commodities and agricultural sector, including the market for consumer durables and non-durables is expected to face reduction in demand. The main objective of this step is to unearth the black money, to curb corruption, counterfeit currency as well as terror financing.
Cashless is the permanent solution to counterfeit currency which pays a big role in terrorism and smuggling. Impact on rural economy Cash and cooperative banks are the back bone of the rural economy. You can always add your own information and make your content unique. I want a free account. As the situation normalizes, counterfeiting of the currency will resume as enemies of the state have the necessary resources and technology to print the new currency notes.
Enemies of the country which are involved in counterfeit currency and terrorism will not be able to continue it further for quite some time at least. With cash transactions facing a reduction online payments will see a surge in demand. Demonetization means that the sector could once again take a hit. It is expected that this step will help in reducing the fiscal deficit of India and promote the cashless economy in India which can be easily monitored. The transactional costs of these institutions are low but the repayment is high.