Abstract
On 8 November 2016, the Government of India announced the demonetisation of all currency notes of 500 rupee and 1,000 rupee. The government claimed that the action would curtail the shadow economy and crack down on the use of illegal and fake currency to fund illegal activity and terrorism. The sudden nature of the announcement and the prolonged cash shortages in the weeks that followed created significant disruption throughout the economy, threatening economic output. The move was partially appreciated and partially criticized as poorly planned and unfair, and was met with protests, litigation, and strikes. The present paper aims to highlight major consequences after demonetization. Further an attempt has been made to highlight the need and importance of demonetization and steps for removal of black money from India.
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