Abstract
November 8th, 2016, the Government of India declared that the five hundred and one thousand rupee notes will no longer be legal tender effecting from midnight. The Reserve Bank of India (The Central Bank of the country) issued new five hundred rupee notes and two thousand rupee notes from 10th November, 2016. This demonetization measure has been adopted in an effort to address the move against corruption, black money, terror financing and counterfeit cuurency. This move is expected to cleanse a formal economic system and improve the same. The demonetization has a significant impact on current state of the Indian economy. Thus, it is imperative to assess its short term and long term impacts. As such, in this study, an effort has been made to determine the impact of demonetization on the common men. The work is exploratory in nature and secondary data have been utilized for the purpose of analysis. The demonetization drive has affected the common public to some extent, but for larger interest of the country, such decisions were inevitable. Further, there are a few inherent benefits of this measure as well which will be reflected in long run.
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