Abstract
A landmark decision by the Government of India on the 8th of November 2016, viz, demonetization, propped up monetary repercussions of high magnitude the nation has ever witnessed. The ‘Ifs and Buts’ of demonetization are being widely debated (of course at this juncture the government machinery and banks need to announce the positive outcomes such as stoppage of terrorist funding and black money, etc. as claimed earlier) albeit in the days that followed after the announcement it became explicit that the decision was taken without adequate preparedness. The whole process, though seemingly transparent, has had on impact on the lives of all the citizens leading to the initial optimism expressed by a great number of people waning into contempt and
Highlights
Demonetization has led to the sudden change in the pace of the pro-active functioning of various sectors in India
Owing to the fact that the ATM’s were facing cash crunch and massive crowds were thronging the banks for exchanging the old currency notes, the influx to the premier tourist centers in the country dwindled in sync with the general moods of dissatisfaction and confusion that prevailed
For tourists affected in areas such as Varanasi and Agra, the Uttar Pradesh Government immediately facilitated the exchange of old currency notes for the new legal tender
Summary
As promised by the Government and the RBI, the sufferings faced by the citizens lessened as time progressed and a semblance of normalcy returned. It does not negate or offset the pains and trauma undergone by scores of people from all walks of life in the country. What matters to them is the agony that the tourists experienced at that point of time It is anybody’s guess that the destination image and thereby the branding efforts of the Incredible India Campaign will. Foreign tourists faced the hurdle and negative impacts that led to the hindrances of spending money, purchasing power, demand and supply of products, or hiring taxies (Economic Times, 2016). Months after demonetization, the claims made by the government such as demonetization stops funding of terrorism, resolves the problem of fake currency, makes the black money worthless, and reduce corruption (Ashish Kumar Tripathi, 2016) need to be verified thoroughly
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