{"product_id":"demonetization-and-the-black-economy-9780670090075","title":"Demonetization and the Black Economy","description":"\u003cp\u003e\u003cb\u003eOn 8 November 2016, the prime minister announced the immediate cancellation of all\u003c\/b\u003e\u003cbr\u003e\u003cb\u003eRs 500 and Rs 1000 denomination notes, wiping out 86 per cent of the currency in\u003c\/b\u003e\u003cbr\u003e\u003cb\u003ecirculation. India's well-functioning economy went into a tailspin.\u003c\/b\u003e\u003c\/p\u003e\u003cp\u003eThis move, it was claimed, was made to wipe out corruption, deter the generation of black\u003cbr\u003emoney, weed out fake Indian currency notes and curb terrorism. Overnight, people in India realized that the cash in their pockets had no value. A window of fifty days was granted to 1.3 billion people to convert their old notes into new ones. \u003cbr\u003eBusinesses, especially in the unorganized sectors, came to a grinding halt. Patients in hospitals faced huge problems, farmers had difficulty buying inputs, weddings were scaled down, and fishermen watched their catch rot. Many lost their jobs and could not support their families.\u003cbr\u003eA year later, the RBI announced that 99 per cent of the old currency notes had been deposited with\u003cbr\u003eit. India continues to grapple with the effects of this move. The black economy has not been\u003cbr\u003edented; counterfeiting and terrorism continue; the credibility of the RBI, banks and currency is\u003cbr\u003edamaged; the accountability of the Parliament and the prime minister has been eroded; and the social divide\u003cbr\u003ehas widened. There have been many arguments and counter-arguments from both sides, but they have\u003cbr\u003emissed the complete picture.\u003cbr\u003e\u003cb\u003e\u003ci\u003eDemonetization and the Black Economy\u003c\/i\u003e, for the first time, lucidly explains the story\u003c\/b\u003e\u003cbr\u003e\u003cb\u003eof demonetization along with its effects on the economy.\u003c\/b\u003e\u003c\/p\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eBinding Type:\u003c\/b\u003e Hardcover\u003cbr\u003e\u003cb\u003ePublisher:\u003c\/b\u003e India Portfolio\u003cbr\u003e\u003cb\u003ePublished:\u003c\/b\u003e 01\/01\/2017\u003cbr\u003e\u003cb\u003eISBN:\u003c\/b\u003e 9780670090075\u003cbr\u003e\u003cb\u003ePages:\u003c\/b\u003e 344","brand":"Arun Kumar","offers":[{"title":"Default Title","offer_id":51299160686773,"sku":"9780670090075","price":19.51,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0473\/0804\/6492\/files\/img_bc6946d6-0301-4381-a3ba-066ce5e83548.jpg?v=1751985553","url":"https:\/\/pastforward.org\/products\/demonetization-and-the-black-economy-9780670090075","provider":"Past Forward","version":"1.0","type":"link"}