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Literature review on demonetization in india

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A sudden ban on the existing Rs. The announcement of demonetization and implementation of the Benami Properties Act for unregulated properties took place in the same year. Economists predicted the growth rate of the real estate sector to slow down more than ever as a result. The sector has been ridden with many challenges for the past few decades owing to lack of a uniform framework.
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This is usually done whenever there is a change of national currency, replacing the old unit with a new one. The present study is an attempt to know about the Demonization in India and its objectives and effects. The purpose of the present study also elucidates the impact of such a move on black money. When a currency note of a particular denomination ceases to be a legal tender, it is termed as Demonetization. The current form or forms of money is pulled from circulation and retired, often to be replaced with new notes or coins and sometimes a country completely replaces the old currency with new currency. Such a step for example was taken when the European Monetary Union Nations in decided to adopt euro as their currency.
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Demonetization refers to the process of stripping a currency unit of its status as a legal tender. This decision was announced by the Prime Minister of India , Narendra Modi, who stated that the primary reason to combat black market activity and counterfeit bills. As India is an economy largely dependent on cash, this decision certainly came as a significant one.
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