15
An Empirical Study Of The Effects Of Demonetization In India In The Year 2016 and Analyzing Shifting Trends in Marketing / Purchasing to The Alternative Options
Authors: Pawan Kalyani
Number of views: 2173
Abstract: Demonetization is the process where
government declare the currently running currency notes
illegal to be tender after the declaration is made. This
kind of declaration is made in the year 2016, by Prime
Minister Sh. Narendra Modi. After demonetization of
Indian currency notes of Rs. 500/- and 1000/- and with the limit of withdrawal of rupees from bank account and
rupees 2000/- from ATMs. There was acute shortage of
money in market and daily transaction was severely
affected. The last demonetization was done in the year
1978 where currency notes of 5000/- and 10,000/- were
abolished and in year 2016 after a long gap, but this time people have many alternatives to make transactions and make transactions like with online banking, mobile
banking, online shopping, e-wallets, credit cards, debit
cards, UPI [Unified Payment Interface], *99# USSD etc.
There are both pros and cons of demonetization it is like
refresh button in the Indian economy and flush all the
dead deposited money into the economy, to the market
through proper channels. The effort is for going cash less transactions and many e-wallet companies like Paytm etc. are having a good response and government is also
encouraging the same. In this paper the author is going
to study the effects and shifting trends in marketing /
purchasing to the alternative options available in the
market supported by questionnaire to better understand
the market situation.