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Published in:
2018 | OriginalPaper | Chapter
Impact Analysis of Demonetization on Service Sector: An Indian Experience
Authors : Uma Narain, R. K. Pattnaik
Published in: Advances in Human Factors, Software, and Systems Engineering
Publisher: Springer International Publishing
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Abstract
Late evening on 8th November 2016, the Government of India demonetized the high denomination bills of ₹ 500 and ₹ 1000 and sent shock waves across the nation. ₹ 14.5 trillion (i.e. 86% of currency), thus sucked out of the system, was to be deposited/expended within a specified time and eventually replaced by new ₹ 500 and ₹ 2000 denomination bills. The common man bore the brunt under the fallacy that the inconvenience inflicted was short term and in the long run, the extreme action of the government was aimed at a larger public good. This is a study of the purpose, the process and the impact of this mega exercise on service sector through a natural experiment.