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Arun KumarDemonetization and the Black Economy, Paperback
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On 8 November 2016, the prime minister announced the immediate cancellation of allRs 500 and Rs 1000 denomination notes, wiping out 86 per cent of the currency incirculation. India's well-functioning economy went into a tailspin.
This move, it was claimed, was made to wipe out corruption, deter the generation of blackmoney, 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. Businesses, 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.A year later, the RBI announced that 99 per cent of the old currency notes had been deposited withit. India continues to grapple with the effects of this move. The black economy has not beendented; counterfeiting and terrorism continue; the credibility of the RBI, banks and currency isdamaged; the accountability of the Parliament and the prime minister has been eroded; and the social dividehas widened. There have been many arguments and counter-arguments from both sides, but they havemissed the complete picture.Demonetization and the Black Economy, for the first time, lucidly explains the storyof demonetization along with its effects on the economy.
Arun Kumar is the country's leading authorityon the black economy. He has written, studiedand lectured extensively on this subject for nearlyfour decades. He was educated at Delhi University, Jawaharlal Nehru University (JNU) and PrincetonUniversity. Kumar taught economics at JNU forthree decades and retired in 2015.His focus areas include public finance, developmenteconomics, public policy and macroeconomics. Hiswork has been published widely in these areas, bothin the popular press and academic journals. He iscurrently the Malcolm Adiseshiah chair professorat the Institute of Social Sciences, New Delhi.
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