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Demonetisation and Social Change

(Vol. 15, No. 2, April-June, 2017) ISSN 0973 – 8444
Assessing the Impact of Demonetisation on Rural Economy
Virendra B. Shaharer1
1Assistant Professor, Department of Social Work, Jamia Millia Islamia, New Delhi: 110025. Email: vbs.jmi@gmail.com
 
Abstract: The Indian agrarian economy which is highly unorganized is primarily cash based. Mostly people in rural areas depend on cash for their day to day activities. The Prime Minister’s decision of demonetisation on 8 November, 2016 badly hit the livelihood of rural people with regard to cash transaction. This study was carried out to evaluate the impact of demonetisation and cashless digital economy in the rural sector. The paper mainly reviews the secondary data published in various forms from internet, newspaper articles, and published reports. Some observations from interaction with rural people on the issue of demonetisation and its impact have also been mentioned. Demonetisation is one step in fighting corruption at large. However, preparation for demonetisation was lop sided and its impacts were terrible on the rural people. The idea of cashless economy must be implemented taking into consideration a more holistic approach, such as strengthening legislation and capacity-building of regulators and anti-corruption watchdogs.
 
Keywords: Demonetisation, Agriculture, Rural Economy, Daily Wage Labours, Cashless Economy.
 
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