India During And After Demonetization Case Study

Demonetization refers to an economic policy where a certain currency unit ceases to be recognized or used as a form of legal tender. In other words, a currency unit still loses its legal tender status as a new one comes into circulation.

lower the value of a nation 's currency by increasing the precautionary demand for money

In the old days, people go to bank branches in order to either make a deposit or a withdrawn to their accounts. From 14th century in Venice, Italy to 1970s in New York, United States, banking seems to the same as it never changes. There is no other options if you don’t want to have your own house full of cash open for thieves and robbers. But with digital currency and online banking system, those days have long gone for younger generations only with pictures shown on the history books. Starting from 1990s, growing with the boom of IT technology in Silicon Valley, digital banking has given itself a key role of shaking up the entire banking industry as

Demonetization is the act of stripping out a currency unit as legal tender. It happens when change of national currency takes place. The form of money in circulation is pulled out and discarded, which might or often are replaced with new notes and coins. Many a times, a country replaces the old currency with the new ones completely. There can be several reasons why a government wants to enforce demonetization. Some of them are to discourage a cash-dependent economy, to counter inflation, to counter corruption and crime (terrorism, tax evasion), to encourage trade, etc.

Demonetization is the act of stripping out a currency unit as legal tender. It happens when change of national currency takes place. The form of money in circulation is pulled out and discarded, which might or often are replaced with new notes and coins. Many a times, a country replaces the old currency with the new ones completely. There can be several reasons why a government wants to enforce demonetization. Some of them are to discourage a cash-dependent economy, to counter inflation, to counter corruption and crime (terrorism, tax evasion), to encourage trade, etc.

Political environment plays vital role in the progress of banking organizations. Pakistan despite all international and public thinking’s is a functioning democracy and gradually change in complexion and composition of legislatures with more educated people and women entering into politics. These talented politicians’ helps in designing best strategies to implement that could support the revival of bank industry. Political stability brings foreign investment and deposits in banks when people finds jobs. Some political decisions

One of the functions of the financial institutions is Commercial Banks. Commercial banks will accept deposits and provide very good security and make it suitable for their customers. This is just a normal role for the bank to give their customers money safe so that their customers don’t have to physically keep their belonging in their home or on them (APB, 2001). With having commercial banks there is no need to keep large amount of money in hand because the banks can handle it such as online banking, checks, debit card or credit card.

Today is the era of technology and globalisation, as it connects the whole world together but also opens new ways to crime. Cyber crime is the result of negative use of technology. Cyber crime refers to a crime which is committed through internet or computer. Cyber crime is of differenr types like stealing of money or information, piracy, electronic vendalism that is destroying or changing the electronic information. Cyber terrorism which threatens not only one single nation but the whole world. Cyber crime can be grouped into three main categories which are crime against a person which includes provocation through e-mail. Second one is against the property, this type of crime includes provocation and third one is across the government which involves hacking into government sites. Cyber crime is emerging as a huge threat for the people and rate of crime is increasing drastically. Government should implement laws in order to protect national security, economic prosperity and society.

Despite these advantages, in order for a currency to be viable, and be considered “money” it must satisfy several functions: “It must be a medium of exchange; it must serve as a store of value; it must serve as a

One of the most vulnerable places for robberies are banks, and mainly commercial banks. Banks are prone to robberies because not only they offer huge amount of money accumulation at a single point at a single time, but also their public accessibility makes penetration easy for robbers. However, over a period of time, after security systems have been revolutionized, even bank robbers

Money laundering is one of the major problems being faced by world economy. A significant de-velopment has been observed in many of economic aspects, simultaneously the techniques of committing crimes of money laundering have been developed as well. Money laundering is one of the main hazardous crimes that can obliterate the financial and economic systems. The most sig-nificant sectors where money laundering takes place are banks. Here are previous studies for this problem as follows:

So, people who can explain how they earned the money also show that they been paying the taxes are allowed to keep it, but people with holding more than 250,000 rupees in cash has to explain the source of the money to tax authorities. People found them selves lacking the money for basic transactions, like buying supplies and retail businesses came to a standstill because people hoarded the little cash they had for supplies. The government did not print the new bills until after the announcement and not did it recalibrate ATM to dispense the new bills. There was long lines formed at the few ATM that were operating, but many of them ran out of bills. The printing presses have only churned out more than $50 billions rupees, but the government was initially forced to limit ATM. ATM was limited to give out only 2,500 rupees and banks was limited to give out 24,000 rupees per week. About a third of business India is done with black money and in a heavily regulated economy. Government officials invest much of this money in real estate and not only is the property purchased with black money. The sellers pay less tax than they should because the prices have been understated. So if people just start hoarding the new bills? The government say that in order to work and plan has to inflict enough pain on tax avoiders that they change their behavior. If people keep their money in banks and more will be available for lending or people will become accustomed to paying taxes. There are many

Homo sapien sapiens are a breed unlike any other. These beings create complex tools, produce diverse languages, and develop the ability to laugh and smile in the womb (What Makes Us Human? 208). Although they lack the scaly defenses of reptiles and the sheer size of the dinosaurs which came before them, humans have survived for over two hundred thousand years (Howell 1). The reason they were able to survive stems largely from their evolved forms of communication and tools which elevated them to the top of the food chain. The only predator to the human became other humans. This became increasingly apparent after World War II and arguably the largest crime against humanity, the Holocaust. Humans created a set of rules to

1. Visits: There should be more visits and lecture tours by leading Indian and Australian jurists to each other's country. The Australia India Council has begun this process. It has arranged for me to return to India in January 1997 to give lectures in New Delhi, Bombay and Bangalore. Through the good offices of my friend, and colleague in the International Commission of Jurists, Mr Fali Nariman, the Bar Association of India has invited me to deliver a lecture in its annual series. The Australian legal profession should reciprocate. It is hoped that the Chief Justice of India, or a Justice of the Supreme Court of India, will, later in 1997, give return lectures in Australia. Legal links have been established between India and lawyers from

The intent of writing the following literature review is to highlight the knowledge of origin of black money, the consequences of black money on Indian economy. In addition this section will anchor on how the economy is going to change if black money from around the globe is brought back to its country. This review will be done by studying and scanning of existing resources on Indian economy. It will also determine the policies made to stop generating black money in the first place.