On the night of 8 November 2016, at 8:15 pm, India’s Prime Minister, Narendra Modi, announced in a televised broadcast to the nation that with effect from midnight, currency notes of denominations INR 500 and INR 1000 would no longer be legal tender. In one stroke this involved the de-recognition of over 86 per cent of the value of Indian currency in circulation with only four hours’ notice. This important book provides a quick and concise explanation of the goals, implications, initial effects and the political economy of this major demonetisation move by the Government of India. It clarifies key concepts and offers astute economic analysis to guide the reader through the various claims, arguments and critiques that have been made, highlights the complexities of the processes that have been unleashed, and examines the likely outcomes in the long-term as well as those that are immediately evident. Timely and lucid, this book will interest students and researchers in the fields of economics, finance, management, law, politics and governance, besides appealing to the interested general reader, policymakers, legislators, civil society activists, and media.

On the night of 8 November 2016, at 8:15 pm, India’s Prime Minister, Narendra Modi, announced in a televised broadcast to the nation that with effect from midnight, currency notes of denominations Rs 500 and Rs 1,000 would no longer be legal tender. In one stroke, this involved the de-recognition of over 86 per cent of the value of Indian currency in circulation with only four hours’ notice. This important book provides a quick and concise explanation of the goals, implications, initial effects and the political economy of this major demonetisation move by the Government of India. It clarifies key concepts and offers astute economic analysis to guide the reader through the various claims, arguments and critiques that have been made; highlights the complexities of the processes that have been unleashed; and examines the likely outcomes in the long term as well as those that are immediately evident. Timely and lucid, this book will interest students and researchers in the fields of economics, finance, management, law, politics and governance as well as policy makers, legislators, civil society activists and the media.

This book is based on the 2016 Indian demonetisation. It revolves around demonetisation’s objectives stated by the Government as a measure to attack on black Money, terrorism, counterfeit currency and making cash-less, further corrected to less-cash economy. The book weighed these stated objectives and assessed whether objectives will be achieved by this demonetisation. In addition to three Indian demonetisations, the book covers 18 demonetisations across the globe and 14 demonetisation-like events. Analysed demonetisation on the basis of cost-benefit analysis, the book has also covered impact of demonetisation on major industries like FMCG, Realty, Power, infrastructure, etc. and on prime economic indicators like GDP, GVA, CRR, repo rate, inflation, etc.

This book presents a comprehensive overview of transactional forms of the digital across the Asian region by addressing the platforms and infrastructures that shape the digital experience. Contributors argue that each and every encounter mediated by the digital carries with it a functional exchange, but at the same time each transaction also implies an exchange based on social relationships for the digital age. In capturing the digital revolution through case studies of economic, informational, and social exchanges from across the larger Asian region, the book offers a richly contextualized and comparative account of the pervasive nature of the digital as both a medium for action and a medium of record.

The demonetisation of November 2016 will go down in history as one of the most intensely debated economic policy interventions of the Indian state. With the abolition of the legal tender status of Rs 500 and Rs 1,000 notes, about 86 per cent of the currency in circulation stood withdrawn from circulation in the economy. The purpose, according to the government, was to stamp out counterfeit currency, unearth black money, and usher in a less-cash economy. This work analyses in detail the conception and implementation of demonetisation, its impact on different spheres of the economy and sections of the people, and various claims of the government vis-à-vis demonetisation. It tries to locate the two demonetisations of 1978 and 2016 within the broader questions of tax evasion and the generation and storage of black money in India over the last six decades. It has a comprehensive introduction, supported by writings from the archives of the Economic & Political Weekly.

Cashless infrastructures are rapidly increasing, as credit cards, cryptocurrencies, online and mobile money, remittances, demonetization, and digitalization process replace coins and currencies around the world. Who’s Cashing In? explores how different modes of cashlessness impact, transform and challenge the everyday lives and livelihoods of local communities. Drawing from a wide range of ethnographic studies, this volume offers a concise look at how social actors and intermediaries respond to this change in the materiality of money throughout multiple regional contexts.

Corruption, often described as all that is rotten in the modern society, has become an increasingly dominant theme in contemporary political discourse, one that is related to specific practices, concepts and evaluations that vary across regions, cultures, spheres of action and disciplines. This volume, through case studies, investigates corruption in the Global South (especially India and Brazil) and West (especially Switzerland) to gain a more nuanced view of the phenomenon. The chapters in this volume are organized into two loosely structured and overlapping parts: the first part consisting of Chapters 2-5 covers conceptual questions related to corruption discourses from different perspectives such as economic ethics, social capital theory and literature; the second part consisting of Chapters 6-11 details the complexity and diversity of corruption practices within and between countries and regions, providing different interpretative frameworks, which in turn flow into discourses on corruption.