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Demonetisation and Black Money
C. Rammanohar Reddy
Price : ₹ 295.00
ISBN : 978-93-86392-61-9
Language : English
Pages : 272
Binding : Paperback
Book Size : 140 x 216 mm
Year : 2017
Series :
Territorial Rights : World
Imprint : No Image
About the Book

On 8 November 2016, India took the dramatic and unprecedented step of demonetising its high denomination Rs 500 and Rs 1000 currency notes in an effort to ‘fight black money, eliminate counterfeit notes and stop terror funding’. The decision has prompted fierce and widespread debate. While proponents and opponents have argued on specific aspects of the policy, a holistic view has been absent from the debate.

This timely book takes a close look at the various facets of the demonetisation story. What was the rationale for Demonetisation 2016? Can it stamp out black money as promised? Were there other options, which would have avoided causing immense grief to countless Indians? What next after demonetisation?

The book also explores the drive to digitalisation of payments which post-demonetisation has emerged as an important point on the agenda of the government.  

This book has been written for every Indian—from the policymaker who would like to understand the lessons to be learnt from this exercise, to the scholar who wishes to understand the whys and whereof, to the citizen, who, bewildered by the turn of events, wants to know if the inconvenience that Demonetisation 2016 has caused will help the nation in any way.

Table of Contents

List of Tables
List of Abbreviations
Foreword by Y. V. Reddy
Demonetisation 2016: An Unfolding Story
Section I
— one —
Black Money and the Black Economy
— two —
Size of the Black Economy in India
— three —
Size of the Shadow Economy in the World
— four —
Indian and Global Experiences with Demonetisation
Section II
— five —
Action on Black Money
— six —
Demonetisation 2016: Context and Options
Appendix: Estimate of Counterfeit Currency
— seven —

Demonetisation 2016: Design and Implementation
Appendix: Growth of High Denomination Notes
— eight —
Promotion of a ‘Less-Cash’ Economy
Section III
— nine —
Distress and Despair
— ten —
Black Money and Politics
Section IV
— eleven —
Cash, Money and Liquidity
— twelve —
Impact on the Banking System

— thirteen —
Impact on the Reserve Bank of India  
Appendix: On the RBI
— fourteen —
Demonetisation, Black Money and Gold
What Next?

I. Speech of the Prime Minister, 8 November 2016
II. Gazette Notification on Demonetisation
III. Speech of Dr. Manmohan Singh in the Rajya Sabha
IV. Extract from 2012 White Paper


Contributors (Author(s), Editor(s), Translator(s), Illustrator(s) etc.)

C. Rammanohar Reddy is an economist who has been writing on economic policy since the late 1980s. He was Editor of the prestigious Economic and Political Weekly between 2004 and 2016. He is now Readers’ Editor,

In The Media

>> MENTION | The Tehelka, May 2017 | The Stack
>> INTERVIEW | The Wire, April 2017 | "The Government Seems to Have Disregarded the Immense Dislocation That Demonetisation Caused"
>> INTERVIEW | GovernanceNow, April 2017 | "Criticism of demonetisation was not properly articulated. This made the other message dominant."
>> BOOK LAUNCH | Business Line, April 2017 | “Demonetisation was a political gamble than an economic decision”
>> BOOK LAUNCH | The Hindu, April 2017 | Debate on demonetisation tomorrow
>> MENTION | Business Line, April 2017 | New Reads
>> MENTION | Deccan Herald, April 2017 | Book Rack
>> BOOK LAUNCH | The Hindu, March 2017 | Demonetisation: an economists analysis
>> INTERVIEW | The Hindu, March 2017 | Understanding Demonetisation
>> BOOK LAUNCH | The Hindu, March 2017 | “Centre was aware of disruption by demonetisation”
>> BOOK LAUNCH | Telangana Today, March 2017 | “Demonetisation will impact nation”
>> BOOK LAUNCH | The New Indian Express, March 2017 | “Up to people to take a call on impact of demonetisation”
>> BOOK LAUNCH | Andhra Jyothi, March 2017
>> EXTRACT in, April 2017 | With Demonetisation 2016 yet to deliver clear-cut benefits, what next?
>> INTERVIEW | The Hindu, March 2017 | Talking De-Mon
>> EXTRACT in Andhra Jyothi, March 2017
>> EXTRACT in The Hindu, March 2017 | What Next?
>> EXTRACT in BusinessWorld, March 2017 | Demonetisation-All Disruption And Distress, To What Purpose?
>> EXTRACT in The Wire, March 2017 | How Demonetisation Wrecked Those It Was Supposed to Serve
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