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Individual Research Proposal Topic- Demonetisation and its Impact on Indian Economy 1 | P a g e

Abstract Background and purpose of the study The use of demonetization has significantly reduced the prevalence of corruption. The implementation of demonetization promptly halts the circulation of counterfeit currency. The widespread implementation of Demonetization by the government has significantly impacted those involved in corrupt activities, casting a pervasive and consequential influence over their life. Research approach To determine the value of large investments, researchers examined primary and secondary data from a wide range of sources. To guarantee the reliability of our numbers, we use a random sampling strategy. The normal sample size for an expert opinion survey is between 20-30 author views in the form of literature review and for primary questionnaire analysis 100 peoples are randomly selected. The results of such surveys are often presented in a systematic analysis of the relevant literature. The use of a qualitative literature review allows this inquiry to delve far further than others have. Potential findings It has been finding from the report that one significant consequence of demonetization is the observed increase in instances of tax avoidance. The Internal Revenue Service (IRS) will monitor and track any monetary amounts that individuals save. Individuals who have gained recognition for engaging in tax evasion are hence less likely to persist in such behaviour. The appropriate method for replenishing the government's financial resources is as follows. Additionally, the details of the financial arrangement are under examination. There will be a rise in tax collections. Consequently, novel approaches to governmental support will be implemented. Research impact The impact of the research that process of demonetization reduces the financial responsibilities of the government. Hard money transactions have the effect of reducing both responsibility and risk. Soft currency exhibits lower volatility compared to physical cash, hence facilitating more effective regulation. One of the advantages of demonetization is its potential to reduce the national debt of the government. 2 | P a g e

Table of Contents Abstract ..................................................................................................................................... 2 Introduction .............................................................................................................................. 4 Background of the study ........................................................................................................ 4 Justification of the topic ......................................................................................................... 4 Research Aim ......................................................................................................................... 4 Contributions of the research ................................................................................................. 5 Research Problem ................................................................................................................... 5 Research Questions and Research Objectives 300 ................................................................ 5 Research Objective ................................................................................................................. 5 Research Questions ................................................................................................................ 6 Justification of the study ........................................................................................................ 6 Literature Review ..................................................................................................................... 6 Understanding about Demonetization and its features ........................................................... 6 Benefits of Demonetisation in India ...................................................................................... 8 Impact of Demonetisation on Indian Economy ..................................................................... 9 Theoretical Framework ........................................................................................................ 10 Methodology ............................................................................................................................ 11 Research Design ................................................................................................................... 11 Research Philosophies ...................................................................................................... 12 Research Approaches ....................................................................................................... 12 Research Strategies .......................................................................................................... 12 Research Choices ............................................................................................................. 13 Time Horizon ................................................................................................................... 13 Data Collection ..................................................................................................................... 14 Research Ethics .................................................................................................................... 14 Timeline and Resourcing of the Research Project .............................................................. 15 3 | P a g e

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Conclusion ............................................................................................................................... 16 References ............................................................................................................................... 17 Appendix ................................................................................................................................. 22 4 | P a g e

Introduction Background of the study The process of "demonetizing" a currency refers to the act of revoking its legal tender status. The act of demonetization refers to the deliberate withdrawal of a currently circulating currency from circulation. In addition, new banknotes or coins are introduced in order to replace the existing ones. On some occasions, a nation may opt to completely substitute one form of currency with another. Significantly, demonetization refers to the cessation of issuance or acceptance of specific denominations of money by a government. To start, demonetization significantly reduces the prevalence of corruption. As a consequence, corruption is successfully eradicated ( Mandala & Mohanty, 2019). The implementation of demonetization significantly impedes individuals' capacity to execute their illicit schemes. Significantly, prospective persons with deceitful intentions will have reduced propensity to accumulate wealth due to apprehension of potential disclosure. Justification of the topic The implementation of demonetization will lead to a reduction in instances of tax avoidance. One significant advantage of demonetization is its substantial benefit. The Internal Revenue Service (IRS) requires that deposits be recorded for the purpose of taxation. Consequently, taxpayers will exhibit more caution when considering the use of tax evasion tactics, while lenders should anticipate heightened examination of their loan transactions. Consequently, an increase in tax revenue would ensue ( Mishra et al., 2020). It is quite likely that the government will respond by augmenting expenditures allocated towards social services. The financial industry has significant advantages as a result of the implementation of demonetization. The financial industry stands to gain a considerable advantage with the implementation of demonetization, as it would facilitate the acquisition of enhanced skills. The implementation of demonetization policies facilitates the transition of a nation's economy into a cashless system. A transition towards a cashless economy would provide enhanced credit accessibility and the reconfiguration of financial procedures ( Sarkar & Karmakar, 2021). Research Aim The aim of the research is to analysis about the Demonetisation and its Impact on Indian Economy. 5 | P a g e

Contributions of the research Demonetization also has the advantage of reducing the government's vulnerability to legal actions. The rationale behind demonetization lies in its potential to reduce the security and legal risks associated with the circulation of unrestricted currency. Soft currency is also far easier to handle compared to hard currency. Each note symbolises a prospective financial deficit for the government. Hence, with the removal of certain currency denominations from circulation, the process of demonetization reduces this financial responsibility ( Prasad et al., 2023). Individuals seeking to hide their financial resources will inevitably discover that their previously accumulated riches hold no value. Research Problem Th research problem identified in the research that obstacle is to the accessibility and reliability of the internet. Due to the implementation of demonetization, a considerable number of individuals will likely try to circumvent the use of physical currency. Consequently, individuals would choose for alternative modes of payment, such as digital money. However, in the least developed nations around the globe, access to internet connectivity is generally characterised by its lack of reliability. The issue at hand poses a significant obstacle for any governing body contemplating the implementation of demonetization. When a currency undergoes devaluation, it is removed from circulation. In situations of financial constraint, the potential for compounding difficulties is heightened. The occurrence in question pertains to the demonetization of India's currency in the year 2016 ( Jawed et al., 2019). The procedure of depositing or exchanging banknotes that have been demonetized is further hampered by several considerations. In the event that banks experience a depletion of funds, it is plausible that automated teller machines (ATMs) might potentially undergo an extended period of inoperability. The substantial dependence of both the agriculture sector and rural communities on monetary resources accounts for this phenomenon. Research Questions and Research Objectives 300 Research Objective Some of the research objective which will be addressed in the report are as follows-  To analysis and understanding about Demonetization and its features  To evaluate the benefits of Demonetisation in India 6 | P a g e

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 To recognized the impact of Demonetisation on Indian Economy Research Questions Some of the research objective which will be addressed in the report are as follows-  What is Demonetization and what are its features?  What are the benefits of Demonetisation in India?  What is the impact of Demonetisation on Indian Economy? Justification of the study The term "demonetization" refers to the act of rendering a currency illegal for usage inside a certain jurisdiction. The potential replacement of the prohibited money with the newly introduced one remains uncertain. Demonetization endeavours to address a range of issues, including terrorism, tax evasion, counterfeit currency, and criminal activities. The adverse impacts of demonetization on an economy have a prolonged persistence. Individuals who lacked access to fundamental resources such as internet connectivity or digital payment methods saw the most severe impact ( Singh, 2019). Throughout the course of history, governments have employed this strategy as a means to identify and eradicate unethical behaviour, hence mitigating the occurrence of corruption. The process of demonetization contributes to the enhancement of a nation's economy by eliminating counterfeit currency and legalising previously prohibited forms of currency. The accumulation of undisclosed income, sometimes referred to as black money, has a detrimental impact on the economic conditions of a nation. The implementation of demonetization has been shown to provide positive outcomes for the economy as it compels the cessation of operations of firms that engage in illicit financial activities and eradicates the illicit savings held by individuals ( Sinha et al., 2022). Literature Review Understanding about Demonetization and its features According to Jain et al., (2020), Demonetization refers to the systematic withdrawal of a particular currency from active circulation. Currency revaluation is a phenomenon that takes place when a particular currency undergoes a process of upward adjustment in its value. When a new set of currency notes or coins is introduced, the preceding series undergoes a process known as "retirement," when it is withdrawn from circulation. It is customary for governments to implement new currencies as a means of replacing their existing ones. The 7 | P a g e

revocation of a currency's legal tender status constitutes a significant upheaval to an economy, as currency serves as the primary means of exchange employed in all economic activities. The potential impact of its use might either contribute to the stabilisation of existing concerns or result in economic instability. Nevertheless, governments have the ability to devalue their currency for several economic purposes. In the view of Bhanot, (2020), Demonetization of a nation's currency can yield several advantages. The potential decrease in the occurrence of financial fraud might be achieved by implementing measures that prevent criminals from utilising financial institutions as a means to launder their illicit funds. If individuals were to engage in tax evasion, there is a possibility that a greater amount of funds may be injected into the economy. The removal of paper currency serves as more evidence of the progressive evolution of our monetary system, since digital cash offers enhanced accessibility, storage, and transferability compared to physical currency. Companies and sectors that possess robust organisational structures are poised to get the most advantages from a smoother transition. As per the view of Palanivelu & Narmada, (2020), The process of demonetization is not without its drawbacks. The selective deletion of some denominations poses inconvenience to the general public and has the potential to result in misinterpretation. The process of demonetization might lead to a temporary deceleration in a nation's economy due to the ensuing disorder. Additionally, there exist other expensive logistical considerations that necessitate attention. It is important to undertake the upgrading and reprogramming of all cash distribution machines and associated equipment. There is a need to reassess consumer pricing in order to facilitate necessary adjustments. Individuals who receive daily wages are at a higher risk of falling into poverty and lacking sufficient savings. Additionally, they may encounter the inconvenience of receiving payments in outdated currency, necessitating visits to banks to exchange their money, which may result in missed employment opportunities. As per the view of Eniya & Kirubagaran, (2022), The implementation of demonetization can serve as a strategic measure to manage inflationary pressures or uphold the value of a currency. Several nations have opted to demonetize their currencies due to political or economic motivations, often as a result of joining a currency union. Monetary policy measures, such as demonetization, have been employed as an established approach to combat corruption and criminal activities, including counterfeiting and tax evasion, inside cash- 8 | P a g e

dependent developing nations, therefore facilitating their transition into a more contemporary economic framework. Benefits of Demonetisation in India According to Chandra et al., (2020), Once paper currency is rendered obsolete as a medium of exchange, individuals cease the practise of hoarding it. Customers are encountering difficulties in the process of exchanging their outdated cash for the newly issued legal tender at banking institutions. With a decrease in the number of persons keeping cash at their residences, banks are afforded additional time to handle the processing of deposits. The implementation of demonetization has led to a decrease in the accumulation of counterfeit currency held by individuals in their residences, as they are now opting to deposit their cash at financial institutions for its conversion into legitimate legal tender. As per the view of Kakumanu et al., (2022), The cessation of the counterfeit money entrance is a significant advantage resulting from the implementation of demonetization. Once the legal tender status is rescinded, counterfeit banknotes lose their validity. In the case of a large proliferation of counterfeit currency, governments may opt to implement measures that might significantly impact the counterfeit money industry. The primary rationale often cited for the implementation of demonetization is the endeavour to combat illicit funds sometimes referred to as "black money." When a nation's currency undergoes demonetization, persons involved in corrupt activities have a loss of access to their illicitly acquired funds, since they are unable to exchange these funds for newly issued legal tender at financial institutions. As per the view of Razak & Vattikoti, (2019), If the corrupt individuals relocate the funds to another location, it is likely that the tax and surveillance authorities will become aware of their illicit activities. Given the inherent lack of credibility among individuals with dishonest tendencies, their ability to provide correct information on their financial status is highly improbable. Consequently, this circumstance significantly facilitates the endeavours of law enforcement agencies in their pursuit of locating and apprehending such individuals. In the event that the individual engaged in corrupt activities attempts to exchange the ill-gotten funds at a financial institution, it is plausible that the government may undertake surveillance measures and afterwards confiscate the currency. Conversely, if the individual refrains from such an exchange, the government still emerges victorious as the currency in question holds no intrinsic value and is rendered as just worthless paper. 9 | P a g e

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According to Sinha & Nayak, (2021), The process of demonetization results in a rise in the monetary value in circulation and the deposit bases of banks, thereby leading to a reduction in interest rates on loans. The combination of enhanced liquidity and reduced interest rates enables banks to augment their lending activities towards firms. This phenomenon leads to an increase in infrastructure-related tasks, hence creating extra opportunities for development. The ramifications of demonetization on illegal activities such as hawala and terror funding, which heavily depend on the domestic currency for their operations, are extensive. In the event that funds utilised to support illicit endeavours are rendered ineligible as legal tender, their utility may be rendered null and void. The employment of this technology is highly effective in combating unlawful behaviour. Impact of Demonetisation on Indian Economy According to Prasad, (2019), A deposit could have a larger immediate impact but a smaller ultimate one. Banks are where most people keep their cash savings. A substantial sum of money, once in their hands, is not likely to be put away for the foreseeable future. People deposit their used bills into banks in order to get new ones. These funds will not be invested to accumulate interest. Savers will convert their savings into useful cash when there is a real increase in the money supply. That means that any newly deposited monies are considered to be "short-term deposits" only. When the savers are ready, they can withdraw their money. In the medium run, the financial industry may or may not benefit from demonetization. In the view of Sutar et al., (2022), Virtually nothing on the black market exists in the form of actual currency. Hard assets like as gold, real estate, and infrastructure are frequently used to conceal illicit funds. Since the amount of black money converted into white relies on the amount of black money kept in cash, the amount of black money neutralised by demonetization would be less than anticipated. Demonetization has a major effect on propaganda. The importance of reducing black income is being recognised by a growing number of individuals. The government will be prompted to impose even harsher rules in response to such popular understanding and desire. According to Lahiri, (2020), This audit will have a major effect on the availability of counterfeit and fraudulent currency. Demonetization as a "cleansing exercise" might have significant positive effects on the economy. Those less fortunate people of society who make their living via physical employment and who don't take part in the digital transaction culture will also suffer losses in income and wellbeing as a result. Overall economic activity will 10 | P a g e

decelerate in the near future. Increased transparency and decreased illicit market activities, however, have immense long-term benefits. Most deposits are held by the largest public sector banks like the State Bank of India. Interest rates might be lowered in the near to intermediate future. However, they can't maintain this pace indefinitely. Theoretical Framework The concept of demonetization may also encompass the act of an organisation declining to provide payment. Monetization refers to the process through which a content provider on a platform receives compensation for their contributions. However, in the context of platform- level alterations, such compensation is discontinued, leading to a state known as demonetization. Source- Sagara, 2020 The potential cause for this situation might be attributed to an enhancement in the platform's algorithms responsible for assessing the eligibility of authors to generate income, or alternatively, it could be a consequence of non-compliance with the terms and conditions. Although the specific circumstances may vary, the approach employed in this technique of demonetization has resemblance to the process of abolishing legal currency ( Sagara, 2020). 11 | P a g e

Source- Balamurugan & Saravanan, 2023 Maintaining a continuous flow of currency within an economy is of paramount importance as it obviates the need for frequent issuance of new currency by the government, hence resulting in cost savings. Both instances include a formerly valuable asset that has lost its monetary value due to a fundamental alteration in its inherent characteristics ( Balamurugan & Saravanan, 2023). Methodology Research Design The framework offers a secure environment for researchers to undertake certain risks over the course of their investigation. Similar to architects and engineers, researchers possess a diverse array of choices when it comes to delineating the limits of their study. To ensure the attainment of dependable outcomes, this study will utilise descriptive research methodologies. In a Descriptive Research Design, the researcher provides a comprehensive depiction of the subject matter under investigation. The examination of human beings in their natural or controlled settings is very conducive to the utilisation of descriptive methods of investigation ( Roy, 2019). Various descriptive research approaches, such as surveys, observations, and case studies, can be employed to gather quantitative and qualitative data. In contrast to experimental investigations, which possess the ability to establish a concrete cause and effect relationship, descriptive studies are limited to offering insights and 12 | P a g e

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identifying potential topics for further investigation. The lack of practical application of this approach stems from the researcher's exclusive responsibility for data collection, analysis, and reporting. The study plan provided is quite comprehensive in nature ( Roy, 2019). A variety of methodologies can be employed in a descriptive design to investigate either a single variable or a large number of variables. Research Philosophies The scope of research theory prevents a comprehensive discussion here. The accuracy of our results is dependent on the information we collect, the assumptions we make, and the kind of audit we do. The data-gathering process has been broken down into sub steps. Given that evidence and hypothesis aid researchers in sorting their uncertainties, this issue should be treated in a mutually agreeable manner despite the likelihood of differing interpretations of the truth. Data-driven social science research benefited from positivism. The positivist philosophical perspective now held by scientists was developed by the typical analyst, who, assuming the existence of a socially independent component, came up with it. Integrating disparate pieces of knowledge and developing new theories are hallmarks of this approach of inquiry ( Chavali et al., 2019). The introduction of demonetization has led to a decrease in the amount of counterfeit currency stored in private households, as individuals are now more willing to deposit their cash with financial institutions for the purpose of converting it into genuine legal tender. Research Approaches Different analysts may come to different findings on research completed using the team's technique. They may be able to tell the difference between qualitative and quantitative methods by using exploratory data analysis. The weighing of concepts at the judgement step is when the deductive and inductive procedures diverge significantly. Inductive reasoning reverses the usual practise of starting with broad generalisations and focusing down to specific examples ( Karmakar & Narayanan, 2020). Students are taught via the use of inductive reasoning to draw inferences and formulate testable hypotheses based on actual evidence such as measurements and observations. Research Strategies It is crucial to collect as much data as possible when carrying out research. It is common practise to conduct experiments, case studies, and a review of the relevant literature. In other 13 | P a g e

words, an overview represents the collective work of a group engaged in information gathering and analysis. The conference may act on any recommendations made by an observer on its future course of action. For this tactic to work, it will need resources for more systematic data collecting. There has to be agreement among scientists on standard procedures for gathering data ( Mathew & Jain, 2019). The regulation forbids the use of statistical techniques for checking information. Unfortunately, it may be challenging to use one's own senses to put together indications as to what, if anything, is causing or contributing to the observed abnormalities. Research Choices The researchers utilised a descriptive methodology to find, select, categorise, and analyse the pertinent literature. A more accurate assessment of the sample's feasibility and efficacy may be attained by consulting the analytical section of a scholarly research piece. To delve into the essence of their subject, a researcher must go through many tiers of inquiry. The choice of research methodologies may be impacted by several aspects, including the specific qualities of the study, the resources that are accessible, and the desired aims of the research ( Yadav, 2019). There is no one correct approach to conducting research. Both economic and legal studies heavily depend on secondary literature. Systematic reviews are a prevalent kind of secondary research in several scientific fields, including the biological sciences. Researchers engage in a systematic review in order to assess and amalgamate all pertinent scholarly articles inside a single comprehensive compilation. A wide range of secondary materials is accessible for scholars to examine. The relevant resources are accessible for additional examination by scholars: In addition to include quotations from reputable sources, numerous publications also incorporate the author's personal perspectives ( Babu et al., 2019). The inclusion of the author's or researcher's original study is a common occurrence in such publications. Time Horizon The classification of an analysis as longitudinal or cross-sectional is contingent upon the specific time period over which it was undertaken. Cross-sectional studies are frequently conducted by researchers in order to assess samples collected at a particular moment in time. Longitudinal study involves the continuous monitoring of a consistent cohort of individuals over an extended duration ( Mohanty & Mahendra, 2020). The duration of a longitudinal study might vary, based on the specific objectives of the study. 14 | P a g e

A schedule refers to a predetermined arrangement of tasks that are intended to be accomplished within a designated timeframe. The majority of mothers who choose to remain at home adhere to daily routines. It is evident that individuals exhibit significant variability in their ability to effectively manage their time. The cultivation of a carefully constructed strategy is vital for the achievement of efficient time management. The capacity to enhance productivity and efficiency via proactive strategic planning. Gaining a comprehensive understanding of prioritisation may enhance productivity and efficiency by enabling individuals to accomplish tasks more expeditiously ( RANI, 2019). The act of establishing priorities enables individuals to concentrate their efforts in areas where they are likely to provide the greatest outcomes. Data Collection In order to get data for analytical purposes, researchers employ a methodology referred to as "data collection." The strength of a hypothesis may be assessed by scientists through a process of comparing it with empirical data. The acquisition of accurate and relevant information serves as the initial step in the commencement of any investigative endeavour. The collection of data encompasses a diverse range of methodologies, as the requirements for data collection vary significantly across different academic areas. To facilitate our achievement, a novel approach to data collecting will be implemented ( Mandala & Mohanty, 2019). The use of preexisting data, also referred to as secondary data collection, is a more efficient approach compared to the process of gathering fresh data from the beginning. The initial phase of a prosperous research effort often involves the collection of data. When conducting research, it is often preferable to utilise primary sources and secondary. The effect of prominent investors was analysed by scholars through the examination of secondary data obtained from diverse sources. The reliability of our data is ensured by the utilisation of random sampling techniques ( Mishra et al., 2020). The normal sample size for an expert opinion survey is between 20-30 author views in the form of literature review and for primary questionnaire analysis 100 peoples are randomly selected. Research Ethics It was hypothesised that the dissemination of this material within the academic community would serve to stimulate more discourse and inquiry. No instances of plagiarism were detected as a result of the implementation of comprehensive safety protocols. The data included on the CDs has been subjected to encryption measures, rendering it accessible to all 15 | P a g e

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members of the team. The study ensured rigorous confidentiality of all obtained and utilised information in compliance with the provisions outlined in the Data Protection Act of 2018 ( Sarkar & Karmakar, 2021). In order to conduct interviews or studies on individuals, researchers are required to get the informed consent of the persons involved. It is imperative that members of the study team refrain from placing participants in situations that may cause discomfort or pressure. To ensure ethical utilisation of the scholar, we used a three-step process. Firstly, we obtained informed consent from the participants. Secondly, we provided them with a link to a Google form to evaluate their interest. Finally, we sent the scholar through email only if the interest rate was deemed satisfactory. Researchers might find solace in the knowledge that their study does not pose a challenge to or contradict well- established scientific norms ( Prasad et al., 2023). The maintenance of the highest ethical standards is crucial for the flourishing of human rights, community development, and scientific advancement. In order to effectively deter unethical behaviour, it is imperative that participants are not subjected to coercion in divulging their identities. Timeline and Resourcing of the Research Project To mitigate the potential risks associated with mismanagement or misunderstanding, it is imperative for the researcher to develop a comprehensive project management approach. This timetable will facilitate the researcher in completing all tasks within a certain timeframe. Each of the events will be allocated an equal amount of time. By using this approach, it will guarantee that the entirety of the research process is conducted in a systematic and meticulously structured manner ( Jawed et al., 2019). A wide variety of print and electronic media, including books, brochures, journals, magazines, and newspapers, as well as the World Wide Web, can serve as resources for study. The timeline for the plan is shown below- 16 | P a g e

Conclusion The research report concluded that Demonetization refers to the process of removing legal money from circulation. When new forms of currency are introduced, the circulation of existing ones is gradually phased out. When switching to a new currency, many nations phase out the old one. When a government introduces a new policy, it might cause a cascade of problems. The idea of doing away with currency is not new. 17 | P a g e

References Babu, M., Gayathri, J., Indhumathi, G., & Hariharan, C. (2019). Demonetisation announcement and price movement of Indian sectoral indices. International Journal of Recent Technology and Engineering , 8 , 608-611. https://www.researchgate.net/profile/Indhumathi- Gunasekaran/publication/337262186_Demonetisation_Announcement_and_Price_Mo vement_of_Indian_Sectoral_Indices/links/5dcdea3492851c382f3dfebb/Demonetisatio n-Announcement-and-Price-Movement-of-Indian-Sectoral-Indices.pdf Balamurugan, J., & Saravanan, S. (2023). A Public Perception on the Effects of Demonetization in Indian Economy–an Analytical Study. South Asian Journal of Social Studies and Economics , 20 (1), 17-24. https://www.researchgate.net/profile/J- Balamurugan/publication/372085812_A_Public_Perception_on_the_Effects_of_Dem onetization_in_Indian_Economy_- _an_Analytical_Study/links/64aa5cf9b9ed6874a507e80f/A-Public-Perception-on-the- Effects-of-Demonetization-in-Indian-Economy-an-Analytical-Study.pdf? origin=journalDetail&_tp=eyJwYWdlIjoiam91cm5hbERldGFpbCJ9 Bhanot, S. (2020). A Study on the Perception of People About the Impact of Demonetization on the Indian Economy. IIBM'S Journal of Management Research . http://www.iibmjournalofmanagementstudies.in/index.php/iibm/article/download/123 5/951 Chandra, V., Srivastava, S., & Jindal, M. (2020). Impact of Demonetization on the Various Sectors of Indian Economy. International Journal of Engineering and Management Research , 10 (6), 130-134. https://ijemr.vandanapublications.com/index.php/ijemr/article/download/181/180 Chavali, K., Prasad, C., & Rao, K. S. (2019). Demonetisation and its Impact on Digitisation in India. Management Dynamics , 19 (1), 19-34. https://managementdynamics.researchcommons.org/cgi/viewcontent.cgi? article=1026&context=journal Eniya, B., & Kirubagaran, K. (2022). A Public Opinion on the Impact of Demonetisation in Indian Economy. Baltic Journal of Law & Politics , 15 (4), 509-517. https://versita.com/menuscript/index.php/Versita/article/download/855/934 18 | P a g e

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Jain, A., Sarupria, A., & Kothari, A. (2020). The Impact of COVID-19 on E-wallet’s Payments in Indian Economy. International Journal of Creative Research Thoughts , 8 (6), 2447-2454. https://www.researchgate.net/profile/Anil-Jain- 19/publication/342599649_The_Impact_of_COVID-19_on_E- wallet's_Payments_in_Indian_Economy_bharatiya_artha_vyavasra_mem_i- vole_ta_ke_bhu_gatana_para_COVID- 19_ke_prakopa_ka_prabhava/links/5efc8dc692851c52d60cbef6/The-Impact-of- COVID-19-on-E-wallets-Payments-in-Indian-Economy-bharatiya-artha-vyavasra- mem-i-vole-ta-ke-bhu-gatana-para-COVID-19-ke-prakopa-ka-prabhava.pdf Jawed, M. S., Dhaigude, A. S., & Tapar, A. V. (2019). The sectoral effect of demonetization on the economy: Evidence from early reaction of the Indian stock markets. Cogent Economics & Finance , 7 (1), 1595992. https://www.tandfonline.com/doi/pdf/10.1080/23322039.2019.1595992 Kakumanu, K. R., Srikanth, M., Gavali, R. S., Kalloor, V. J., & Mukate, S. V. (2022). Project Report on Demonetisation and Its Impact on Indian Agriculture: A Critical Analysis. https://www.researchgate.net/profile/Shrikant- Mukate/publication/359842056_PROJECT_REPORT_ON_DEMONETISATION_A ND_ITS_IMPACT_ON_INDIAN_AGRICULTURE_A_CRITICAL_ANALYSIS/link s/62511af1ef01342066639076/PROJECT-REPORT-ON-DEMONETISATION-AND- ITS-IMPACT-ON-INDIAN-AGRICULTURE-A-CRITICAL-ANALYSIS.pdf Karmakar, S., & Narayanan, A. (2020). Do households care about cash? Exploring the heterogeneous effects of India's demonetization. Journal of Asian Economics , 69 , 101203. https://www.repository.utl.pt/bitstream/10400.5/17373/1/REM_WP_073_2019.pdf Lahiri, A. (2020). The great Indian demonetization. Journal of Economic Perspectives , 34 (1), 55-74. https://pubs.aeaweb.org/doi/pdf/10.1257/jep.34.1.55 Mandala, G. N., & Mohanty, A. (2019). A study on demonetisation and its impact on Indian economy. Journal of Computational and Theoretical Nanoscience , 16 (5-6), 2377- 2380. https://www.researchgate.net/profile/Anoop- Mohanty/publication/334202750_A_Study_on_Demonetisation_and_Its_Impact_on_I ndian_Economy/links/5d856eb1458515cbd1a3f552/A-Study-on-Demonetisation-and- Its-Impact-on-Indian-Economy.pdf 19 | P a g e

Mathew, M. S., & Jain, S. (2019). A study on the effects of demonetization in the growth prospects of start–ups in india. GAP GYAN , 2 (1). https://www.gapinterdisciplinarities.org/res/articles/Paper%2019%20(1).pdf Mishra, A. K., Rath, B. N., & Dash, A. K. (2020). Does the Indian financial market nosedive because of the COVID-19 outbreak, in comparison to after demonetisation and the GST?. Emerging Markets Finance and Trade , 56 (10), 2162-2180. https://www.academia.edu/download/83366231/1540496X.2020.pdf Mohanty, S. P., & Mahendra, A. (2020). Nexus between demonetisation and the asset quality of the commercial banks: Evidence from India. MDIM Business Review , 1 (2), 16-25. https://www.academia.edu/download/67368054/MDIM_Business_Review..pdf Palanivelu, V. R., & Narmada, S. (2020). Impact of demonetisation on the micro finance sector. International Journal of Advanced Science and Technology , 29 (4), 705-712. https://www.researchgate.net/profile/Palani- Velu/publication/345306656_IMPACT_OF_DEMONETISATION_ON_THE_MICR O_FINANCE_SECTOR/links/5fa2483292851c14bc0391c5/IMPACT-OF- DEMONETISATION-ON-THE-MICRO-FINANCE-SECTOR.pdf Prasad, A., Goswami, A., & Gurtu, A. (2023). Influence of demonetization on various sectors of the Indian economy. Strategic Management . https://scindeks- clanci.ceon.rs/data/pdf/1821-3448/8888/1821-34488800034P.pdf Prasad, S. R. (2019). Measuring the efficiency of indian real estate firms during the pre-and post-demonetization period by adopting data envelopment analysis. Baltic Journal of Real Estate Economics and Construction Management , 7 (1), 98-109. https://sciendo.com/downloadpdf/journals/bjreecm/7/1/article-p98.pdf RANI, R. (2019). Demonetization and Its Impact. Think India Journal , 22 (4), 821-834. https://thinkindiaquarterly.org/index.php/think-india/article/download/8896/4755 Razak, A., & Vattikoti, K. (2019). A Study on Demonetization and its effect on Indian Economy–Step towards Nation Building and inevitable transformation to Digital Economy. Asian Journal of Management , 4 (01), 01-07. https://www.ajmsjournal.com/index.php/ajms/article/download/193/184 20 | P a g e

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Appendix 1. Do you know about Demonetisation? a. Yes b. No c. Not Sure 2. Do you think Demonetisation is necessary for India? a. Yes b. No c. Not Sure 3. Are you agree with the statement that with Demonetisation India able to detect black money? a. Yes b. No c. Not Sure 4. Do you think that Demonetisation have positive impact on the economy? a. Yes b. No c. Not Sure 5. Do you agree with the statement that Demonetisation have benefits for the economy of India? a. Yes b. No c. Not Sure 6. Do you think Demonetization have some disadvantages? a. Yes b. No c. Not Sure 7. Is demonetisation a success or failure? a. Yes b. No c. Not Sure 8. Did demonetization reduce corruption? a. Yes b. No c. Not Sure 9. Is demonetisation a disaster? a. Yes b. No c. Not Sure 10. Was Demonetisation in India justified? a. Yes b. No c. Not Sure 23 | P a g e

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