The demonetisation of November 2016 goes down in history as the day of an intensely debated economic policy intervention of the Indian state. With abolition of the legal tender status of Rs 500 and Rs 1000 notes, about 86 per cent of the currency in circulation stood withdrawn from the economy. The purpose, according to the government, was to stamp out counterfeit currency, unearth black money, and usher in a less-cash economy.
One of the most detailed analysis of demonetisation so far, the book takes on board a large gamut of issues into consideration taking into account data for a larger period of time i.e. till September 2017. The book reviews impact of the demonetisation policy intervention on different spheres of the economy and critically examines each of the major claims of put forth by the government vis-à-vis demonetisation. Through selections from the Economic and Political Weekly, it presents a journey through the Indian black money debate, placing the two demonetisations of 1978 and 2016 within the framework of black money and tax evasion in India over the last six decades
The book presents long discussions about the initiation of demonetisation in the first part and talks about the policy and its implementation.It further reviews its impact on different spheres of the economy. The second part of the book presents selected writings from a number of research articles and questions captured in the EPW related to the two demonetisations of 1978 and 2016.
This is an extremely topical work and is a broadly well-rounded analysis with strong empirics. The work looks very well-organised. I recommend its publication.
