The impact of demonetisation on the common man of india
Will November 8, 2016, be remembered as a watershed event in the history of India or will it be just another passing event? The demonetisation that happened last week will not only have economic impact but also social and political ramifications, both from immediate and long-term perspectives. The impact of this move on the common man includes: a. Financial/business impact -People with large amount of black money are using unscrupulous means to convert it into legitimate currency -A taxpayer has to stand in queues to withdraw his hard-earned money. -Online companies are having the last laugh as most of the white income class is resorting to online. -Small/medium sized business relying on cash transactions are seeing a total demand collapse. -Gem and Jewelry business will be hard hit. -Real estate prices will fall and the transactions volume will drop. -Second-hand car market will crash badly. -CAs will be having a time of their lives. -Banks will be having a tough time. They