Experience Of Individual During Demonetization Process
Rajesh Choudhary1*, Advait Utturkar2, Mohit Chelani3, Pratham Jaiswal4, Jyoti Ranjan Sahoo5
1 F2 – 021330024254, ITM Business School, Kharghar, Maharashtra, India
2 F2 – 021330124002, ITM Business School, Kharghar, Maharashtra, India
3 F2 – 021330024339, ITM Business School, Kharghar, Maharashtra, India
4 F2 – 021330024193, ITM Business School, Kharghar, Maharashtra, India
5 F2 – 021330024535, ITM Business School, Kharghar, Maharashtra, India
* Corresponding Author E-mail: 2024.rajeshc@isu.ac.in
Introduction: Demonetization is a process where a country’s government decides to withdraw a particular denomination of currency from circulation, effectively stripping it of its status as legal tender. This means that the currency unit is no longer valid for transactions, and people are no longer required to accept it as payment. Currencies that are terminated are no more legally considered exchanges and have no financial value. Demonetization is a process by which countries opt to reintroduce defunct currencies as legal money.
Objective: To understand the impact of experience of individual during demonetization process.
Literature Review:
- Bhattacharya, R. (2017). “Immediate Effects of Demonetization: A Case Study of Daily Wage Workers.” Economic & Political Weekly, 52(24).
- Kohli, S., & Vashisht, P. (2018). “The Impact of Demonetization on the Informal Sector: A Critical Analysis.” Journal of Economic Perspectives, 32(3), 15-34.
- Bansal, M., & Agarwal, R. (2018). “Demonetization and Its Psychological Impact on the Indian Workforce.” International Journal of Social Science Research, 6(2).
This literature review serves as a starting point for understanding the complexities surrounding individual experiences during the demonetization process in India, helping to frame further research in this area.
Data Collection: Following questions were framed on liked scale with the help of google forms.
Q1. My parents had to stand in long queues.
Q2. My parents lost business.
Q3. My parents started using digital payments.
Q4. I got scared due to big cash in my house.
Q5. My father quarrelled with my mother for cash.
Students of ITM Business School were surveyed. For every question, mean, standard error, and Z value was calculated.
Data Analysis:
|
|
Q1 |
Q2 |
Q3 |
Q4 |
Q5 |
|
Mean |
3.1111 |
2.2500 |
3.9861 |
2.6528 |
2.1250 |
|
Standard Error |
0.1335 |
0.1490 |
0.1621 |
0.1621 |
0.1506 |
|
Z Value |
0.8323 |
-5.0334 |
-2.1421 |
-2.1421 |
-5.8118 |
|
Result |
Neutral |
Disagree |
Disagree |
Disagree |
Disagree |
Conclusion:
- Students are neutral about their parents having to stand in long queues.
- Students disagree that their parent lost their business.
- Students disagree that their parents started using digital payments.
- Students disagree that they got scared due to big cash in their house.
- Students disagree that their father quarrelled with their mother for cash.
References:
- Bansal, M., & Agarwal, R. (2018). Demonetization and Its Psychological Impact on the Indian Workforce. International Journal of Social Science Research, 6(2).
- Bhattacharya, R. (2017). Immediate Effects of Demonetization: A Case Study of Daily Wage Workers. Economic & Political Weekly, 52(24).
- Kohli, S., & Vashisht, P. (2018). The Impact of Demonetization on the Informal Sector: A Critical Analysis. Journal of Economic Perspectives, 32(3), 15-34.