Impact of Demonetization – A Study with reference to Street Vendors

Demonetization is the progression in which a particular currency or valuable mineral is degraded as a legal tender to avoid some illegal practices and also make a revolution relevant for economic welfare. Demonetization happens when a particular currency is no longer in regular use within the country of origin, or when a newer currency comes into circulation with the view to make regulations for better functioning. The latest demonetization in India was the sudden announcement by Prime Minister of India dated 8th November at 8.30 p.m. that 500 and 1,000 rupees currency notes would not be legal tender from midnight of 8th November 2016. The announcement was made much after banking hour’s thus giving nobody a chance for any foul play and at the same time making alternative actions to avoid public sufferings