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International Journal of Innovation and Research in Educational Sciences

Demonetization Related Factors in India: An Exploratory Study on Perceptions and Opinions of Common Man

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Year:
2020
Type of Publication:
Article
Keywords:
Currency, Demonetization, Common man, General Public, Factors Influenced Demonetization
Authors:
  • Panah, Abdul Masood
  • Muniraju, Professor Y.
Journal:
IJIRES
Volume:
7
Number:
5
Pages:
443-455
Month:
September
ISSN:
2349-5219
BibTex:
Abstract:
Demonetization is the process of deciding that individual coins and banknotes can no longer be exchanged for goods and services. On 8 November 2016, the government of India announced the extensive digitalization program. They decline the legal tender of the existing 500 and 1000 rupees banknotes till 9 November 2016. The Indian government’s aim behind the unexpected Demonetization was to eradicate black money, fake notes, and terrorist funding. A survey is carried out with the assistance of a prepared questionnaire distributed between the common man (general public) in Karnataka and Kerala’s coastal region in south India to collect their opinion and perceptions of Demonetization. The explanatory factor analysis, principal component analysis (PCA) method is applied for extracting and dimension reduction using the Varimax orthogonal rotation and Kaiser. The significant vital factors about implementing the Demonetization are identified, such as public hardships and challenges, impacting socioeconomic factors, and implementation challenges. The descriptive analysis results depict that most survey respondents either ‘strongly agree’ or ‘agree’ with the thirteen measures on the common man’s insights and opinion (general public) on India’s Demonetization.

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