Demonetization, a radical economic policy, involves the sudden withdrawal of specific currency notes from circulation in public. This bold move has been employed by various countries to combat issues like black money, corruption, and hyperinflation. In this article, we will delve into the experiences of countries that have undertaken demonetization and closely examine the outcomes of this intricate economic manoeuvre.
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Demonetisation in Different Countries
- India: The Monumental Demonetization of 2016 In November 2016, India embarked on an unprecedented demonetization drive, a move that shook the economy of the largest democracy in the world. On the demonetization date in India, the government declared that 500- and 1000-rupee notes would cease to be legal tender. This move was aimed at targeting corruption, counterfeit currency, and unaccounted wealth and the country unveiled quite a bit of it.
- Short-term disruption: The abrupt withdrawal of high-value notes led to immediate chaos, affecting businesses and daily transactions.
- Increase in digital transactions: Demonetization accelerated the adoption of digital payment methods, such as mobile wallets and online banking. Companies like PhonePe, Gpay and government-authorised Paytm received immense hype due to this move.
- Mixed impact on black money: While a significant amount of unaccounted wealth was detected, some argue that it did not entirely eradicate the problem.
- Venezuela: Battling Hyperinflation through Demonetization When we speak about demonetisation in other countries, we must talk about the Venezuelan demonetisation. In 2016, Venezuela demonetized the 100 bolivars note, which constituted nearly half of the country's currency in circulation. The move was intended to combat hyperinflation and dismantle criminal networks involved in illegal activities.
- Initial turmoil: The sudden announcement led to widespread protests and confusion as citizens faced difficulties in exchanging their old notes for new currency.
- Continued economic crisis: Despite demonetization, Venezuela's economic situation worsened due to a range of factors, including political instability and mismanagement.
- Zimbabwe: Addressing Hyperinflation through Demonetization Zimbabwe, grappling with hyperinflation, demonetized its currency in 2015. The Zimbabwean dollar was replaced with a basket of foreign currencies to stabilise the economy.
- Positive economic impact: The move brought some stability to the economy and curbed hyperinflation, allowing for the gradual recovery of businesses.
- Long-term challenges: The country continues to face economic hurdles, including unemployment and a reliance on foreign currencies.
- Soviet Union: Demonetization as a Political Tool When we talk about demonetisation in the world, The Soviet Union implemented demonetization multiple times during its existence, often for political reasons. Notable instances include the demonetization of old currency notes after the Russian Revolution and the demonetization of larger denominations in 1922.
- Control and centralization: Demonetization played a role in consolidating political and economic power in the hands of the government.
- Social and economic repercussions: The impacts of these demonetization efforts were wide-ranging, affecting different segments of society in various ways.
- Nigeria: The 1984 Demonetization Exercise If we go back to the history of demonetization in the world, in 1984, Nigeria undertook a demonetization exercise to combat corruption and instil fiscal discipline. The government invalidated certain high denomination notes.
- Mixed success: While the move did result in the discovery of unaccounted wealth, it also disrupted economic activities and led to social tensions.
- Long-term effects: Nigeria has faced subsequent challenges related to corruption, indicating that demonetization alone may not be a panacea.
- USA: Demonetization of 1862 Amid the Civil War, the United States experienced a form of demonetization. The U.S. government, in 1862, issued Legal Tender Notes, commonly known as "greenbacks," to finance the war effort. These notes were initially not backed by gold or silver, leading to a partial demonetization of existing coins. The US demonetization is one that has been one that created an impact on the economy.
- Economic stabilisation: The introduction of Legal Tender Notes helped stabilise the economy and provided much-needed funds for the war.
- Controversy and legal challenges: The issuance of non-gold backed currency sparked debates and legal battles, ultimately leading to the Supreme Court's decision in the Legal Tender Cases of 1870.
- North Korea: A Coercive Measure in a Closed Economy When we reflect on the demonetization in world history, North Korea, in an attempt to exert control over its economy, has undertaken demonetization measures multiple times. These efforts were primarily aimed at curbing black market activities and maintaining a tight grip on economic transactions.
- Limited information available: Due to the secretive nature of the North Korean regime, the full impact and outcomes of their demonetization endeavours remain largely unknown to the international community.
- Myanmar: Demonetization to Combat Illegal Wealth In 1987, Myanmar demonetized certain high denomination notes as a measure to counter illicit wealth and corruption. This move aimed to bring unaccounted wealth into the formal economy. If Demonetisation in the world would be considered, it should follow the playbook that Myanmar used.
- Reduced corruption: Demonetization led to a crackdown on illegal wealth and corruption, creating a more transparent financial system.
- Initial disruptions: The sudden withdrawal of certain currency notes did lead to short-term economic disruptions, but the economy stabilised over time.
- Ghana: The 1982 and 1984 Demonetizations Ghana, in an effort to modernise its monetary system, implemented demonetization in 1982 and 1984. These exercises involved the introduction of new currency notes and the phased withdrawal of older denominations.
- Strengthening the financial system: Demonetization in Ghana aimed to enhance the efficiency and stability of the country's monetary system.
- Encouraging banking participation: The exercise encouraged greater participation in formal banking, reducing reliance on informal financial channels.
- Australia: The Polymer Revolution Australia, in the late 1980s and early 1990s, initiated a process of demonetization by introducing polymer banknotes. Demonetization in Australia aimed to enhance the durability and security of the currency.
- Technological advancement: The introduction of polymer notes represented a leap forward in currency technology, setting a global standard.
- Enhanced security features: The new banknotes incorporated advanced security features, making them more resistant to counterfeiting.
- 10. European Union: The Euro Changeover Demonetization in world history would be incomplete without mentioning that the introduction of the Euro in 1999 involved a massive demonetization effort across participating European Union countries. National currencies were phased out, and Euro banknotes and coins were introduced.
- Seamless transition: The changeover to the Euro was largely successful, facilitating ease of trade and travel across Eurozone countries.
- Strengthened economic integration: The adoption of a common currency was a significant step towards greater economic integration within the European Union.
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Lessons from Demonetization Endeavours
The experiences of countries that have attempted demonetization reveal a complex interplay of economic, political, and social factors. While demonetization can have positive impacts, such as curbing corruption and promoting digitization, it also brings about short-term disruptions and may not be a one-size-fits-all solution.Ultimately, the success of demonetization depends on careful planning, effective communication, and complementary policies to address underlying issues. It is essential for governments considering this strategy to weigh its potential benefits against its possible drawbacks and to be prepared to manage the consequences for the economy and society at large.
As demonstrated by the cases discussed, the outcomes of demonetization efforts are varied and influenced by a multitude of factors. Understanding these complexities is crucial for any government contemplating this significant economic manoeuvre. These are the countries that we should look at while studying at the history of demonetisation in world.
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The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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Promotional Offers
You may receive from time to time, announcement about offers with intent to promote this Website and/or facilities/products of ABC Companies (“Promotional Offers”). The Promotional Offer(s) would always be governed by these Terms of Use plus certain additional terms and conditions, if any prescribed. The said additional terms and conditions, if prescribed, would be specific to the corresponding Promotional Offer only and shall prevail over these Terms of Use, to the extent they may be in conflict with these Terms of Use. The Website reserves the right to withdraw, discontinue, modify, extend and suspend the Promotional Offer(s) and the terms governing it, at its sole discretion.
Charges for use of Website
There are no charges or fees to be paid by you for use of this Website. However, you are responsible for all telephone access fees and/or internet service fees that may be assessed by your telephone and/or internet service provider. You further agree to pay additional charges, if any levied by Third Party Service Provider(s), for the facilities provided by them through the Website (Additional Charges).
No Endorsement
You are advised to be cautious when browsing on the internet and to use good judgment and discretion when obtaining information or transmitting information. From this Website, users may visit or be directed to third party web sites. The Website makes no effort to review the content of these web sites, nor is the Website or its licensors responsible for the validity, legality, copyright compliance, or decency of the content contained in these sites.
In addition, the Website does not endorse or control the content of any other user and is not responsible or liable for any content, even though it could be unlawful, harassing, libelous, privacy invading, abusive, threatening, harmful, vulgar, obscene or otherwise objectionable, or that it infringes or may infringe upon the intellectual property or other rights of another. You acknowledge that the Website does not pre-screen content, but that the Website will have the right (but not the obligation) in their sole discretion to refuse, edit, move or remove any content that is available via the facilities.
Electronic Communications
These Terms of Use and any notices or other communications regarding the Facilities may be provided to you electronically, and you agree to receive communications from the Website in electronic form. Electronic communications may be posted on the Website and/or delivered to your registered email address, mobile phones etc either by Facilities Provider or ABC Companies with whom the services are availed. All communications in electronic format will be considered to be in "writing". Your consent to receive communications electronically is valid until you revoke your consent by notifying of your decision to do so. If you revoke your consent to receive communications electronically, the Facilities Provider shall have the right to terminate the facilities.
Assignment
You shall not assign your rights and obligations under this Agreement to any other party. The Website may assign or delegate its rights and/or obligations under this Agreement to any other party in future, directly or indirectly, or to an affiliated or group company.
Legal Disclaimers
The information provided on or through the Website is for general guidance and information purposes only and they do not in any manner indicate any assurance or opinion of any manner whatsoever. Any information may be prone to shortcomings, defects or inaccuracies due to technical reasons. Certain information on Website may be on the basis of our own appraisal of the applicable facts, law and regulations in force at the date hereof.
The information (and opinions, if any) contained on the Website may have been obtained from public sources believed to be reliable and numerous factors may affect the information provided, which may or may not have been taken into account. The information provided may therefore vary (significantly) from information obtained from other sources or other market participants. Any reference to past performance in the information should not be taken as an indication of future performance. The information is dependent on various assumptions, individual preferences and other factors and thus, results or analyses cannot be construed to be entirely accurate and may not be suitable for all categories of users. Hence, they should not be solely relied on when making investment decisions. Your investment or financial decision shall always be at your own discretion and based on your independent research; and nothing contained on the Website or in any information would construe ABCL/ABC Companies or any of its employees/authorized representative as having been in any way involved in your decision making process. Any information and commentaries provided on the Website are not meant to be an endorsement or offering of any stock or investment advice.
Nothing contained herein is to be construed as a recommendation to use any product, process, equipment or formulation, in conflict with any patent, or otherwise and Facilities Provider / ABCL/ABC Companies makes no representation or warranty, express or implied that, the use thereof will not infringe any patent, or otherwise. Information on this Website sourced from experts or third party service providers, which may also include reference to any ABCL Affiliate. However, any such information shall not be construed to represent that they belong or represent or are endorsed by the views of the Facilities Provider or ABC Companies. Any information provided or sourced from ABCL Affiliate belongs to them. ABCL is an independent entity and such information from any ABCL Affiliate are not in any manner intended or to be construed as being endorsed by ABCL or Facilities Provider. The information does not constitute investment or financial advice or advice to buy or sell, or to endorse or solicitation to buy or sell any securities or other financial instrument for any reason whatsoever. Nothing on the Website or information is intended to constitute legal, tax or investment advice, or an opinion regarding the appropriateness of any investment or a solicitation of any type. Investment in the securities market and any financial instruments are inherently risky and you shall always assume complete and full responsibility for the outcomes of all the financial or investment decisions that you make, including but not limited to loss of capital. You are therefore advised to obtain your own applicable legal, accounting, tax or other professional advice or facilities before taking or considering an investment or financial decision.
No Solicitation
No Information at this Website shall constitute an invitation to invest in ABCL or any ABC Companies. These are meant for general information only or to meet statutory requirements or disclosures. ABCL or any of its employees are in no way liable for the use of the information by you, when making any decision or investing or trading through any investment vehicles or ABC Companies, or any other third party which may be engaged in offering of these services.
The information contained on this Website does not represent and should not be used to construe (i) the terms on which a new transaction would be entered into by ABCL or ABC Companies, (ii) the terms on which any existing transactions could be unwound by ABCL or ABC Companies, (iii) the calculation or estimate of an amount that would be payable following an early termination of any past/existing transactions or (iv) the valuations given to any transactions by ABCL or ABC Companies in their books of account for financial reporting, credit or risk management purposes.
Statutory Disclosure
ABCL and ABC Companies are engaged in a broad spectrum of activities in the financial services sectors. You understand and acknowledge that Aditya Birla Money Limited (‘ABML’), Aditya Birla Finance Limited (‘ABFL’) and Aditya Birla Sun Life Asset Management Company Limited and trustees and sponsor of Aditya Birla Sun Life Mutual Fund (‘ABSLMF’) are group companies and ABML / ABFL also acts as a distributor of ABSLMF. Any recommendation or reference of schemes of ABSLMF if any made or referred on the Website, the same is based on the standard evaluation and selection process, which would apply uniformly for all mutual fund schemes. You are free to choose the execution facilities in the manner deemed fit and proper and no commission will be paid by ABSLMF to ABML / ABFL if you choose to execute a transaction with ABSLMF on the Website, unless otherwise agreed by you and ABML/ABFL separately. Information about ABML/ABFL, its businesses and the details of commission structure receivable from asset management companies to ABML/ABFL, are also available on their respective Website.
Similarly Aditya Birla Money Insurance Advisory Services Limited and Aditya Birla Insurance Brokers Limited are insurance intermediaries and engaged in the distribution of Insurance Products and it may services may include products of Aditya Birla Sun Life Insurance Company Limited and Aditya Birla Health Insurance Company Limited. However there is no conflict on these services and commissions if any payable are in accordance of the extant regulations.
Force Majeure
The Facilities Provider, ABC Companies and any of its Third Party Service Providers shall not be liable for any delay or failure in performance resulting directly or indirectly from acts of nature, forces, or causes beyond their reasonable control, including, without limitation, Internet failures, computer equipment failures, telecommunication equipment failures, other equipment failures, electrical power failures, strikes, virus, other malicious computer code, hacking, labour disputes, riots, insurrections, civil disturbances, shortages of labour or materials, fires, flood, storms, explosions, acts of God, war, earthquake, governmental actions, orders of domestic or foreign courts or tribunals, non-performance of third parties, or loss of or fluctuations in heat, light, or air conditioning.
Indemnification
You agree to protect and fully compensate Facilities Provider, ABCL, ABC Companies, subsidiaries, licensors, suppliers and facilities providers, employees, officers and directors, from any and all third party claims, liability, damages, expenses and costs (including but not limited to reasonable attorneys fees) caused by or arising from your use of the facilities, your violation of the Terms of Use or your infringement, or infringement by any other user of your account, of any intellectual property or other right of anyone.
No Waiver
The Facilities Provider, ABC Companies or any of its third party service providers and processor bank/merchants etc. shall not be deemed to have waived any of its/their rights or remedies hereunder, unless such waiver is in writing. No delay or omission on the part of Facilities Providers and ABC Companies, in exercising any rights or remedies shall operate as a waiver of such rights or remedies or any other rights or remedies. A waiver on any one occasion shall not be construed as a bar or waiver of any rights or remedies on future occasions.
Exclusive Agreement
You agree that these Terms of Use are the complete and exclusive statement of agreement supersede any proposal or prior agreement, oral or written, and any other communications between you and the Facilities Provider and its Third Party Service Providers or processor bank/merchants relating to the subject matter of these Terms of Use. These Terms of Use, as the same may be amended from time to time, will prevail over any subsequent oral communications between you and the Website and/or the processor bank.
Termination
Either party can terminate this Agreement by notifying the other party in writing. Upon such termination You will not be able to use the facilities of this Website.
Governing Law and Jurisdiction
The Website specifically prohibits you from usage of any of its facilities in any countries or jurisdictions that do not corroborate to all stipulations of these Terms of Use. The Website is specifically for users in the territory of India. In case of any dispute, either judicial or quasi-judicial, the same will be subject to the laws of India, with the courts in Mumbai having exclusive jurisdiction.
These Terms and Conditions are governed by and to be interpreted in accordance with laws of India, without regard to the choice or conflicts of law provisions of any jurisdiction. You agree, in the event of any dispute arising in relation to these Terms and Conditions or any dispute arising in relation to the Website whether in contract or tort or otherwise, to submit to the jurisdiction of the courts located at Mumbai, India for the resolution of all such disputes.
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