International Journal of Research in Social Sciences 
           Vol. 9 Issue 3, March 2019, 
           ISSN: 2249-2496 Impact Factor: 7.081 
           Journal Homepage: http://www.ijmra.us, Email: editorijmie@gmail.com 
           Double-Blind Peer Reviewed Refereed Open Access International Journal - Included in the International Serial 
           Directories Indexed & Listed at: Ulrich's Periodicals Directory ©, U.S.A., Open J-Gage as well as in Cabell’s 
           Directories of Publishing Opportunities, U.S.A 
                                                
                                                
                 Coverage of demonetization in Indian 
                           dailies:A content analysis 
            
                            1
           Dr.J.MadhuBabu   
           N. Nageswara Rao2 
           Abstract 
           This study investigates the impact of demonetization on public life through news coverage. The 
           study adopted a content analysis research method. The top two English newspapers i.e., The 
           Times of India and The Hindu. The other two newspapers were taken from Telugu i.e., Eenadu 
           and Sakshi were selected for data collection. It is not a random sample method. It's a purposive 
           continuous sample. The study was conducted during November 9, 2016, to November 22, 2016. 
           ‘ 
           Keywords:Demonetization, Public Agony, Newspapers, Content Analysis. 
            
            
            
            
            
            
            
            
                                                                      
           1Assistant  Professor,  Department  of  Journalism  and  Mass  Communication,  Acharya 
           Nagarjuna University, Guntur.  
           2Research  Scholar,  Department  of  Journalism  and  Mass  Communication,  Acharya 
           Nagarjuna University, Guntur. 
               616                                  International Journal of Research in Social Sciences 
                                                    http://www.ijmra.us, Email: editorijmie@gmail.com 
            
                                               ISSN: 2249-2496  Impact Factor: 7.081 
                 
                 
                1. Introduction 
                Demonetization is the act of stripping a currency unit of its status as a legal tender. It occurs 
                whenever there is a change of national currency: The current form or forms of money is pulled 
                from circulation and retired, often to be replaced with new notes or coins. Sometimes, a country 
                completely replaces the old currency with the new currency.The opposite of demonetization is 
                remonetization,  in  which  a  form  of  payment  is  restored  as  legal  tender.Reasons  for 
                Demonetization1)  to  combat inflation  2)to  combat  corruption  and  crime  (counterfeiting, tax 
                evasion) 3)to discourage a cash-dependent economy 4) to facilitate trade. 
                 
                1.1 Demonetization in the world 
                 The Coinage Act of 1873 demonetized silver as the legal tender of the United States, in favor of 
                fully adopting the gold standard. Several coins, including two-cent piece, three-cent piece, and 
                half  dime  were  discontinued.  The  withdrawal  of  silver  from  the  economy  resulted  in  a 
                contraction    of    the money     supply,    which     subsequently     led    to   a    five-year 
                economic depression throughout the country. In response to the dire situation and pressure from 
                farmers and silver miners and refiners, the Bland-Allison Act remonetized silver as legal tender 
                in 1878. 
                 
                An example of demonetization for trade purposes occurred when the nations of the European 
                Union officially began to use the euro as their everyday currencies in 2002. When the physical 
                euro bills  and coins were introduced, the old national currencies, such as the German mark, 
                the French  franc,  and  the  Italian  lira  were  demonetized.  However,  these  varied  currencies 
                remained convertible into Euros at fixed exchange rates for a while to assure a smooth transition. 
                In 2015, the Zimbabwean government demonetized its dollar as a way to combat the country’s 
                hyperinflation. The three-month process involved expunging the Zimbabwean dollar from the 
                country’s  financial  system  and  solidifying  the U.S.  dollar, the Botswana  pula and  the South 
                African rand as the country’s legal tender in a bid to stabilize the economy. 
                 
                1.2 Demonetisation in India 
                The Indian government had demonetized bank notes on two prior occasions once in 1946 and 
                then again in 1978 and in both cases, the goal was to combat tax evasion by "black money" held 
                     617                                                International Journal of Research in Social Sciences 
                                                                        http://www.ijmra.us, Email: editorijmie@gmail.com 
                 
                       ISSN: 2249-2496  Impact Factor: 7.081 
         
         
        outside  the  formal  economic  system.  In  1946,  the  pre-independence  government  hoped 
        demonetization would penalize Indian businesses that were concealing  the fortunes amassed 
        supplying  the  Allies  in  World  War  II.  In  1978,  the Janata  party  coalition  government 
        demonetized  banknotes  of  1000,  5000  and  10,000  rupees,  again  in  the  hopes  of  curbing 
        counterfeit  money and  black  money.  In  2012,  the Central  Board  of  Direct  Taxes had 
        recommended against demonetization, saying in a report that "demonetization may not be a 
        solution  for  tackling  black  money  or  economy,  which  is  largely  held  in  the  form  of 
        Benamiproperties, bullion, and jewelry. According to data from income tax probes, black money 
        holders kept only 6% or less of their wealth as cash, suggesting that targeting this cash would not 
        be a successful strategy.  
         
        1.3 India's present Demonetization 
        In 2016, the Indian government decided to demonetize the 500- and 1000- rupee notes, the two 
        biggest denominations in its currency system; these notes accounted for 86% of the country’s 
        circulating cash. With little warning, India's Prime Minister Narendra Modi announced to the 
        citizenry on November 8, 2016, that those notes were worthless, effective immediately and they 
        had until the end of the year to deposit or exchange them for newly introduced 2000 rupee and 
        500 rupee bills.The new rupee notes have different specifications, including size and thickness, 
        requiring re-calibration of ATMs: only 60% of the country’s 200,000 ATMs were operational. 
        Even those dispensing bills of lower denominations faced shortages.  
         
        1.4 Opinions on Demonetisation by opposition parties 
        A  Congress-led  opposition  which  includes  13  political  parties  opposed  the current 
        government on the demonetization issue in the Winter Session of the Indian Parliament on 16 
        November  2016.  The Chief  Minister  of  West  Bengal Mamata  Banerjee also  met  the 
        President Pranab  Mukherjee to  oppose  the  demonetization. The  debate  on  demonetization  is 
        known to be initiated by Indian National Congress and Anand Sharma in the Rajya Sabha on 16 
        November 2016, while Banerjee is known to be the first to oppose the current government on the 
        demonetization. 
         
          618                      International Journal of Research in Social Sciences 
                                   http://www.ijmra.us, Email: editorijmie@gmail.com 
         
                       ISSN: 2249-2496  Impact Factor: 7.081 
         
         
         On  16  November  2016,  Banerjee  led  a  rainbow  delegation  comprising  political  parties 
        of Trinamool Congress, AamAadmi Party, BJP ally Shiv Sena, PatidarAnamatAndolanSamiti (of 
        Hardik Patel) and National Conference to RashtrapatiBhawan to protest against the decision to 
        withdraw the Rs. 500 and Rs. 1000 banknotes. A memorandum was submitted to the President of 
        India Pranab Mukherjee demanding the rollback of the decision.  
         
        On 17 November 2016, in a rally against demonetization of Rs. 500 and Rs.1000 notes, led by 
        the Chief  Minister  of  Delhi Arvind  Kejriwal and  his  West  Bengal  counterpart Mamata 
        Banerjee at AzadpurMandi, the biggest vegetable and fruits wholesale hub in the national capital; 
        Kejriwal demanded the withdrawal of demonetization in 3 days. Banerjee also stated "I give the 
        government  3-day  ultimatum,  fix  things  or  withdraw  the  demonetization  scheme.In  the 
        demonetization debate on the second and third day of the Winter Session of Parliament, on 17 
        and 18 November 2016, the opposition and the government clashed over the demonetization 
        issue, bringing the house to continuous halts. 
         
        1.5 Criticism on Demonetisation 
        The Indian Supreme Court while hearing one among a slew of cases filed against the sudden 
        demonetization decision in various courts, observed that it "appears to be carpet bombing and not 
        surgical  strike"  which  government  repeatedly  claims  it  to  be.Nobel  laureate  Indian 
        economist Amartya  Sen,  severely  criticized  the  demonetization  move  calling  it  a  "despotic 
        action" among other things. Former Senior Vice-President and Chief Economist of the World 
        Bank, Kaushik Basu, called it a 'major mistake' and said that the 'damage' is likely to be much 
        greater  than  any  possible  benefits.  Pronab  Sen,  former  Chief  Statistician  and  Planning 
        Commission of India member, called it a "hollow move" since it did not really address any of the 
        purported goals of tackling black money or fake currency.Prabhat Patnaik, a former professor of 
        economics at the Jawaharlal Nehru University, Delhi called the move 'witless' and 'anti-people'. 
        He criticized the simple way in which black money was assumed as "a hoard of cash", saying 
        that it would have little effect in eliminating "black activities" while "causing much hardship to 
        common people. 
         
         
          619                      International Journal of Research in Social Sciences 
                                   http://www.ijmra.us, Email: editorijmie@gmail.com