Demonetisation 1st Anniverasy; informal-formal

     Written by : SMTV24x7 | Wed, Nov 08, 2017, 12:47 PM

Demonetisation 1st Anniverasy; informal-formal

Surat, Nov 8: It's been 365 days that Demonetisation has been announced and its impact is still been discussed in various sectors. However many reports have claimed that the demonetization has impacted the job growth in the Informal sector.

Currently, there is no sufficient data available to detect the impact of demonetization on the job losses in the informal sector. During the initial days of note ban many agricultural laborers and workers in MSME sectors have suffered but later they gained as they moved to formal sector

# Advantages:

1. More social security as they formalized the economy such as PF, etc
2. Digital transactions ensured that they received full salary.
3. Some business grew

# Disadvantages:

1. Many small-scale industries have shut
2. All people are not ready to accept non-cash payments

However, many MSME sector hoped that with the introduction of GST they would be forced to convert to formal economy and this would benefit them in the long run.