GITS organised a successful national seminar on 20^th January 2017 on the historic Demonetization move, which had reputed experts from the field of finance and economics expresses their views and discuss the pros and cons on the subject of the seminar, “Demonetization: Impacts and Challenges”.

The Director, Prof Dr. KN Sheth graciously welcomed the key note speaker, Mr. Jagat Shah Founder & CEO, Global Network, Cluster Pulse, Mentor on road, and the expert speakers, CA Durgesh Pandey (M.Com, FCA, DISA (ICAI), CFE (USA), CA Dr. Mahaveer Chaplot (Ph.D, FCA).

During the seminar, all the members expressed their concerns and consequences of demonetization as well as deliberated on the short and long term impacts on the economic growth of India. Mr Jagat Shah explained how the various policies of the government since their coming to office in 2014 had slowly been making a road map to make India a self-sufficient economic power.

The history of demonetization throughout the world was elaborated by CA Durgesh Pandey and he explained the economics and financial implications and how the governments around the world have used it to curtail corruption and curb black money. Although the demonetization policy is being seen as a financial reform in the country but this decision is fraught with its own merits and demerits.

CA Dr. Mahaveer Chaplot, stated that the long-run gains of demonetization depend on implementation — not intentions, not aspirations, but whether the government can deliver on its promises. Transparency in financial transaction and spread of cashless transaction culture, growth of the formal economy, registration of new income tax payers, linking or accounting physical asset investment to PAN, cleansing of the real estate sector, conscience about avoiding black income transactions, etc., are supposed to be the major long term gain.

The convener, Mr. Arvind Singh Pemawat, said that the seminar was received well by gauging the large attendance of faculty members and students who also posed interesting queries to the esteemed speakers. Several students raised various questions to the panel members to have more in depth knowledge of functioning of economy and menace of fake currency in the growth of progress of Nation, etc