INTERNATIONAL JOURNAL OF COMMERCE (A Peer-Reviewed-Refereed/Scholarly Quarterly Journal Globally Indexed with Impact Factor) Vol. 6 Special Issue 3 January, 2018 Impact Factor: 3.017 ISSN: 2320-4168 UGC Approval No: 44120 ICWA Sponsored National Conference on INDIA’S FOREIGN POLICY WITH NEIGHBOURING COUNTRIES 24th & 25th January 2018 Organized by PG & Research Department of Commerce VIVEKANANDHA COLLEGE OF ARTS AND SCIENCE FOR WOMEN (AUTONOMOUS) An ISO 9001:2008 Certified Institution (Affiliated to Periyar University, Approved by AICTE, Re – accredited with A Grade by NAAC, Recognized u/s 2(f), 12(B) UGC act of 1956 ) ELAYAMPALAYAM - 637 205, TIRUCHENGODE, NAMAKKAL CONTENTS S. Title Page. No No 1 Policy Changes in Modi Government for Demonetization in Indian Currency 1 K.Ambika & V.Sindhu 2 Tourism Policies: From Global to India’s Perspective 7 C.Aruljothi & S.Ramaswamy 3 India – European Union Foreign Policy and Multilateral Governance 16 Foreign Policy with Neighboring Continental Countries Dr.P.Munusamy & Mr.A.Keerthi Vasan 4 Impact of Indian Foreign Policy Analysis and Contemporary Challenges in Current 20 Scenerio R.Meenakshi & Dr.T.A.Tamilselvi 5 WTO and Foreign Trade Policy in India 29 R.Priya 6 India’s Role in the Trade of SAARC Countries 34 R.Ramachandran 7 An Assessment on Threats of Climate Changes and Environmental Securities 42 Dr.J.Kannan 8 GST In India: A Key Tax Reform 47 T.Kayal Vizhi 9 Fatca – Impact in India 51 Dr.M.Manjula 10 WHO – Global Health and Foreign Policy 56 A.Siva Shankar & M.Ananda Raman 11 A Paradigm Shift in the Governance in India – A Conceptual Study 64 Dr.A.Aleeswari & Dr.S.Suguna 12 Foreign Direct Investment and Economic Growth in India 69 Mr.K.Sivasubramani & Mr.C.Kumaresan 13 India – China Relation: The Diplomat 77 A.N.Jayanthi & M.Srilekha 14 Climate Change and Environmental Security 82 K.S.Naveen & P.Ranjith Rajan 15 Make In India - Trend Setter in Foreign Direct Investment Inflow 89 S.Kavitha & Dr.K.Venkatachalam 16 Emerging Trends and Impact of FDI in Indian Banking Sector 93 R.Srikanth 17 Climate Change and Environmental Security 99 M.Gowsalya & T.Sathriyaselvam 18 Climate Change and Environmental Security 110 Mrs.Archana Kumari & Dr.V.Selvam 19 Impact of Tax Regulation Under the Goods and Service Act, 2017 Over the Consumer 117 Dr.C.Thilakam & R.Senthil Rajaprabha 20 Foreign Direct Investment in Indian Retail Sector: An Analysis with Current Trends 123 S.R.Shanmughapriya & Dr.P.Santhi 21 Foreign Direct Investment in India 129 K.Priyadharshini 22 Analysis of Inflows of Foreign Direct Investment in India - Problems and Challenges 132 M.Ganga 23 Foreign Direct Investment and Economic Growth in India 136 Dr.C.U.TripuraSundari, Dr.T.Kadalarasane & Dr.A.Saravanan 24 Role and Policies of Foreign Direct Investment in India 140 Dr.A.Saravanan, Mr.P.Sekar & Miss.P.Manimegalai 25 India and Pakistan: Conflicts and Co-Operation 144 Dr.D.John Prabakaran 26 Refugees: Situational Impact on the Host Country 147 Dr.N.Maheswari 27 A Study on Impact of Gold Growth Rate of Export in India 151 J.Sheeba & T.Manimegalai 28 WTO and Foreign Trade Strategy in India 155 Dr.P.Loganathan & P.Thangaraj 29 A Study on Impact of Demonetization on E-Commerce 159 Ms.Kavitha Chandra Mohan 30 International Trade in Overseas Banking Services of Indian and Foreign Banks 163 Dr.T.Kadalarasane, Dr.C.U.TripuraSundari & Dr.A.Saravanan 31 India - China Relation: With Reference to the Indian Ocean Region 168 G.Chandra Sekaran 32 E-Governance and Digital India – A Mile Stone towards Economic Development 174 T.P.Karpagam & S.Malathy 33 A Study on Trends of Foreign Direct Investment on Manufacturing Sector in India 178 Dr.M.Sampath & A.Palaniappan 34 Central Government: 7 Major Policies and Campaigns 182 Dr.R.Arul 35 Export and Import in Global Scenario 187 B.Mugil Varman, D.Swathy & B.Anitha 36 A Study on Customer Relationship Management Practices Organized Retail Stores 191 in India Dr.S.Maria John & R.Kumaresan 37 Organizational Design and Development Relation to Indian Railway Sector 195 Dr.S.Rosita & M.Jegan 38 India’s Exports to South Asian Countries and its Sustainability 199 J.Alagiriswamy & Dr.T.K.S.Villalan 39 Policies for Open Source Software an Proprietary Software 203 Dr.S.Subbaiah & V.P.Muthukumar 40 A Study on Indian Council with Reference to WTO and Foreign Trade Policy in India 208 Dr.F.X.Virgin Fraga 41 Environment Issues in Event Management Practices (A Study with Reference to 211 Unorganized Event Management Practitioners in Salem District) Dr.K.Krishnakumar & M.Arul 42 Export Import Procedure and Documentation in India 217 T.Mohanraj & Dr.K.Maruthamuthu 43 Trade and Commerce of Foreign Direct Investment 221 S.Renuga Devi & L.Vennila 44 SAARC and India's Engagement in Neighbours - A Study 225 Dr. R. Mathavan & Mr. V. Karthikeyan 45 The Changing Concepts – E Governance in India 229 Dr.S.Senthilvadivu & Dr.S.Suguna 46 Principles and Practices of India’s Foreign Trading Policy 234 M.Praveena & Dr.P.Munusamy 47 Foreign Trade and EXIM Policy 238 M.Thangam & Dr.P.Karthikeyan 48 Foreign Trade Policy in Boosting India’s Export 242 V.Nanthini 49 Resent-Day Challenges to India’s Foreign Policy 246 M.Kavitha & Dr.S.Subbaiah 50 A Study on Role of Exchange Rate of Indian Rupee and Trade Balance of India 250 Dr. D.Vijayalakshmi & S.Monica 51 Efficient Origin of Nehru’s Panchsheel for Foreign Policy 256 A.Gayathiri & Dr.S.Suguna Vol. 6 Special Issue 3 January 2018 ISSN: 2320-4168 POLICY CHANGES IN MODI GOVERNMENT FOR DEMONETIZATION IN INDIAN CURRENCY K.Ambika & V.Sindhu M.Phil. Research Scholars, Sri Vijay Vidyalaya College of Arts & Science, Dharmapuri Abstract The government of India has implemented a major economic decision of demonetizing high value currency notes on 08/11/2016 of Rs.500 and Rs.1000. Central government was a judicious, well-throughout and well-implemented step, and whether it would really eradicate all the existing black money. Here I have utilized the opinions of great expert on economics, financial economist and intellectual politicians. This study will help us to know about the positive and negative impact of note ban decision taken by Indian government. This study is purely based on secondary data, which is collected from newspaper, magazines, website from internet, some useful books related to the topic. Keywords: Indian Government Policy Changes, Demonetization and Indian Currency Introduction India is a secularist country, where people have different identity, race, languages, gender, cultures and cultural behavior It seems to be very difficult to the government to impose eatable tax for different income groups. Moreover it has a comp les tax system. Some of the citizens of India pay their tax regularly and systematically. Many of the people are not like to disclose their true income, in order to avoid tax. Due to the insufficiency of revenues to the government of India, in order to bring out the cash which remains idle for several years and for the welfare and development of the country, demonetization scheme was implemented on the 8th November 2016. The effect of demonetization is that Government withdraw the high value currency notes Rs.1,000 and Rs.500. People of Indian accepted all the effects and consequences only for the welfare and development of the country. Moreover people also welcome the government approach of make in India. As the responsibility of the Government of India to prevent duplicate currency notes and educates the people for correct identification of currency note for the purpose of dealing, exchanging and transfer of currency notes. Each and every city individually want the nation to be free from corruption, bribe and unfair practices. Monetization Monetization refers to the conversion of an object into money, which means that it is generally accepted as a medium of exchange. Metals are monetized as coins once they are standardized in weight and accepted as money. Government debt can also be monetized, which occurs when a government replaces its interest-bearing debt with money. Demonetization Demonetization is the act of stripping a currency unit of its status as legal tender. Demonetization is necessary whenever there is a change of national currency. The old unit of currency must be retired and replaced with a new currency unit. The opposite of demonetization is demonetization where a form of payment is restored as legal tender. Shanlax International Journal of Commerce Page 1 ICWA Sponsored National Conference On INDIA’S FOREIGN POLICY WITH NEIGHBOURING COUNTRIES History of Demonetization The Indian rupee (INR) is the official currency of the Republic of India. The rupee is subdivided into 100 paise (singular paisa), though as of 2011 only 50 paise coins are tender. The issuance of the currency is controlled by the India. The Reserve Bank manages currency in India and derives its role in currency management on the basis of the Reserve Bank of India Act, 1934. The rupee is named after the silver coin, rupiya, first issued by Sultan Sher Shah Suri in the 16th century and later continued by the Mughal Empire. In a major step to check undeclared black money, the Government of India on the 8 November 2016 announced demonetization of Rs 500 and Rs1000 banknotes with effect from the same day’s midnight, making these notes invalid. Apart from combating black money, the stated purpose is also to check fake currency (used to finance terrorism) and corruption. A new redesigned series of Rs 500 banknote, in addition to a new denomination of Rs 2000 banknote is in circulation since 10 November 2016.