What is demonetisation When did the Indian government decide to Demonetise the 500 and 1000 rupee notes?

On 8 November 2016, the Government of India announced the demonetisation of all ₹500 and ₹1,000 banknotes of the Mahatma Gandhi Series. People seeking to exchange their banknotes had to stand in lengthy queues, and several deaths were linked to the rush to exchange cash. …

What is your opinion on demonetisation?

Regarding the top benefit of demonetisation, 42 percent said it brought a large number of evaders in the tax net, while 25 percent felt the move had no benefits at all. Around 21 percent respondents said note ban has reduced black money in the economy and 12 percent said it increased direct tax collections.

Was demonetization a success in India?

According to the RBI data, almost the entire chunk of money (more than 99 per cent) that was invalidated came to the banking system. Thus, data suggests that demonetization was a failure in unearthing the black money in the system.

What is the significance of demonetization of Indian currency notes?

As India is an economy largely dependent on cash, this decision certainly came as a significant one. While making the announcement of the demonetization, the government provided people with a time frame of 2 months to deposit these currency notes.

What happened to the 500 rupee note in India?

On November 8, 2016, India’s prime minister, Narendra Modi, made a surprise evening television appearance to announce that, starting at midnight, the nation’s 500-rupee and 1,000-rupee (i.e., ₹500 and ₹1,000) currency notes would no longer be legal tender.

Why did Modi announce demonetisation of INR 500 and INR 1000?

As Modi announced that “notes of INR 500 and INR 1000 will not be legal tender from midnight tonight,” he outlined the primary reason for this step as he urged people to join the fight against black money.

Is India’s ‘demonetization’ still affecting the economy?

The INR 500 banknotes that were demonetized in India. Two years and a few months on, India ’s decision to “demonetize” some of its currency is still having lasting effects on the economy.