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Demonitization In India

On 8 November 2016, the Government of India announced the demonetisation of all ₹500 and ₹1000 banknotes of the Mahatma Gandhi Series.[2] The government claimed that the action would curtail the shadow economy and crack down on the use of illicit and counterfeit cash to fund illegal activity and terrorism.[3][4]The sudden nature of the announcement and the prolonged cash shortages in the weeks that followed created significant disruption throughout the economy, threatening economic output.[5][6][7]
2016 Indian banknote demonetisation
Queue at Bank to Exchange INR 500 and 1000 Notes - Salt Lake City - Kolkata 2016-11-10 02103.jpg
Queues outside a bank to exchange ₹500 and ₹1000 banknotes in Bidhannagar, Kolkata on 10 November 2016
Date8 November 2016
Time20:15 IST (14:45 UTC)
LocationIndia
Casualties
Independent stats: 100 dead as of 8 December 2016[1]
Prime Minister of India Narendra Modi announced the demonetisation in an unscheduled live televised address at 20:00 Indian Standard Time (IST) on 8 November.[8][9] In the announcement, Modi declared that use of all ₹500 and ₹1000 banknotes of the Mahatma Gandhi Series would be invalid past midnight, and announced the issuance of new ₹500 and ₹2000 banknotes of the Mahatma Gandhi New Series in exchange for the old banknotes.
The BSE SENSEX and NIFTY 50 stock indices fell over 6 percent on the day after the announcement.[10] In the days following the demonetisation, the country faced severe cash shortages with severe detrimental effects across the economy.[11][12][13] People seeking to exchange their bank notes had to stand in lengthy queues, and several deaths were linked to the rush to exchange cash.[14][15]
Initially, the move received support from several bankers as well as from some international commentators. The move has also been criticised as poorly planned and unfair, and was met with protests, litigation, and strikes against the government in several places across India. Debates also took place concerning the move in both houses of parliament.[16][17][18][19] The move reduced the country's industrial production and its GDP growth rate.
By the end of August 2017, 99% of the banned currency had been deposited in banks: only approximately ₹14,000 crore of the total demonetised currency had been discarded, leading analysts to state that the effort had failed to remove black money from the economy.[

Comments

  1. AiringMyLaundryApril 23, 2018 at 5:44 AM

    I admit, I don't know much about this. This sounds like a crazy time.

    ReplyDelete
  2. JoanApril 23, 2018 at 6:25 AM

    I didn't know this was happening. I hope everything works out and doesn't get worse.

    ReplyDelete
  3. Mo&JoApril 23, 2018 at 6:20 PM

    Thank you for sharing this information and taking such an interest in these situations and sharing them with others! I would certainly be interested in learning more about this situation.

    ReplyDelete
  4. Blair VillanuevaApril 25, 2018 at 7:45 PM

    Hope the decision would truly help the majority of your people, and things work well. Don't lose hope.

    ReplyDelete
  5. Hannah WoodApril 30, 2018 at 12:41 PM

    Yikes I do not know a lot about this but it is good of you to share this post.

    ReplyDelete
  6. LashaApril 30, 2018 at 8:24 PM

    Thank you for sharing this information. It's so important that people really understand this issue.

    ReplyDelete
  7. AnonymousMay 1, 2018 at 7:20 PM

    Wow, this is very interesting. Important to bring awareness to.

    ReplyDelete
  8. AnonymousMay 1, 2018 at 11:16 PM

    I never knew about this. I must be hard living there. I just hope it was a good decision and will help the country with it's economy.

    ReplyDelete

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