2016 Demonetization
Unverified
Date
November 08, 2016
Type
National
Author
anupjishnu
Location
New Delhi,
Delhi,
India
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Categories
Political & Governance
Economic & Business
Event Details
On the evening of November 8, 2016, Prime Minister Narendra Modi announced the immediate demonetization of all ₹500 and ₹1,000 banknotes of the Mahatma Gandhi Series.
Objective: The stated goals were to curb black money, counterfeit currency, and terror financing. It withdrew 86% of the currency in circulation, leading to prolonged cash shortages and long queues at banks.
Legacy: While the economic impact remains debated, the move significantly accelerated the adoption of digital payments and the formalization of the Indian economy.