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How India coped with notebandi

  • Demonetisation, Note ban, Notebandi, One year of Note ban, One year of Demonetisation, Narendra Modi, 8 November 2016, Rs 500 note, Rs 1,000 note, Rs 2,000 note

    On the evening of November 8, 2016, India lost its top two highest currencies. Rs 1,000 and Rs 500 notes got banned.

  • Demonetisation, Note ban, Notebandi, One year of Note ban, One year of Demonetisation, Narendra Modi, 8 November 2016, Rs 500 note, Rs 1,000 note, Rs 2,000 note
    Indian villagers wait inside a bank to make the transactions in Basendua village in the northern state of Uttar Pradesh on Wednesday.

    ATMs and banks remained close for the next two days and the nation felt the need for cash.

  • Demonetisation, Note ban, Notebandi, One year of Note ban, One year of Demonetisation, Narendra Modi, 8 November 2016, Rs 500 note, Rs 1,000 note, Rs 2,000 note

    Several regulations and restrictions were announced regarding deposit of old currency notes and withdrawal of money. ATMs went dry.

  • Demonetisation, Note ban, Notebandi, One year of Note ban, One year of Demonetisation, Narendra Modi, 8 November 2016, Rs 500 note, Rs 1,000 note, Rs 2,000 note

    Old notes were acceptable at petrol pumps, highway tolls were suspended. Reports of people dying while standing the queues outside banks became a daily affair.

  • Demonetisation, Note ban, Notebandi, One year of Note ban, One year of Demonetisation, Narendra Modi, 8 November 2016, Rs 500 note, Rs 1,000 note, Rs 2,000 note

    The Supreme Court refused to stay the Central govt's move to scrap currency notes. Farmers were allowed to buy seeds using the banned notes

  • Demonetisation, Note ban, Notebandi, One year of Note ban, One year of Demonetisation, Narendra Modi, 8 November 2016, Rs 500 note, Rs 1,000 note, Rs 2,000 note

    82,500 ATMs were recalibrated to dispense new Rs 500 and Rs 2,000 currency notes. Queues were not getting shorter. Digital transactions picked up pace.

  • Demonetisation, Note ban, Notebandi, One year of Note ban, One year of Demonetisation, Narendra Modi, 8 November 2016, Rs 500 note, Rs 1,000 note, Rs 2,000 note

    The government kept changing the narrative for demonetisation. It swung from black money to fake currency to digital transaction to less-cash economy. Meanwhile, deposits in Jan Dhan Accounts soared to Rs 27,000 cr within a month

  • Demonetisation, Note ban, Notebandi, One year of Note ban, One year of Demonetisation, Narendra Modi, 8 November 2016, Rs 500 note, Rs 1,000 note, Rs 2,000 note

    Economic Survey for 2016-17 showed that note ban had slowed the GDP growth by 0.5 per cent.

  • Demonetisation, Note ban, Notebandi, One year of Note ban, One year of Demonetisation, Narendra Modi, 8 November 2016, Rs 500 note, Rs 1,000 note, Rs 2,000 note

    As frustration with the ever-changing regulations kept growing, Economic Affairs Secretary Shaktikanta Das said the government first discussed the note ban with the Reserve Bank in February 2016.

  • Demonetisation, Note ban, Notebandi, One year of Note ban, One year of Demonetisation, Narendra Modi, 8 November 2016, Rs 500 note, Rs 1,000 note, Rs 2,000 note
    Photo: Kamlesh Pednekar

    A nationwide strike in February 2017 brought the banking operations to a standstill. Also, India's GDP slowed down to 7% in the October-December quarter of FY17.

  • Demonetisation, Note ban, Notebandi, One year of Note ban, One year of Demonetisation, Narendra Modi, 8 November 2016, Rs 500 note, Rs 1,000 note, Rs 2,000 note
    Police officials showing Rs 45 Lakhs recovered from a postal employee's residence during a raid in Dumka of Jharkhand

    While the crisis seemed to be fading away, raids by Income tax department kept increasing. Old currency worth crores were seized. Siphoned off cash was retrieved from various places in the country

  • Demonetisation, Note ban, Notebandi, One year of Note ban, One year of Demonetisation, Narendra Modi, 8 November 2016, Rs 500 note, Rs 1,000 note, Rs 2,000 note

    RBI lifted all the restriction on withdrawal of money from ATM and banks.

  • Demonetisation, Note ban, Notebandi, One year of Note ban, One year of Demonetisation, Narendra Modi, 8 November 2016, Rs 500 note, Rs 1,000 note, Rs 2,000 note

    On March 31, 2017, Reserve Bank closed the window for depositing old currency notes for Indians. However, window was open till June 30, 2017 for NRIs.

  • Demonetisation, Note ban, Notebandi, One year of Note ban, One year of Demonetisation, Narendra Modi, 8 November 2016, Rs 500 note, Rs 1,000 note, Rs 2,000 note

    Finance Minister Arun Jaitley said that it was wrong to link economic slowdown with demonetisation However, small businesses were impacted by it.

  • Demonetisation, Note ban, Notebandi, One year of Note ban, One year of Demonetisation, Narendra Modi, 8 November 2016, Rs 500 note, Rs 1,000 note, Rs 2,000 note

    Govt asked banks to deposit scrapped notes with RBI by July.

  • Demonetisation, Note ban, Notebandi, One year of Note ban, One year of Demonetisation, Narendra Modi, 8 November 2016, Rs 500 note, Rs 1,000 note, Rs 2,000 note

    Digital transaction grew by 23%.

  • Demonetisation, Note ban, Notebandi, One year of Note ban, One year of Demonetisation, Narendra Modi, 8 November 2016, Rs 500 note, Rs 1,000 note, Rs 2,000 note

    Central government said that people will not be given another chance to deposit old notes.

  • Demonetisation, Note ban, Notebandi, One year of Note ban, One year of Demonetisation, Narendra Modi, 8 November 2016, Rs 500 note, Rs 1,000 note, Rs 2,000 note

    277 million Jan Dhan accounts by the end of February 2017. Amount of money in these accounts was Rs 64, 721 crore.

  • Demonetisation, Note ban, Notebandi, One year of Note ban, One year of Demonetisation, Narendra Modi, 8 November 2016, Rs 500 note, Rs 1,000 note, Rs 2,000 note

    Reserve Bank data shows that between August 2015 and August 2016 the rise in usage of PoS machines was as steep as 25.6 per cent.

  • Demonetisation, Note ban, Notebandi, One year of Note ban, One year of Demonetisation, Narendra Modi, 8 November 2016, Rs 500 note, Rs 1,000 note, Rs 2,000 note
    An old woman sits outside State Bank of India in Patna (PTI)

    In August 2017, government came out with new Rs 50 and Rs 200 note. The old Rs 50 note was not discontinued.

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