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Nation reels after demonetisation

  • black money, Narendra modi, demonetisation, currency demonetization, Modi govt, fake currency, money, currency, 500, 1000, banks, ATM, RBI
    LJP activists celebrate after PM Modi orders ban on Rs 500 and Rs 1000 notes as part of NDA Govt’s fight against black money and corruption ...

    Higher denomination currency notes of INR 500 ($0.75) and INR 1,000 ($1.5) are suddenly just pieces of paper from today. They are no longer legal tender.

  • black money, Narendra modi, demonetisation, currency demonetization, Modi govt, fake currency, money, currency, 500, 1000, banks, ATM, RBI
    A view of State Bank of India ATM machine after PM Modi banned Rs 500 and Rs 1000 notes as part of NDA govt’s fight against black money and ...

    These drastic moves are aimed at fighting black money and the circulation of fake notes. It will also give a push towards a digital economy that lowers transaction costs and fosters innovation and growth.

  • black money, Narendra modi, demonetisation, currency demonetization, Modi govt, fake currency, money, currency, 500, 1000, banks, ATM, RBI
    A man walks past the sign of India's central bank, the Reserve Bank of India (RBI), in Mumbai

    Given the possible public backlash of force-feeding cashless transactions down the throats of such a large population, this is a huge move by the Modi government. Currency demonetisation has multiple objectives. Photo: Kamlesh Pednekar

  • black money, Narendra modi, demonetisation, currency demonetization, Modi govt, fake currency, money, currency, 500, 1000, banks, ATM, RBI
    A deserted look of Delhi’s Whole Sale Market Chandni Chowk.

    Currency demonetisation is an attack on black money by channeling cash into bank accounts. It aims to change the culture of off-the-book transactions in the country. This is expected to give a boost to tax collections and the country’s revenue. Photo: Dalip Kumar

  • black money, Narendra modi, demonetisation, currency demonetization, Modi govt, fake currency, money, currency, 500, 1000, banks, ATM, RBI

    Currency demonetisation aims to pull the rug from under the feet of those circulating counterfeit notes, which destabilize the economy. Terrorist groups are believed to be behind the flood of fake notes in the system.

  • black money, Narendra modi, demonetisation, currency demonetization, Modi govt, fake currency, money, currency, 500, 1000, banks, ATM, RBI
    People throng at petrol pumps as PM Modi orders ban on Rs 500 and Rs 1000 notes as part of NDA govt’s fight against black money and ...

    Currency demonetisation puts a spanner in the works of corruption by making it hard to hand out cash.

  • black money, Narendra modi, demonetisation, currency demonetization, Modi govt, fake currency, money, currency, 500, 1000, banks, ATM, RBI
    An old woman sits outside State Bank of India in Patna (PTI)

    Currency demonetisation gives a push to the move toward a cashless society and digital economy, which is more efficient. It reduces transaction costs in a range of areas from payments to loans. This can contribute toward innovation and growth.

  • black money, Narendra modi, demonetisation, currency demonetization, Modi govt, fake currency, money, currency, 500, 1000, banks, ATM, RBI

    The push to go cashless comes on top of the Unified Payments Interface (UPI) that is being rolled out by the RBI and other government bodies. This facilitates digital money transfer between banks, especially on mobile devices.

  • black money, Narendra modi, demonetisation, currency demonetization, Modi govt, fake currency, money, currency, 500, 1000, banks, ATM, RBI

    New 500 and 2000 notes are displayed at the Reserve Bank of India headquarters in Mumbai Photo: Suryakant Vithoba Niwate

  • black money, Narendra modi, demonetisation, currency demonetization, Modi govt, fake currency, money, currency, 500, 1000, banks, ATM, RBI

    A man puts a notice inside his eatery stall in Mumbai (Reuters)

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