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Demonetisation, 3 years later


Demonetisation, 3 years later

On November 8, 2016, Prime Minister Narendra Modi announced to the nation that Rs 500 and Rs 1,000 currency notes — 86 per cent of all currency notes in circulation in value — would cease to be legal tender. The stated objectives were unearthing black money, cracking down on counterfeit currency, and choking terror financing. Unsurprisingly, there were strong reactions both in favour of and against the unprecedented move, which would come to be known as ‘demonetisation’ or ‘note ban’.

While some hailed it as a courageous step against impropriety that was hurting the economy, others saw the move itself as disastrous for the economy

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