2016 Indian banknote demonetisation
2016 Indian banknote demonetisation
The 2016 Indian banknote demonetisation was a significant economic event initiated by the Government of India on November 8, 2016. Prime Minister Narendra Modi announced the abrupt invalidation of â¹500 and â¹1,000 currency notes, which constituted approximately 86% of the country's total currency in circulation at the time. The primary objectives of the demonetisation were to combat black money, reduce counterfeit currency, and promote a digital economy. The move led to widespread public scrutiny and significant disruption within the economy, as citizens faced challenges accessing cash and banking services. The demonetisation policy garnered both support and criticism, sparking extensive debate on its long-term impact on India's financial landscape.