2016 Indian banknote demonetisation

Demonetisation of Indian banknotes February 2020 December 2016 Queue at Bank to Exchange INR 500 and 1000 Notes - Salt Lake City - Kolkata 2016-11-10 02103.jpg Queues outside a bank to exchange demonetised banknotes in Kolkata on 10 November 2016 2016 11 08 yes yes 20:00 IST (14:00 UTC) 82 On 8 November 2016, the Government of India announced the demonetisation of all ₹500 and ₹1,000 banknotes of the Mahatma Gandhi Series. It also announced the issuance of new ₹500 and ₹2000 banknotes in exchange for the demonetised banknotes.https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=38520 Withdrawal of Legal Tender Status for ₹ 500 and ₹ 1000 Notes: RBI Notice (Revised) 9 November 2016 Reserve Bank of India 9 November 2016 Prime Minister Narendra Modi said that this decision would curtail the shadow economy, increase cashless transactions and reduce the use of illicit and counterfeit cash to fund illegal activity and terrorism.https://www.thehindu.com/news/national/Modi-urges-country-to-become-a-cashless-society/article16710453.ece Modi urges country to become a cashless society 27 November 2016 The Hinduhttps://www.indiatoday.in/india/story/live-pm-narendra-modi-addresses-nation-350943-2016-11-08 Here is what PM Modi said about the new Rs 500, Rs 2000 notes and black money 8 November 2016 9 November 2016 India Todayhttp://timesofindia.indiatimes.com/india/Rs-500-and-Rs-100-notes-pulled-out-of-circulation-immediately-PM-Narendra-Modi/articleshow/55315473.cms Notes out of circulation 8 November 2016 The Times of India The announcement of demonetisation was followed by prolonged cash shortages in the weeks that followed, which created significant disruption throughout the economy.http://economictimes.indiatimes.com/markets/stocks/news/demonetisation-to-drag-india-behind-china-in-gdp-growth-rob-fastest-growing-economy-tag/articleshow/55492970.cms Demonetisation may drag India behind China in GDP growth, rob fastest-growing economy tag Saikia Bijoy Sankar 18 November 2016 The Economic Times 5 January 2017https://www.economist.com/news/finance-and-economics/21711035-withdrawing-86-value-cash-circulation-india-was-bad-idea-badly The dire consequences of India's demonetisation initiative 3 December 2016 The Economist 5 January 2017http://english.manoramaonline.com/in-depth/demonetization-india-anniversary.html Demonetization Announcement Anniversary 2017 Onmanorama OnManorama 7 November 2017 People seeking to exchange their banknotes had to stand in lengthy queues, and several deaths were linked to the rush to exchange cash.http://www.huffingtonpost.in/2016/11/15/demonetisation-death-toll-rises-to-25-and-its-only-been-6-days/ Demonetisation Death Toll Rises To 25 And It's Only Been 6 Days huffingtonpost 15 November 2016 https://web.archive.org/web/20161116020908/http://www.huffingtonpost.in/2016/11/15/demonetisation-death-toll-rises-to-25-and-its-only-been-6-days/ 16 November 2016 dead According to a 2018 report from the Reserve Bank of India ₹15.3 lakh crore (15.3 trillion rupees on the short scale) of the ₹15.41 lakh crore in demonetised bank notes, or approximately 99.3%, were deposited in banks, leading analysts to state that the effort had failed to remove black money from the economy. The BSE SENSEX and NIFTY 50 stock indices fell over 6% on the day after the announcement. The move reduced the country's industrial production and its GDP growth rate.https://www.indiatoday.in/education-today/gk-current-affairs/story/demonetization-gst-slowed-down-gdp-growth-of-india-1123939-2018-01-06 Thanks to Demonetisation and GST, India's GDP growth hit a 4-year low at 6.5 per cent India Today 6 January 2018 en 2 October 2018 It is estimated that 1.5 million jobs were lost.2018-08-30 Demonetisation drive that cost India 1.5m jobs fails to uncover 'black money' http://www.theguardian.com/world/2018/aug/30/india-demonetisation-drive-fails-uncover-black-money 2021-07-31 the Guardian en The move also saw a significant increase in digital and cashless transactions throughout the country.https://www.koreascience.or.kr/article/JAKO202109554061272.view?orgId=kodisa Moving from Cash to Cashless Economy: Toward Digital India Korea Distribution Science Association Initially, the move received support from some central bankers as well as from some international commentators. The move was also criticised as poorly planned and unfair, and was met with protests, litigation, and strikes against the government in several places across India. Debates also took place concerning the move in both houses of Parliament.https://www.indiatoday.in/india/story/parliament-live-congress-pm-modi-raincoat-dr-manmohan-singh-opposition-959800-2017-02-09 Demonetisation debate in Parliament: Disaster, says Chidambaram; high cash economy corrupt, counters Jaitley : India, News – India Today Indiatoday.intoday.in 9 February 2017 26 June 2017http://indianexpress.com/article/india/india-news-india/demonetisation-oppostion-parties-countrywide-protest-bandh-call-november-28-4391208/ Demonetisation: Opposition calls for countrywide protest on November 28 The Indian Express 23 November 2016 23 November 2016http://economictimes.indiatimes.com/news/economy/policy/demonetisation-protest-sure-to-succeed-with-peoples-support/articleshow/55607966.cms 'Demonetisation protest sure to succeed with people's support' The Economic Times 24 November 2016 24 November 2016 Consensus among independent commentators is that the demonetisation was unsuccessful in removing black money from the economy.Kumar Arun Demonetization and Black Economy 20 December 2017 Penguin Random House India Private Limited 978-93-87326-41-5 https://books.google.com/books?id=vs5SDwAAQBAJ 24 October 2023 enRamakumar R. Note-Bandi: Demonetisation and India's Elusive Chase for Black Money 16 February 2018 Oxford University Press 978-0-19-909272-7 https://books.google.com/books?id=T59MDwAAQBAJ 24 October 2023 en Background The Indian government had demonetised banknotes on two prior occasions—once in 1946 and once in 1978—and in both cases, the goal was to combat tax evasion via "black money" held outside the formal economic system.Demonetisation: Three times India faced the big move https://indianexpress.com/article/india/india-news-india/demonetisation-narendra-modi-currency-ban-rs-500-rs-1000-1946-1978-4381683/ 18 October 2018 The Indian Express 16 November 2018 In 1978, the Janata Party coalition government demonetised banknotes of 1000, 5000 and 10000, again in the hopes of curbing counterfeit money and black money.http://www.livemint.com/Politics/uzZItqeHdMPHHgFJaq2BnM/A-history-of-demonetization-in-India.html Rs 500, Rs 1000 notes may be back, if history is a guide Live Mint 9 November 2016 9 November 2016 Gopika Gopakumar Vishwanath Nair In 2012, the Central Board of Direct Taxes recommended against demonetisation, saying in a report that "demonetisation may not be a solution for tackling black money or shadow economy, which is largely held in the form of benami properties, bullion and jewelry."http://indianexpress.com/article/business/banking-and-finance/demonetisation-black-money-corruption-banks-atms-modi-finance-ministry4375205/ At least 4 months needed to replace demonetised notes, not 50 days: Here's why 14 November 2016 The Indian Expresshttps://dor.gov.in/sites/default/files/Measures_Tackle_BlackMoney.pdf Measures to Tackle Black Money in India and Abroad According to data from income tax probes, black money holders kept only 6% or less of their wealth as cash, suggesting that targeting this cash would not be a successful strategy.http://www.hindustantimes.com/india-news/cash-has-only-6-share-in-black-money-seizures-reveals-income-tax-data/story-JfFuTiJYtxKwJQhz2ApxlL.html Why govt's demonetisation move may fail to win the war against black money Hindustan Times 12 November 2016 12 November 2016 Appu Esthose Suresh Demonetisation process vertical India 500 INR, MG series, 2014, obverse.jpg INR 500 banknote India 1000 INR, MG series, 2006, obverse.jpg INR 1000 banknote Demonetised 500 and 1000 banknotes of the Mahatma Gandhi Series Preparation and announcement The plan to demonetise the 500 and 1000 banknotes was initiated between six and ten months before it was a report by the State Bank of India (SBI) analysed possible strategies and effects of demonetisation.http://timesofindia.indiatimes.com/business/india-business/Rs-500-Rs-1000-note-rumours-not-polls-behind-cash-surge-SBI/articleshow/51736091.cms Rs 500, Rs 1,000 note rumours, not polls, behind cash surge: SBI The Times of India 8 April 2016 12 November 2016 In May 2016, the Reserve Bank of India had started preparing for new banknotes and confirmed the design of 2000 banknotes in August 2016. The printing of new banknotes started in October when the news stories of forthcoming new banknotes appeared in the media.https://www.cnbc.com/2016/12/08/india-demonetization-news-modis-black-money-move-kept-a-closely-guarded-secret.html India demonetization news: Modi's black money move kept a closely guarded secret CNBC 9 December 2016http://www.business-standard.com/article/economy-policy/demonetisation-in-the-works-for-6-months-10-people-in-the-loop-including-raghuram-rajan-116111000009_1.html Demonetisation: In the works for 6 months, 10 people in the loop, including Raghuram Rajan Roychoudhury Arup 10 November 2016 Business Standard India 23 January 2017http://www.thehindu.com/news/national/demonetisation-of-rs-500-1000-notes-move-was-in-the-pipeline-for-months/article9321244.ece Move was in the pipeline for months 9 November 2016 The Hindu 9 November 2016 On 27 October 2016, the Hindi daily Dainik Jagran published a report quoting RBI sources speaking of the forthcoming of 2000 banknotes alongside withdrawal of 500 and 1000 banknotes.Dube Brajesh 2016-10-27 अब आएगा दो हजार का नोट http://epaper.jagran.com/epaperimages3/27102016/lucknow/26ayd-pg18-0.pdf dead https://web.archive.org/web/20161111210806/http://epaper.jagran.com/epaperimages3/27102016/lucknow/26ayd-pg18-0.pdf 2016-11-11 2024-03-18 Dainik Jagran 142016-11-11 Journalist broke story about currency demonetisation a fortnight back http://www.hindustantimes.com/india-news/journalist-broke-story-about-currency-demonetisation-a-fortnight-back/story-3OpgtR5ehdzkRRrwQITLgK.html live https://web.archive.org/web/20231007141916/https://www.hindustantimes.com/india-news/journalist-broke-story-about-currency-demonetisation-a-fortnight-back/story-3OpgtR5ehdzkRRrwQITLgK.html 2023-10-07 2016-11-12 Hindustan Times On 21 October 2016, The Hindu Business Line had also covered a story on demands to withdraw the banknotes to prevent hoarding of black money.G Naga Sridhar Vageesh NS 2016-10-21 Coming soon to your wallet: ₹2,000 notes http://www.thehindubusinessline.com/money-and-banking/coming-soon-to-your-wallet-2000-notes/article9252371.ece live https://web.archive.org/web/20170225034010/http://www.thehindubusinessline.com/money-and-banking/coming-soon-to-your-wallet-2000-notes/article9252371.ece 2017-02-25 2024-03-18 The Hindu Business Line The Board of the Reserve Bank of India met on 8 November 2016, 5:30 PM to consider a letter from the Ministry of Finance regarding demonetisation. "Two key reasons for the proposal cited in the government letter were: (1) between 2011 and 2016, the supply of 500- and 1,000-rupee bills had grown by 76 and 108 percent, respectively, while India's economy had only grown by 30 percent during this period; and (2) cash typically facilitated "black money." The board was further told that the measure was also intended to encourage greater financial inclusion and to incentivise greater digitisation of the economy. The board approved the proposal, but raised several concerns. It noted that the measure may not have the desired effect on black money because most people do not hold undeclared wealth in cash. It also warned that potential negative effects on growth were likely to occur in the short run. The board also stated that the premise on which the government had based its proposal—that the supply of 500- and 1,000-rupee bills had far outstripped the growth rate of the economy—was flawed because it had compared real GDP growth with nominal growth of currency supply. It noted that nominal GDP growth had summed to over 80 percent between 2011 and 2016 and hence was in line with the growth of the currency bills to be demonetised."Lahiri Amartya 2020-02-01 The Great Indian Demonetization Journal of Economic Perspectives 34 1 63, 55–74 10.1257/jep.34.1.55 0895-3309 freePatel Urjit R The Minutes of the 561st meeting of the Central Board of Directors of the Reserve Bank of India http://www.humanrightsinitiative.org/download/DeMon%201stattachment.pdf humanrightsinitiative.org 31 December 2021ENS Economic Bureau Govt, RBI discussed note ban for six months; Directors warned against short-term negative effect https://indianexpress.com/article/business/govt-rbi-discussed-note-ban-for-six-months-directors-warned-against-short-term-negative-effect-5621665/ 31 December 2021 Indian Express 12 March 2019 The Union cabinet was apprised of the plan on 8 November 2016 in a meeting in the evening convened by Prime Minister Modi.https://economictimes.indiatimes.com/news/politics-and-nation/one-year-of-note-ban-the-ultra-secret-move-that-no-one-came-to-know-for-several-months/articleshow/61528334.cms One year of note ban: The ultra-secret move that no one came to know for several months The Economic Times 7 November 2017 Sinha Smita Soon after the meeting, Modi announced the demonetisation in an unscheduled live national televised address at 20:15 IST.http://www.ndtv.com/india-news/pm-modi-speaks-to-nation-tonight-at-8-pm-1622948 Watch PM Modi's Entire Speech on Discontinuing 500, 1000 Rupee Notes 8 November 2016 NDTV India Bhatt Abhinav 8 November 2016http://www.thehindu.com/news/national/live-narendra-modis-address-to-nation/article9320548.ece Demonetisation of Rs. 500 and Rs. 1000 notes: RBI explains 8 November 2016 The Hindu 10 November 2016 He declared circulation of all 500 and 1000 banknotes of the Mahatma Gandhi Series as invalid effective from the midnight of the same day, and announced the issuance of new 500 and 2000 banknotes of the Mahatma Gandhi New Series in exchange for the demonetised banknotes.http://www.firstpost.com/business/demonetisation-anniversary-a-year-later-heres-what-prime-minister-narendra-modi-had-said-on-8-november-2016-4198753.html Demonetisation anniversary: Full text of Prime Minister Narendra Modi's speech from 8 November, 2016 – Firstpost First Post 8 November 2017 26 February 2018 Information leak rumours After the announcement of demonetisation, a prominent businessman claimed to have received prior tip-offs and rumours warning of the move and after seeing leaked photos of new 2000 notes "knew what was coming", allowing them to preserve their money by converting it into smaller denominations.Aman Sethi https://www.thequint.com/business/2016/11/11/before-pms-announcement-rumours-of-demonetisation-abounded Before PM's Announcement, Rumours of Demonetisation Abounded The Quint 6 November 2016 12 November 2016 A Bharatiya Janata Party (BJP) member from Rajasthan Legislative Assembly, Bhawani Singh Rajawat, claimed in a video that wealthy businessmen were informed about the demonetisation before it occurred. He later denied making the comments.http://www.financialexpress.com/india-news/demonetisation-ambani-adani-were-informed-and-thus-made-arrangements-says-bjp-mla/447944/ Demonetisation: Ambani, Adani were informed and thus made arrangements, says BJP MLA 17 November 2016 24 November 2016https://www.newindianexpress.com/nation/2016/nov/17/adanis-ambanis-already-knew-about-currency-ban-bjp-mla-caught-on-camera-1539642.html Adanis, Ambanis already knew about currency ban: BJP MLA caught on camera 24 November 2016 Cash exchange and withdrawal thumb|People gathered at an ATM of Axis Bank on 16 November 2016 in Mehsana, Gujarat to withdraw cash following deposit of demonetised banknotes in bank. The Reserve Bank of India stipulated that the demonetised banknotes could be deposited with banks over a period of fifty days until 30 December 2016. The banknotes could also be exchanged for legal tender over the counter at all banks. The limit for such exchange was 4000 per person from 8 to 13 November, was increased to 4500 from 14 to 17 November, and reduced to 2000 from 18 to 25 November.http://finmin.nic.in/press_room/2016/Govt_decisions_on_oldNotes17112016.pdf 17 November Government press release Ministry of Finance, Government of India 17 November 2016 https://web.archive.org/web/20161117213433/http://finmin.nic.in/press_room/2016/Govt_decisions_on_oldNotes17112016.pdf 17 November 2016 dead The exchange of banknotes was stopped completely on 25 November, although the government had previously stated that the volume of exchange would be increased after that date.http://indianexpress.com/article/india/india-news-india/pm-modi-said-exchange-limit-to-be-hiked-after-november-24-exchange-stopped-4393985/ All note exchange stopped from today, PM Modi goes back on promise of hike after November 24 25 November 2016 International airports also facilitated an exchange of banknotes for foreign tourists and out-bound travellers, amounting to a total value of 5000 per person.http://economictimes.indiatimes.com/news/economy/policy/outlets-that-will-accept-rs-1000-and-rs-500-notes-in-next-72-hours/articleshow/55317768.cms Outlets that will accept Rs 1,000 and Rs 500 notes in next 72 hours 8 November 2016 The Economic Times 9 November 2016 Fuel pumps, government hospitals, railway and airline booking counters, state-government recognised dairies and ration stores, and crematoriums were allowed to accept the demonetised banknotes until 2 December 2016.http://finmin.nic.in/press_room/2016/press_note_01122016.pdf With effect from the midnight of 2nd December, 2016, old Rs. 500 bank notes will not be accepted at petrol, diesel and gas outlets of Public Sector Oil and Gas Marketing Companies as well as for purchase of Air Tickets at Airports; However, supply of LPG continues to be in the exempted category for the purpose of payment through old Rs. 500 bank notes. 1 December 2016 Ministry of Finance, Government of India 11 January 2017 Cash withdrawals from bank accounts were restricted to ₹10,000 per day and 20000 per week per account from 10 to 13 November. This limit was increased to 24000 per week from 14 November 2016.http://finmin.nic.in/press_room/2016/MoF_reviewed_availability_distribution_Notes.pdf Finance Ministry has reviewed the position regarding availability and distribution of all denominations of bank notes Ministry of Finance, Government of India 13 November 2016 https://web.archive.org/web/20161114012438/http://finmin.nic.in/press_room/2016/MoF_reviewed_availability_distribution_Notes.pdf 14 November 2016 deadhttps://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=10706&Mode=0 Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Bank Notes – Revision in limits Reserve Bank of India 17 March 2017 Limits on cash withdrawals from Current accounts/ Cash credit accounts/ Overdraft accounts were withdrawn later. RBI increased the withdrawal limit from Savings Bank account to 50000 from the earlier 24000 on 20 February 2017 and then on 13 March 2017, it removed all withdrawal limits from savings bank accounts.http://www.financialexpress.com/india-news/rbi-removes-limit-on-cash-withdrawal-banks-go-back-to-pre-demonetisation-era/586375/ RBI removes limit on cash withdrawal, banks go back to pre-demonetisation era 13 March 2017 The Financial Express 26 May 2017 en-US A daily limit on withdrawals from ATMs was also imposed varying from 2000 per day until 14 November,ATMs –Non-dispensing of Old High Denomination Notes – Closure of operations https://rbi.org.in/Scripts/NotificationUser.aspx?Id=10683&Mode=0 Reserve Bank of India 8 November 2016 8 November 2016 and 2500 per day until 31 December. This limit was increased to 4500 per day from 1 January,https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=10807&Mode=0 30 December 2016 Reserve Bank of India Cash withdrawal from ATMs – Enhancement of daily limits 17 March 2017 and again to 10000 from 16 January 2017. From 17 November, families were allowed to withdraw 250000 for wedding expenses. Farmers were permitted to withdraw 25000 per week against crop loans.https://www.indiatoday.in/india/story/demonetisation-weddings-shaktikanta-das-government-economic-affairs-secretary-352407-2016-11-17 Demonetisation rule modified, families can withdraw Rs 2.5 lakh for weddings from one a count India Today 17 November 2016 17 November 2016 Ordinance and Acts The Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 was issued on 28 December 2016, ending the liability of the government for the demonetised banknotes. The ordinance also imposed fines on people found carrying out transactions with them after 8 November 2016, or holding more than ten of them after 30 December 2016. It provided for the exchange of the banknotes after 30 December for people who had been outside India between 9 November and 30 December.The Specified Banknotes Ordinance, 2016 http://dea.gov.in/sites/default/files/Ordinance%2010%20of%202016%2030.12.2016.pdfhttp://www.hindustantimes.com/india-news/cabinet-clears-ordinance-to-punish-people-holding-banned-notes-beyond-deadline/story-QwwN1lGHU9NuhJP2ntalmM.html Cabinet clears ordinance to punish people holding banned notes beyond deadline 28 December 2016 hindustantimes.com/ 10 January 2017 The Specified Bank Notes (Cessation of Liabilities) Act, 2017 was notified on 1 March 2017, replacing the ordinance.https://www.livemint.com/Politics/0uUjg2IQGUnIAxQNRokFVK/Govt-notifies-law-to-make-possession-of-old-Rs500-Rs1000-no.html Govt notifies law to make possession of old Rs500, Rs1000 notes punishable Live Mint 1 March 2017 18 October 2018 Objectives and outcomes The government said that the main objective of the exercise was curbing black money, which included income which had not been reported and thus was untaxed; money gained through corruption, illegal goods sales and illegal activities such as human trafficking; and counterfeit currency. Other stated objectives included expanding the tax base and increasing the number of taxpayers; reducing the number of transactions carried out by cash; reducing the finances available to terrorists and radical groups such as the Naxalite Maoists; and integrating the formal and informal economies.https://www.livemint.com/Opinion/sH5FSnXPkuAhknhzuPgH3M/Demonetisation-and-the-fight-against-black-money.html Demonetisation and the fight against black money 7 November 2017https://www.bloombergquint.com/business/demonetisation-was-not-designed-only-to-fight-black-money-says-finance-minister-jaitley Demonetisation Was Not Designed Only to Fight Black Money, Says Finance Minister Jaitley 30 August 2017https://timesofindia.indiatimes.com/business/india-business/demonetisation-achieved-objectives-quite-substantially-govt/articleshow/65598015.cms Demonetisation achieved objectives quite substantially: Govt – Times of India The Times of India 29 August 2018 Shifting of goalposts The government was described as 'shifting the goalposts'Sabnavis Madan One year of demonetisation: Changing goal posts and limited impact https://www.business-standard.com/article/economy-policy/one-year-of-demonetisation-changing-goal-posts-and-limited-impact-117110600176_1.html 11 November 2021 Business Standard India 6 November 2017RBI report on demonetisation: How Centre, BJP kept moving the goalposts https://www.financialexpress.com/india-news/rbi-report-on-demonetisation-how-centre-bjp-kept-moving-the-goalposts/833966/ 11 November 2021 The Financial Express 31 August 2017'PM Modi Shifting Goalposts on Demonetisation': On 4th Anniversary Congress Asks What Was Achieved https://www.news18.com/news/politics/pm-modi-shifting-goalposts-on-demonetisation-on-4th-anniversary-congress-asks-what-was-achieved-3056774.html 11 November 2021 News18 8 November 2020 en with respect to the goals of the demonetisation exercise. The initial stated goal was to curb black money, corruption, and terrorism, but as it became apparent that almost all the cash was being exchanged,Demonetisation: As money flowed back in, how goalposts were shifted https://indianexpress.com/article/india/demonetisation-rbi-annual-report-arun-jaitley-pm-narendra-modi-as-money-flowed-back-in-how-goalposts-were-shifted-4821566/ 11 November 2021 The Indian Express 31 August 2017 en the goals were expanded to include making India a cashless economy, neutralisation of money held by Maoists, terrorists and human traffickers, among others.Instant Recall: How Modi Government Kept Changing Demonetisation's Goalposts https://thewire.in/economy/modi-demonetisation-aims-golas 11 November 2021 The Wire Black money The government estimated that ₹5 trillion, or approximately 20%, of the demonetised banknotes would be permanently removed from circulation.http://indianexpress.com/article/business/economy/demonetisation-black-money-cash-crunch-rs-14-lakh-crore-in-old-notes-are-back-only-rs-75000-crore-out-rbi4465542/ Demonetisation: Rs 14 lakh crore in old notes are back, only Rs 75,000 crore out 9 January 2017 The Indian Express en 22 January 2017 However, according to a 2018 report from the RBI, 99.3% of the demonetised banknotes, or ₹15.3 trillion of the ₹15.41 trillion that had been demonetised, were deposited with the banking system. The banknotes that were not deposited were worth ₹107.2 billion.https://www.indiatoday.in/india/story/demonetisation-what-india-gained-and-lost-1327502-2018-08-30 Demonetisation: What India gained, and lost Dutta Prabash K. 30 August 2018 India Today en 12 October 2018 Commentators concluded that the government had failed in its aim of purging black money from the economy.https://www.ft.com/content/7dbe0e14-8d8a-11e7-a352-e46f43c5825d India demonetisation failed to purge black money Financial Times 31 August 2017 31 August 2017 Mundy Simon Kazmin Amy Stacey Kiran Evasion thumb|A jewellery store in a shopping mall with a notice "We accept 500 and 1000 notes", even after they were no longer valid banknotes. There were reports of people circumventing the restrictions imposed on exchange transactions by conducting multiple transactions at different bank branches, and by sending hired people, employees, and followers in groups to exchange large amounts of demonetised banknotes at banks.Parmar Beena Despite Rs 4000-cap on money exchange, loophole allows multiple transactions http://www.hindustantimes.com/business-news/despite-rs-4000-cap-on-money-exchange-loophole-allows-multiple-transactions/story-lbw8xw5XCHvsS5DOawWB1O.html 13 November 2016 Hindustan Times 13 November 2016http://indianexpress.com/article/india/india-news-india/demonetisation-in-chennai-to-beat-cash-limit-they-send-full-teams-to-bank-4375951/ Demonetisation: In Chennai, To beat cash limit, they send full teams to bank 15 November 2016 The Indian Express In Gujarat, Delhi and many other major cities, sales of gold increased post-demonetisation, surging the price as much as 45 k from the ruling price of 31.9 k per 10 g.https://www.newindianexpress.com/business/2016/nov/10/gold-price-recovers-on-renewed-demand-1536940.html Gold price recovers on renewed demand 10 November 2016 Hindustan Times 10 November 2016http://www.thehindu.com/news/national/other-states/scramble-for-gold-in-gujarat-after-demonetisation/article9323127.ece?homepage=true Scramble for gold in Gujarat after demonetisation The Hindu 9 November 2016 9 November 2016 Langa, Mahesh The Enforcement Directorate raided several forex establishments making backdated entries.Enforcement Directorate raids forex shops making back date entries http://economictimes.indiatimes.com/news/politics-and-nation/enforcement-directorate-raids-forex-shops-making-back-date-entries/articleshow/55373554.cms The Economic Times 16 November 2016 Money laundering using backdated accounting was carried out by co-operative banks,http://timesofindia.indiatimes.com/city/mumbai/Netas-using-co-op-banks-for-backdated-FDs-DDs/articleshow/55467204.cms Netas using co-op banks for backdated FDs, DDs – Times of India The Times of India 17 November 2016 jewellers,http://economictimes.indiatimes.com/markets/commodities/news/jewellers-issue-backdated-invoices-to-clients/articleshow/55349735.cms Jewellers issue backdated invoices to clients – The Economic Times The Economic Times 10 November 2016 Sahgal Ram sellers of mobile phones,http://www.ibtimes.co.in/back-dated-receipts-used-apple-iphone-sales-after-demonetisation-report-706095 Back-dated receipts used for Apple iPhone sales after demonetisation: Report Pranshu Rathi International Business Times 29 November 2016 and several other businesses.http://indianexpress.com/article/india/demonetisation-tiffin-service-to-dental-implants-all-tried-to-beat-system-swap-old-notes-income-tax-department-raids-4410874/ Tiffin service to dental implants: All tried to beat system, swap old notes 5 December 2016 The cash deposited into hundis (cash collection boxes in temples and gurudwaras) are exempted from inquiry by the tax department; this is sometimes to launder money.http://www.thenewsminute.com/article/rs-500rs-1000-demonetisation-temple-money-hundis-not-come-under-scanner-52701 Rs 500/Rs 1000 demonetisation: Temple money from hundis not to come under scanner 10 November 2016http://www.huffingtonpost.in/2016/11/13/13-ways-in-which-indians-will-convert-their-black-money-into-whi/ 13 Ways In Which Indians Will Convert Their Black Money Into White Even After Demonetisation After the demonetisation, there was a spike in donations in the form of the demonetised banknotes in temples.http://www.firstpost.com/india/demonetisation-temples-across-india-receive-high-currency-notes-as-donations-3112230.html Demonetisation: Temples across India receive high currency notes as donations 18 November 2016http://timesofindia.indiatimes.com/city/jaipur/religious-places-getting-over-the-demon-of-note-ban/articleshow/56041804.cms Religious places getting over the 'demon' of note ban – Times of India The Times of India 18 December 2016 http://timesofindia.indiatimes.com/city/bhubaneswar/Rush-to-offer-Rs-500-Rs-1000-donations-at-Puri-Temple/articleshow/55347249.cms Rush to offer Rs 500, Rs 1000 donations at Puri Temple The Times of India 10 November 2016 Debabrata Mohapatra People booked large numbers of railway tickets to dispose of unaccounted cash. This came to the notice of the Indian Railways authorities, who imposed restrictions to check evasion.Rlys sets 5000 as cash refund limit for tickets http://timesofindia.indiatimes.com/city/mumbai/Rlys-sets-5000-as-cash-refund-limit-for-tickets/articleshow/55444673.cms 15 November 2016Railways say, no cash refund for tickets booked between Nov 9-11 http://zeenews.india.com/economy/railways-say-no-cash-refund-for-tickets-booked-between-nov-9-11_1949831.html 15 November 2016 Counterfeit banknotes +Number of counterfeit banknotes detected in banks (April – March)https://rbidocs.rbi.org.in/rdocs/AnnualReport/PDFs/0RBIAR201920DA64F97C6E7B48848E6DEA06D531BADF.PDF Reserve Bank of India Annual Report 2019-20 Reserve Bank of India 183Denomination2015–162016–172017–182018–192019–20₹123434₹2 and ₹52801-22₹10134523287345844₹2096324437818510₹506,4539,22223,44736,87547,454₹100221,447177,195239,1822,21,2181,68,739₹200NANA7912,72831,969₹500 (old)261,695317,567127,91897111₹500 (new)NA1999,89221,86530,054₹1000143,099256,324103,61171772₹2000NA63817,92921,84717,020Total632,926762,027522,7833,17,3842,96,695 After demonetisation, there was an increase in the number of counterfeit 100 and 50 banknotes. The number of counterfeit 500 and 1000 (demonetised version) banknotes saw an increase in 2016–17 and subsequently a decline in 2017–18. But in 2017–18, there was an increase in counterfeit 500 and 2000 (new version) banknotes than the previous year.https://thewire.in/economy/how-successful-was-demonetisation-four-takeaways-from-the-rbis-annual-report How Successful was Demonetisation? Four Takeaways From the RBI's Annual Report 30 August 2018 The Wire 13 October 2018 There has been no significant change in the number of counterfeit banknotes detected. In 2017–18, the number of detected counterfeit banknotes was close to the number before demonetisation. Additionally, after demonetisation, only 0.0035% of the 1000 banknotes were found to be counterfeit.http://www.thehindu.com/business/Economy/only-12-of-demonetised-1000-notes-did-not-return-rbi/article19587973.ece Only 1.2% of ₹1,000 notes not returned to banks: RBI report 30 August 2017 26 February 2018 www.thehindu.com The Hindu The number of counterfeit banknotes of 500 and 2000 (new version) detected continue to increase while overall number declined in 2018-19 and 2019–20. Tax collection India tax-to-GDP ratio as a percentage, 2011–2019.chart India tax-to-GDP ratio as a percentage, 2004–2020.tab 500px yes left Tax-to-GDP ratio (%)Srivastava D.K. Sustaining India's Growth: Govt Finances' Role https://www.ey.com/en_in/insights/tax/economy-watch/sustaining-india-s-long-term-growth-role-of-government-finances www.ey.com 6 June 2026 en-IN The number of income tax returns filing increased from 43.3 million to 52.9 million between the financial year of 2016 and 2017, which was not a significant increase compared to the increase between 2015 and 2016. The tax compliance had increased with a number of income tax returns filing increased but the majority of them were from salaried and non-business class. The income tax collections increased in the financial year of 2017 due to Income Disclosure Scheme 2016. If adjusted for it, the increase in tax collection was modest. The tax-to-GDP ratio has increased due to expanding tax base.https://www.livemint.com/Politics/C4Q8mpskSbfEzmG8ZWBY9H/Can-we-measure-demonetisations-impact-on-income-tax-collect.html Has demonetisation really boosted income tax collections? 23 May 2017 An analysis of the economic data shows that there has been no substantial increase in the number of new tax payers or direct tax collection due to demonetisation.https://www.ndtv.com/india-news/did-demonetisation-increase-tax-base-not-really-1772370 Did Demonetisation Increase Tax Base? Not Reallyhttps://economictimes.indiatimes.com/markets/stocks/news/did-cash-ban-help-raise-tax-base-itrs-rising-but-not-tax-collection/articleshow/65896757.cms Did cash ban help raise tax base? ITRs rising, but not tax collection The Economic Times 25 September 2018 Sharma Tanisha Indirect tax/GDP ratio also remained on the trend path and had no visible impact. The use of demonetised banknotes was allowed for the payment of municipal and local civic body taxes, leading to a jump in their revenue collections. For example, the Greater Hyderabad Municipal Corporation reported collecting about ₹1.6 billion in cash payments of outstanding and advance taxes within the first four days of demonetisation.http://zeenews.india.com/news/hyderabad/demonetisation-impact-greater-hyderabad-municipal-corporation-collects-over-rs-160-crore-in-just-four-days_1949989.html Demonetisation impact: Greater Hyderabad Municipal Corporation collects over Rs 160 crore in just four days 15 November 2016 india.com Digital payments The push for digital payments was one of the stated intentions of demonetisation.https://www.livemint.com/Industry/yjsk66xEwwIe7OOqcoC92N/Was-the-boost-in-digital-payments-after-demonetization-tempo.html Was the boost in digital payments after demonetization temporary? 26 April 2018Heller Nathan India Takes a Big Step Back from Cash https://www.newyorker.com/business/currency/india-takes-a-big-step-back-from-cash The New YorkerDwivedi Yogesh India taking a step on the road to cashless economy https://theconversation.com/india-taking-a-step-on-the-road-to-cashless-economy-70309 The Conversation 20 December 2016 Wade Shepard A Cashless Future Is The Real Goal Of India's Demonetization Move https://www.forbes.com/sites/wadeshepard/2016/12/14/inside-indias-cashless-revolution/ Forbes There was an immediate and sharp jump in digital payments in November–December 2016 owing to shortages of cash. The debit card point of sales transactions was twice the size of value suggested by trends before demonetisation. The value of credit cards increased but no sharp growth was seen. The mobile wallet transactions picked up immediately after demonetisation, followed by a dip in mid-2017 due to easing cash shortages. There was again sharp rise thereafter. By April 2018, the volume of the digital payments had doubled. After return of the cash, the growth in digital payment had been modest. The currency-to-GDP ratio was 12.1% in 2015–16. It declined to 8.8% in 2016–17 due to demonetisation but increased again to 10.9% in 2017–18. The currency-to-GDP ratio was only marginally lower compared to levels before demonetisation. Banknotes in circulation right Cash in circulationReserve Bank of India - Press Releases https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx rbi.org.in 11 November 2021 File:2016 Indian banknote demonetisation - Cash in circulation.png On 28 October 2016, the total banknotes in circulation in India were valued at ₹17.77 trillion; what proportion of this derived from 500 and 1000 banknotes was unknown. In its annual report of March 2016, the Reserve Bank of India (RBI) stated that total banknotes in circulation valued ₹16.42 trillion, of which nearly 86% (around ₹14.18 trillion) derived from 500 and 1000 banknotes. In terms of volume, the report stated that 24% (around 22.03 billion) of the total 90.26 billion (9026.6 crore) banknotes in circulation were 500 and 1000 banknotes.http://indianexpress.com/article/opinion/web-edits/rs-500-rs-1000-notes-are-banks-equipped-to-replace-1874-crore-pieces-of-notes-4364746/ Are banks equipped to replace 2,300 crore pieces of Rs 500 and Rs 1,000 notes? 9 November 2016 The Indian Express 9 November 2016 Damodaran, Harish Before demonetisation (November 2016), there were banknotes worth ₹17.97 trillion in the market. The demonetised banknotes constituted 86.4% of it. The banknotes in circulation had reached to the level before demonetisation in March 2018.https://www.livemint.com/Industry/G0nNMoXXS8eVmW1oqUa1TP/Demonetisation-has-impacted-GDP-growth-to-black-money.html From GDP growth to black money, costs outweigh benefits of demonetisation Vishnu Padmanabhan 20 October 2018 3 September 2018 Mint By March 2018, there were banknotes worth ₹18.03 trillion in the market; an increase of 9.9%. New banknotes of 2000 and 500 constitute 80.6% of it. Thus, small domination banknotes increased by only 5.8%. The volume of banknotes in the market increased by 2.1%. The banknotes in circulation had further increased to ₹19.5 trillion in September 2018https://www.thehindubusinessline.com/money-and-banking/currency-in-circulation-slows-down-since-may-finds-sbi-report/article25027689.ece Currency in circulation slows down since May 24 September 2018 and ₹21.41 trillion in March 2019, 19.14% higher than the level before demonetisation.https://indianexpress.com/article/business/economy/cash-in-circulation-jumps-19-1-from-pre-demonetisation-level-5637325/ Cash in circulation jumps 19.1 per cent from pre-demonetisation level 22 March 2019 The Indian Express en-IN 25 March 2019 Five years after demonetisation, the currency in circulation was at a record high of ₹29.17 trillion on 29 October 2021.Five Years Since Demonetisation, Value Of Cash In Circulation Up 64% https://www.ndtv.com/business/five-years-since-demonetisation-currency-notes-rise-64-in-value-terms-2602165 11 November 2021 NDTV.comNearly 5 years since note ban: Cash with public rising, at all-time high https://indianexpress.com/article/business/nearly-5-years-since-note-ban-cash-with-public-rising-at-all-time-high-7607688/ 11 November 2021 The Indian Express 5 November 2021 en Terrorism and internal security Initially following demonetisation, activities and attacks by the Maoist Naxalite radical groups decreased, which was attributed to lack of finance following demonetisation. The surrender rate had reached its highest.http://timesofindia.indiatimes.com/india/Demonetisation-leads-to-largest-Maoist-surrenders/articleshow/55675983.cms Demonetisation leads to highest ever surrender of Maoists in a month – Times of India The Times of India 29 November 2016 http://timesofindia.indiatimes.com/city/patna/Cops-look-for-Maoists-with-old-currency/articleshow/55377997.cms https://archive.today/20161128064247/http://timesofindia.indiatimes.com/city/patna/Cops-look-for-Maoists-with-old-currency/articleshow/55377997.cms 28 November 2016 Cops look for Maoists with old currency The Times of India deadhttp://timesofindia.indiatimes.com/city/nagpur/Modis-demonetization-set-to-cripple-Naxalites-financially/articleshow/55379177.cms Modi's demonetization set to cripple Naxalites financially The Times of India 12 November 2016 https://www.ndtv.com/india-news/this-is-how-big-note-ban-will-affect-maoist-activities-in-chhattisgarh-1624880 This Is How Big Note Ban Will Affect Maoist Activities In Chhattisgarh NDTV.comhttp://indianexpress.com/article/india/india-news-india/demonetisation-to-hit-maoist-activities-in-chhattisgarh-police-4372900/ Demonetisation to hit Maoist activities in Chhattisgarh: Police 13 November 2016 The activities returned within few months.https://www.firstpost.com/politics/congress-says-demonetisation-didnt-affect-maoism-says-17-naxal-attacks-took-place-since-note-ban-4216031.html Congress says demonetisation didn't affect Maoism, says 17 Naxal attacks took place since note ban 18 November 2017https://www.firstpost.com/india/demonetisation-caused-little-disruption-to-maoist-economy-in-bastar-extortion-remains-major-source-of-funding-4831321.html Demonetisation caused little disruption to Maoist economy in Bastar, extortion major source of funding 27 July 2018 There was a decrease in the terror activities in Jammu and Kashmir.https://economictimes.indiatimes.com/news/defence/demonetisation-effect-funds-tap-turns-dry-for-terror-and-maoist-groups/articleshow/55448082.cms Demonetisation effect: Funds tap turns dry for terror and Maoist groups The Economic Times 13 July 2018 Jain Bhartihttps://www.governancenow.com/news/regular-story/did-demonetisation-impact-terrorism Did demonetisation impact terrorism? 23 November 2017 Other effects thumb|Cashless ATM as on 1 December Shortage of cash thumb|Queue at an ATM for 100 banknotes in Howrah, on 8 November 2016, 22:23 (IST)|right The scarcity of cash due to demonetisation led to chaos, and people faced difficulties in depositing or exchanging the demonetised banknotes due to long queues outside banks and ATMs across India.http://www.aljazeera.com/news/2016/11/india-demonetisation-chaos-atms-run-dry-161109061403011.html India demonetisation: Chaos as ATMs run dry Al Jazeera 9 November 2016 9 November 2016http://indianexpress.com/article/india/india-news-india/demonetisation-chaos-grows-queues-get-longer-at-banks-atms-on-weekend-4371373/ Demonetisation: Chaos grows, queues get longer at banks, ATMs on weekend Indian Express 12 November 2016Mayuresh Ganapatye https://www.indiatoday.in/india/story/demonetisation-long-queues-banks-atms-mumbai-356466-2016-12-08 Demonetisation: Month later, long queues still outside banks and ATMs in Mumbai India Today 8 December 2016 The ATMs were short of cash for months after demonetisation.http://www.hindustantimes.com/india-news/demonetisation-pain-returns-one-fourth-atms-across-india-running-dry-again/story-kwOMTU7I3xEVyeIGYsHSLP.html Demonetisation pain returns: One-fourth of ATMs across India running dry again 7 February 2017 Hindustan Timeshttp://indianexpress.com/article/business/banking-and-finance/as-atms-dry-up-bankers-say-normalcy-will-return-soon-4609546/ As ATMs dry up, bankers say normalcy will return soon The Indian Express 11 April 2017 25 April 2017http://www.thehindu.com/news/cities/Visakhapatnam/atms-run-out-of-cash-in-many-areas/article18129175.ece ATMs run out of cash in many areas The Hindu 19 April 2017 25 April 2017 Gopal B. Madhu During the demonetisation, police and tax officials across India seized ₹6.1 billion in unaccounted money, including ₹1.1 billion in new banknotes.http://timesofindia.indiatimes.com/articleshow/59509184.cms 17% of cash seized in raids during demonetisation were in new notes – Times of India The Times of India 9 July 2017 Reports in the media noted that although the general public faced a severe cash shortage, some individuals were able to amass tens of millions of rupees in new banknotes; they thus described the demonetisation exercise as being futile.http://www.hindustantimes.com/india-news/cash-crunch-rs-242-crore-in-new-currency-seized-after-demonetisation/story-ZFidspQbfQqcIGbQPcgtPJ.html Cash crunch? Rs 242 crore in new currency seized after demonetisation 9 December 2016 Hindustan Timeshttp://www.catchnews.com/india-news/over-rs-164-crore-black-money-seized-in-new-notes-has-note-ban-failed-1481558486.html Over Rs 164 crore black money seized in new notes. Has note ban failed? CatchNews.comhttp://indianexpress.com/article/india/police-seize-new-currency-notes-worth-crores-across-several-cities/ As India struggles for its next Rs 2,000, new currency seized across country can fill gunny bags 9 December 2016 Transport The All India Motor Transport Congress claimed that about 800,000 truck drivers and conductors were affected with the shortage of cash, with around 400,000 trucks stranded on major highways across India.http://www.dnaindia.com/india/report-demonetization-with-no-cash-on-hand-4-lakh-trucks-stranded-on-highways-2273414 Demonetization: With no cash on hand, 4 lakh trucks stranded on highways 14 November 2016 14 November 2016 Major toll plazas in Gujarat and on the Delhi-Mumbai highways also saw long queues as toll plaza operators refused the demonetised banknotes.http://www.hindustantimes.com/india-news/toll-collection-suspended-across-the-country-till-nov-11-highways-ministry/story-1bAQIFhgp3R26ja4z9OdDK.html Toll tax suspended on national highways till Nov 11, banks open this weekend Hindustan Times 10 November 2016 9 November 2016 The Ministry of Road Transport and Highways subsequently announced a suspension of toll collections on all national highways across the country until 2 December as well as acceptance of demonetised 500 banknotes as a toll from 2 to 15 December.https://www.businesstoday.in/current/economy-politics/toll-plaza-collection-on-national-highways-suspended-till-december-2/story/241027.html Toll collection on all national highways suspended till December 2 Business Today 24 November 2016 17 October 2018 Stock market As a combined effect of demonetisation and the US presidential election, the stock market indices dropped to an around six-month low in the week following the announcement. The day after the demonetisation announcement, BSE SENSEX crashed nearly 1,689 points and NIFTY 50 plunged by over 541 points.http://www.thehindu.com/business/markets/stock-market-news-november-9-2016/article9322930.ece Sensex crashes 1,689 points on black money crackdown, U.S. election The Hindu 9 November 2016 9 November 2016 Rukhaiyar Ashish By the end of the intraday trading section on 15 November 2016, the BSE SENSEX index was lower by 565 points and the NIFTY 50 index was below 8100 intraday.http://www.moneycontrol.com/news/local-markets/sensex-sinks-514pts-midcap-down-4demonetisationearnings_7965381.html Sensex sinks 514pts, Midcap down 4% on demonetisation & earnings 15 November 2016 moneycontrol.com 16 November 2016 There were marginal effects on the stock market during November–December 2016.https://www.livemint.com/Money/hRb1noUQV17fmP0o1GNQEJ/How-much-has-demonetisation-affected-the-stock-market.html How much has demonetisation affected the stock market? Chakravarty Manas 3 January 2017 LiveMint 17 October 2018 A data study (July 2016 – February 2017) of 54 companies across 13 sectors listed with the NSE showed that companies in cement, cotton and rubber sectors showed an increase in total trades while companies in automotive, clothing, foods, paper, real estate, retail, steel, sugar, tea and textiles sectors showed a decrease in total trades after demonetisation.https://www.researchgate.net/publication/320487258 Impact of Demonetisation on Indian Stock Market Mukundan Anagha 1 June 2017 10.13140/rg.2.2.24870.63042 A P J Abdul Kalam Technological University Demonetisation had a negative impact on stock market returns evidenced from NIFTY 50 and other NIFTY sectoral indices.Anoop Patil Parab Narayan Reddy Y. V 2018 Analyzing the Impact of Demonetization on the Indian Stock Market: Sectoral Evidence using GARCH Model Australasian Accounting, Business and Finance Journal en 12 2 104–116 10.14453/aabfj.v12i2.7 1834-2000 free Industrial output There was a reduction in industrial output as industries were hit by the cash shortage.http://www.thehindu.com/news/national/other-states/Demonetisation-hit-economy-Jamir/article17349806.ece Demonetisation hit economy: Jamir 23 February 2017 The Hindu 26 February 2017 en The Purchasing Managers' Index (PMI) fell to 46.7 in November 2016 from 54.5 in October 2016, recording its sharpest reduction in three years.http://www.business-standard.com/article/economy-policy/slowdown-due-to-demonetisation-pmi-services-shrinks-in-november-after-17-months-116120501411_1.html Slowdown due to demonetisation: PMI services shrinks in November after 17 months Dilasha Seth 6 December 2016 Business Standard Business Standard India A reading above 50 indicates growth and a reading below shows contraction. This indicates a slowdown in both manufacturing and services industries.http://www.huffingtonpost.in/2017/01/03/five-worrying-numbers-that-show-demonetisation-impact-on-economy/ 5 Bleak Numbers That Show Demonetisation Impact On The Economy The PMI report also showed that the reduction in inflation in November 2016 was due to a shortage in money supply. The growth in eight core sectors such as cement, steel and refinery products, which constitute 38% of the Index of industrial production (IIP), was only to 4.9 percent in November 2016, as compared with 6.6 percent a month prior.http://www.firstpost.com/business/demonetisation-impact-three-sets-of-numbers-tell-us-how-modis-gamble-has-slowed-the-economy-3185066.html Demonetisation impact: Three sets of numbers tell us how Modi's gamble has slowed the economy 3 January 2017 Agriculture Demonetisation adversely affected transactions in the agriculture sector, which are heavily dependent on cash.http://www.huffingtonpost.in/nidhi-nath-srinivas/how-demonetisation-has-affected-indias-agricultural-and-food-ma/ How Demonetisation Has Affected India's Agricultural And Food Markets Huffington Post India 24 November 2016 https://web.archive.org/web/20161125110124/http://www.huffingtonpost.in/nidhi-nath-srinivas/how-demonetisation-has-affected-indias-agricultural-and-food-ma/ 25 November 2016 dead Due to scarcity of the new banknotes, many farmers had insufficient cash to purchase seeds, fertilisers and pesticides needed for the plantation of rabi crops usually sown around mid-November.http://www.firstpost.com/business/demonetisation-farmers-fear-loss-of-crops-and-income-after-currency-ban-3111694.html Demonetisation: Farmers fear loss of crops and income after currency ban 18 November 2016 Firstpost en-US 24 November 2016 Farmers and their unions conducted protest rallies in Gujarat, Amritsar and Muzaffarnagar against the demonetisation as well as against restrictions imposed by the Reserve Bank of India on district cooperative central banks which were ordered not to accept or exchange the demonetised banknotes.http://www.livemint.com/Politics/EgxO4VZMZJKpkiFwEvHEUL/Demonetisation-Farmers-protest-in-Muzaffarnagar-over-cash-s.html Demonetisation: Farmers protest in Muzaffarnagar over cash shortage Press Trust of India 22 November 2016http://indianexpress.com/article/india/india-news-india/demonetisation-at-gujarat-protests-farmers-dump-milk-vegetables-on-road-4385111/ Demonetisation: At Gujarat protests, farmers dump milk, vegetables on road 20 November 2016 The Indian Express 24 November 2016http://www.hindustantimes.com/punjab/farmers-in-amritsar-stage-protest-burn-pm-modi-s-effigy/story-NlBIKQoj479XSv1DfQ5QAJ.html Farmers in Amritsar stage protest against demonetisation, burn PM Modi's effigy 19 November 2016 Hindustan Times The shortage of cash led to plunge in demand which in turn led to a crash in the prices of crops. Farmers were unable to recover even the costs of transportation from their fields to the market from the low prices offered.http://www.hindustantimes.com/india-news/farmers-forced-to-dump-the-produce-as-note-ban-turns-bumper-crop-worthless/story-q79Oaf8eGTLX0yaHXwkJLL.html Farmers forced to dump their produce as note ban turns bumper crop worthless 26 December 2016 Hindustan Times 15 January 2017https://www.indiatoday.in/india/story/onion-prices-crash-india-crop-farmers-dumps-crop-mandi-359240-2016-12-23 Oh-nion: Farmers in crisis dump produce in markets instead of selling at 50 paise a kilo 23 December 2016 India Today 15 January 2017 Some farmers dumped their produce in protest against the government.http://indianexpress.com/article/india/demonetisation-protest-farmers-throw-vegetables-on-road/ Demonetisation protest: Farmers throw vegetables on road 7 January 2017 15 January 2017http://indianexpress.com/article/india/india-news-india/demonetisation-at-gujarat-protests-farmers-dump-milk-vegetables-on-road-4385111/ Demonetisation: At Gujarat protests, farmers dump milk, vegetables on road 20 November 2016 15 January 2017 Demonetisation resulted in the relative erosion of agricultural wages and weak bargaining power of farmers for their produce.https://www.hindustantimes.com/india-news/two-years-after-demonetisation-crisis-in-rural-india/story-tgyDzJhZSro5sPPtabcKXP.html Two years after demonetisation, farmers and rural workers are unhappy Kishore Roshan 7 November 2018 Hindustan Times 17 November 2018 en Real GDP growth rate center Real GDP growth rate – Quarterly (%) File:2016 Indian banknote demonetisation - Real GDP growth rate – Quarterly.png Real GDP growth rate – Year-on-Year (%) left File:2016 Indian banknote demonetisation - Real GDP growth rate – Year-on-Year.png +Real GDP growth ratehttps://www.thehindu.com/business/Economy/gdp-growth-slips-to-57-in-april-june/article19594596.ece GDP growth slips to 5.7% in April–June 31 August 2017 The Hindu 19 October 2018 en-IN 0971-751Xhttps://timesofindia.indiatimes.com/business/india-business/gdp-grows-at-5-quarter-high-of-7-2-in-oct-dec/articleshow/63118408.cms GDP grows at 5-quarter high of 7.2% in Oct–Dec The Times of India 19 October 2018https://thewire.in/economy/gdp-growth-recovers-6-3-september-quarter GDP Growth Recovers to 6.3% in September Quarter The Wire 19 October 2018https://www.thehindu.com/business/Economy/gdp-growth-accelerates-to-74-in-julysept-manufacturing-rebounds-significantly/article7933726.ece GDP growth accelerates to 7.4 % in July–Sept. manufacturing rebounds significantly Raghavan Tca Sharad 30 November 2015 The Hindu 20 October 2018 en-IN 0971-751X (base year 2011–12)Financial YearQuarterQuarterlyYearly2015–16Q1 (April–June)7%8%Q2 (July–September)7.4%Q3 (October–December)7.2%Q4 (January–March)9.1%2016–17Q1 (April–June)7.9%7.1%http://www.firstpost.com/business/demonetisation-impact-gdp-dips-sharply-in-jan-mar-quarter-to-6-1-manufacturing-mining-disappoints-3502487.html Demonetisation impact: GDP dips sharply in Jan–Mar to 6.1%; India loses fastest growing tag 31 May 2017 Firstpost.com 26 June 2017Q2 (July–September)7.5%Q3 (October–December)7%Q4 (January–March)6.1%2017–18Q1 (April–June)5.7%6.5%Q2 (July–September)6.3%Q3 (October–December)7.2%Q4 (January–March)7.6%2018–19Q1 (April–June)7.7%Q2 (July–September)8.2%Q3 (October–December)Q4 (January–March) Global analysts cut their forecasts of India's real GDP growth rate for the financial year 2016–17 by 0.5 to 3% due to demonetisation.http://www.livemint.com/Politics/gG3pF45hFU53GyXE1BwIuJ/Cash-crunch-Analysts-cut-India-GDP-growth-forecast.html Cash crunch: Analysts cut India GDP growth forecast Livemint 24 November 2016http://www.financialexpress.com/economy/economists-bearish-on-the-india-growth-story-predicts-sub-6-per-cent-for-fy-2017/486381/ Demonetisation a big blow! GDP growth may dip below 6% in FY17 26 December 2016 India's GDP in 2016 is estimated to be US$2.25 trillion, hence, each 1 per cent reduction in growth rate represents a shortfall of US$22.5 billion (₹1.54 trillion) for the Indian economy.http://www.imf.org/external/pubs/ft/weo/2016/02/weodata/weorept.aspx?sy=2014&ey=2021&scsm=1&ssd=1&sort=country&ds=.&br=1&pr1.x=26&pr1.y=13&c=534&s=NGDPD&grp=0&a= World Economic Outlook Database International Monetary Fund October 2016 According to Societe Generale, quarterly GDP growth rates would drop below 7% for an entire year at a stretch for the first time since June 2011.https://www.cnbc.com/2017/01/17/india-demonetisation-news-india-could-see-four-consecutive-quarters-of-below-7-percent-growth.html India set for slowest growth period as demonetization dents economy Saheli Roy Choudhury CNBC 17 January 2017 The Q4'16–17 rate was 6.1% as against a forecast of 7.1% by economists.http://www.businesstoday.in/current/economy-politics/demonetisation-hits-growth-gdp-growth-slows-to-6.1-percent-in-march-quarter/story/253394.html Demonetisation effect: GDP growth slows down to 6.1% in March quarter Businesstoday.in 1 June 2017 26 June 2017 The rate for the financial year 2016–17 was 7.1%, a reduction from the 8% in 2015–16.http://www.firstpost.com/business/demonetisation-impact-gdp-dips-sharply-in-jan-mar-quarter-to-6-1-manufacturing-mining-disappoints-3502487.html Demonetisation impact: GDP dips sharply in Jan–Mar to 6.1%; India loses fastest growing tag 31 May 2017 Firstpost.com 26 June 2017 This drop was attributed to demonetisation by economists.https://in.news.yahoo.com/demonetisation-brings-gdp-down-6-060112447.html Demonetisation brings GDP down to 6.1 per cent: Top economists stand vindicated In.news.yahoo.com 1 June 2017 26 June 2017 The GDP growth rate for Q1'17–18 dropped to 5.7%, compared to 7.9% a year prior,http://www.hindustantimes.com/business-news/economic-growth-slows-to-5-7-in-april-june-as-demonetisation-pain-lingers/story-yzvW9XdOUuzfWoWv5B5QTL.html GDP growth rate down to 5.7% in April–June, demonetisation pain lingers Hindustan Times 31 August 2017 25 February 2018 the lowest since March 2014. This drop was attributed to demonetisation as well as inventory drawdown by companies due to the forthcoming implementation of the Goods and Service Tax.Press Trust of India http://www.business-standard.com/article/economy-policy/india-paid-hefty-price-for-note-ban-5-7-gdp-growth-worrying-kaushik-basu-117090100584_1.html India paid hefty price for note ban, 5.7% GDP growth worrying: Kaushik Basu 1 September 2017 25 February 2018 Business Standard The GDP started to recover from 2017–18 and clocked 8.2% growth in 2018–19.https://economictimes.indiatimes.com/news/economy/indicators/indias-gdp-grows-at-8-2-per-cent-in-2018-19-q1/articleshow/65623967.cms India's GDP grows at 8.2 per cent in 2018–19 Q1 The Economic Times 31 August 2018 The Hindustan Times in November 2021 reviewed GDP trends in the years following the demonetisation, and concluded that due to unpredented GDP contraction amid the COVID-19 pandemic and strong base effects, "the waters are now far too muddied to make any scientific assessment about demonetisation’s impact" on GDP.https://www.hindustantimes.com/india-news/five-years-since-demonetisation-what-has-changed-101636310390379.html Five years since demonetisation: What has changed? Roshan Kishore The Hindustan Times 8 November 2021 Employment center Employed workforce File:2016 Indian banknote demonetisation - Employed workforce.png center Monthly unemployment ratehttps://www.macrotrends.net/countries/IND/india/unemployment-rate India Unemployment Rate 1991-2021 File:2016 Indian banknote demonetisation - Monthly unemployment rate.png Demonetisation caused a loss of jobs and a decline in wages, particularly in the unorganised and informal sector and as well as in small enterprises.https://scroll.in/article/827349/a-woman-construction-worker-in-jharkhand-lost-even-her-meagre-wages-in-10-weeks-since-demonetisation Cashless and demonetised: Meet three Indians who once had jobs Anumeha Yadav 29 January 2017 http://www.financialexpress.com/jobs/now-demonetisation-set-to-cost-400000-jobs/454305/ Now, Demonetisation set to cost 400,000 jobs 24 November 2016https://thewire.in/economy/unprecedented-job-losses-wage-decline-unorganised-sector-post-demonetisation Unprecedented Job Losses, Wage Decline in Unorganised Sector Post Demonetisation The Wire Migrant workers were adversely affected by demonetisation.http://www.caravanmagazine.in/vantage/demonetisation-migrant-labourers-kerala How Demonetisation Is Affecting Migrant Labourers In Kerala Maganti Rahul 18 November 2016 The Caravan 24 August 2018https://www.business-standard.com/article/economy-policy/demonetisation-impact-migrant-workers-head-back-home-116120901022_1.html Demonetisation impact: Migrant workers head back home Vimukt Dave Sohini Das 10 December 2016 Business Standard India 25 August 2018 According to the report prepared by the Centre for Monitoring Indian Economy (CMIE), the number of employed people was 401 million in January–April 2016, 403 million during May–August 2016, and 406.5 million in September–December 2016. After demonetisation in November 2016, the number fell to 405 million in January–April 2017. So there was fall of 1.5 million in number of people employed.https://www.timesnownews.com/business-economy/industry/article/demonetisation-effect-15-million-jobs-lost-in-first-4-months-of-the-year/65815 Demonetisation effect: 1.5 million jobs lost in first 4 months of the year 3 July 2018 en-GB CMIE also reported that the number of persons employed was 406.7 million in 2016–17 which fell by 0.1% to 406.2 million in 2017–18. So the employment had stagnated which resulted in employment rate decline. The employment rate fell from 42.59% in 2016–17 to 41.45% in 2016–17. The unemployment rate also declined from 7.51% in 2016–17 to 4.66% in 2017–18 because of the shrinking employed force. The number of the employed force fell from 439.7 million in 2016–17 to 426.1 million in 2017–18. CMIE attributed the impact to demonetisation as well as implementation of Goods and Services Tax in July 2017.https://www.cmie.com/kommon/bin/sr.php?kall=warticle&dt=2018-07-17%2009:45:21&msec=123 Employment stagnates in 2017–18 Vyas Mahesh 17 July 2018 CMIE EN https://archive.today/20181019054555/https://www.cmie.com/kommon/bin/sr.php?kall=warticle&dt=2018-07-17%2009:45:21&msec=123 19 October 2018 19 October 2018https://unemploymentinindia.cmie.com/kommon/bin/sr.php?kall=wsttimeseries&index_code=050050000000&dtype=total https://web.archive.org/web/20181020063652/https://unemploymentinindia.cmie.com/kommon/bin/sr.php?kall=wsttimeseries&index_code=050050000000&dtype=total dead 20 October 2018 Unemployment It is estimated that 1.5 million jobs were lost, according to The Guardian. Cost to banks Before demonetisation, the RBI had spent ₹34.21 billion to print banknotes in 2015–2016 (July to June). The cost of printing new banknotes rose to ₹79.65 billion in 2016–17 and ₹49.12 billion in 2017–18. This resulted in a decline in the dividend paid to the government from ₹658.76 billion in 2015–16 to ₹306.59 billion in 2016–17 and ₹500 billion in 2017–18.http://www.firstpost.com/business/rbi-dividend-halves-to-rs-30659-cr-demonetisation-hero-turns-out-to-be-villain-for-narendra-modi-govt-3918167.html RBI dividend halves to Rs 30,659 cr: Demonetisation hero turns out to be villain for Narendra Modi govt 11 August 2017 31 August 2017http://www.hindustantimes.com/opinion/script-gone-wrong-rbi-takes-demonetisation-hit-cuts-dividend-to-govt-by-more-than-half/story-y8lXWKpupQecLnTA9AwSjJ.html Script gone wrong: RBI takes demonetisation hit and government gets a cut 11 August 2017 31 August 2017 It was estimated that this decrease in income for the government could cause the fiscal deficit for the financial year 2016–17 to increase from the targeted 3.2% to 3.4%.https://in.news.yahoo.com/half-dividend-full-fallacy-rbi-154100516.html Half dividend, full fallacy: RBI implies Modi & Urjit Patel got demonetisation wrong 31 August 2017 https://web.archive.org/web/20170822220750/https://in.news.yahoo.com/half-dividend-full-fallacy-rbi-154100516.html 22 August 2017 dead The Indian Air Force was paid ₹294.1 million to move banknotes after demonetisation.https://english.manoramaonline.com/news/nation/2018/07/08/iaf-charged-ferry-currency-notes-post-demonetisation.html IAF charged Rs 29.41cr to ferry currency notes post-demonetisation The banks incurred the cost in collection, storage, and movement of banknotes across the country, as well as the cost of re-calibrating ATMs for the new banknotes (as they differed in size from the old ones).https://indianexpress.com/article/opinion/columns/rbi-demonetisation-bad-loans-economy-5357208/ About false promises 14 September 2018 Welfare schemes Demonetisation negatively impacted the Midday Meal Scheme due to the shortage of funds.https://www.thehindu.com/todays-paper/tp-national/tp-telangana/Midday-meal-workers-hit-by-demonetisation/article16740823.ece Midday meal workers hit by demonetisation Dayashankar K. m 2 December 2016 The Hindu 24 August 2018 en-IN 0971-751Xhttps://cms.deccanherald.com/content/589551/demonetisation-hits-mid-day-meal.html Demonetisation hits mid-day meal scheme too 3 January 2017 Deccan Herald en 24 August 2018April 2019 InternetArchiveBot yes https://thewire.in/uncategorised/costs-demonetisation-tribals-schools The Costs of Demonetisation: Farm Economy Takes a Hit, Mid-Day Meal Scheme in Peril The Wire 24 August 2018 Deaths due to demonetisation Several people were reported to have died from standing in queues for hours to exchange their demonetised banknotes.https://www.indiatoday.in/india/story/demonetosation-deaths-congress-modi-government-351593-2016-11-11 Demonetisation: Rush for cash kills 2 in Kerala, 1 in Maharashtra; Congress blames Modi government India Today 11 November 2016 http://www.uniindia.com/demonetisation-96-year-old-died-while-standing-in-queue/states/news/684631.html Demonetisation: 96 year-old died while standing in queue United News of India 12 November 2016Three People Die While Waiting in Queue To Exchange Rs 500 and Rs 1,000 Currency Notes http://www.huffingtonpost.in/2016/11/11/73-year-old-dies-waiting-in-queue-to-exchange-discontinued-curre/ Huffington Post India 11 November 2016 13 November 2016 https://web.archive.org/web/20161113002732/http://www.huffingtonpost.in/2016/11/11/73-year-old-dies-waiting-in-queue-to-exchange-discontinued-curre/ 13 November 2016 dead Deaths were also attributed to lack of medical help due to refusal of demonetised banknotes by hospitals.Mumbai: Baby dies waiting for medical help as hospital refuses Rs 500 & 1000 currency notes http://www.india.com/news/india/mumbai-baby-dies-waiting-for-medical-help-as-hospital-refuses-rs-500-1000-currency-notes-1642581/ 13 November 2016 India.com 12 November 2016http://mumbaimirror.indiatimes.com/mumbai/cover-story/Doc-says-no-to-deposit-in-Rs-500-notes-baby-dies-awaiting-help/articleshow/55380976.cms Doc says no to deposit in Rs 500 notes, baby dies awaiting help Mumbai MirrorSadaguru Pandit Hindustan Times http://www.hindustantimes.com/india-news/baby-dies-after-doctor-refuses-to-take-rs-500-and-rs-1000-notes-for-treatment-in-mumbai/story-xxSBtmK39xdcAx0hfhViEL.html Infant's death: Doc booked over claims of refusing treatment in Mumbai 12 November 2016 In one month after the demonetisation was announced, 82 people died according to a detailed list compiled by Catch News.Staff The Wire The Costs of Demonetisation: Death Toll Rises to 82, Eight Million Workers Remain Unpaid https://thewire.in/uncategorised/the-costs-of-demonetisation-death-toll-rises-to-82-eight-million-bidi-workers-remain-unpaid 2023-01-02 The Wire (India) 2016-12-02 By the end of December 2016, political opposition leaders claimed that over 100 people had died due to demonetisation.http://www.dnaindia.com/india/report-demonetization-government-not-mourning-over-100-deaths-due-to-cash-crunch-says-opposition-2280902 Demonetization: Government not mourning over 100 deaths due to cash-crunch, says Opposition DNA India 8 December 2016http://www.business-standard.com/article/news-ians/mamata-attacks-modi-over-cash-withdrawal-limit-demonetisation-deaths-116123100489_1.html Mamata attacks Modi over cash withdrawal limit, demonetisation deaths IANS 31 December 2016 Business Standard http://www.hindustantimes.com/india-news/around-105-died-but-twitter-king-modi-didn-t-mention-it-lalu-on-demonetisation/story-XGSe6LlYLiKdTBoBBL4zJL.html Around 105 died, but 'Twitter king' Modi didn't mention it: Lalu on demonetisation 22 December 2016 Indo-Asian News Service In March 2017, the government stated that they received no official report on deaths connected to demonetisation.https://www.newindianexpress.com/nation/2017/mar/17/no-official-report-on-deaths-due-to-demonetisation-government-1582474.html No official report on deaths due to demonetisation: Government The New Indian Express 17 March 2017 26 June 2017 Later in December 2018, the then Finance Minister Arun Jaitley reported in parliament that four people, three bank personnel and one customer of the State Bank of India, died during demonetisation.https://www.oneindia.com/india/after-two-years-of-denial-govt-admits-death-due-to-demonetisation-2824960.html After two years of denial, govt admits death due to demonetisation Deepika S 19 December 2018 One India Legal issues M. Seeni Ahamed, General Secretary of the Indian National League, filed a public interest litigation (PIL) to scrap the decision of demonetisation. The High Court dismissed the PIL, stating that it could not interfere in monetary policies of the government.http://economictimes.indiatimes.com/articleshow/55353472.cms Govt's demonetisation move fit for country's security, development: HC The Economic Times 10 November 2016 10 November 2016 Similar PILs were also filed in the Supreme Court of India.https://www.indiatoday.in/india/story/pils-supreme-court-rs-500-rs-1000-notes-illegal-351260-2016-11-10 PILs in Supreme Court against making Rs 500, Rs 1000 notes illegal India Today 10 November 2016 10 November 2016 In November 2017, the Supreme Court of India referred all cases which have similarity to demonetisation to constitutional bench to review the legality of the demonetisation, implementation irregularities and violation of people's rights by limits on cash withdrawals.https://www.livemint.com/Politics/i2HFNZCdECO3Hn1qqXpyLI/SC-refers-individual-cases-against-demonetisation-to-constit.html SC refers individual cases against demonetisation to constitution bench 3 November 2017 On 17 December 2017 the Supreme Court declined to give immediate relief on any of the demonetisation measures but in response to ninety petitions filed against it, referred nine queries to Constitutional Bench.Moorthy, Vivek (2017). Applied Macroeconomics: Employment, Growth and Inflation, Table 8.E, pp. 219. New Delhi: I.K. International Publishing House Pvt. Ltd. p. 97. 978-93-85909-04-7. The government had initially announced that any person who was unable to deposit the demonetised banknotes by 31 December 2016 would be given an opportunity to do so until a later date. However, the government allowed only Non-Resident Indians (NRIs) to deposit demonetised banknotes after 31 December 2016.https://www.tribuneindia.com/news/archive/rbi-turns-away-people-wanting-to-exchange-old-notes-345392/ RBI turns away people wanting to exchange old notes Tribuneindia.com 3 January 2017 26 June 2017 As a result, many people were left stranded with demonetised banknotes. People petitioned the courts to allow a deposit of the demonetised banknotes.Nanjappa Vicky http://www.oneindia.com/india/unable-deposit-demonetised-currency-in-rbi-1000-approach-supreme-court-2391049.html Unable to deposit demonetised currency in RBI, 1,000s to approach Supreme Court Oneindia 1 April 2017 26 June 2017 In November 2017, the Supreme Court dismissed 14 petitions related to demonetisation, and asked petitioners to file pleas with a constitutional bench which would deal with cases related to demonetisation.https://indianexpress.com/article/india/sc-disposes-of-petitions-seeking-fresh-chance-to-deposit-old-notes-4921749/lite/ SC disposes of petitions seeking fresh chance to deposit old notes 4 November 2017 Indian Express In a 4:1 majority judgement in January 2023, the Supreme Court of India refused to strike down the demonetisation decision of 2016 on the basis of proportionality, saying that the process followed by the government to take the action was not flawed, even if the move did not achieve its objectives.Supreme Court upholds demonetisation by 4:1 majority https://scroll.in/latest/1040990/demonetisation-cannot-be-struck-down-says-supreme-court 2023-01-02 Scroll.in 2023-01-02Demonetisation is valid, says SC in 4:1 majority judgment; Justice Nagarathna dissents https://www.thehindu.com/news/national/sc-demonetisation-verdict/article66329113.ece 28 May 2023 The Hindu 2 January 2023 en-INSupreme Court upholds demonetisation: What was the challenge about? https://indianexpress.com/article/explained/supreme-court-upholds-demonetisation-what-was-the-challenge-about-8356303/ 28 May 2023 The Indian Express 2 January 2023 en The dissenting judgement said that the procedure of notification of demonetisation by the government was unlawful, while agreeing with the majority decision that the government has the authority to take such a decision, regardless of the validity of the reasons for the decision.Mandhani Apoorva Justice Nagarathna's dissent in demonetisation case — 'well-intentioned but unlawful' https://theprint.in/judiciary/justice-nagarathnas-dissent-in-demonetisation-case-well-intentioned-but-unlawful/1294347/ 28 May 2023 ThePrint 2 January 2023 Reactions Reactions of economists Most economists across the ideological spectrum, were broadly critical of the demonetisation as an economic policy.https://voxdev.org/topic/institutions-political-economy/economic-and-political-consequences-india-s-demonetisation The economic and political consequences of India's demonetisation Banerjee Abhijit 21 June 2017 VoxDev 3 November 2018 Kala Namrata en 3 November 2018 https://web.archive.org/web/20181103131631/https://voxdev.org/topic/institutions-political-economy/economic-and-political-consequences-india-s-demonetisation dead Nobel laureate Amartya Sen, called the demonetisation a "despotic action" and said that it "undermines notes, it undermines bank accounts, it undermines the entire economy of trust."https://www.thehindu.com/todays-paper/tp-national/demonetisation-effects-will-last-long/article17370434.ece Demonetisation effects will last long 26 February 2017 The Hindu 26 February 2017 enhttps://www.thehindu.com/news/national/Amartya-Sen-terms-demonetisation-a-despotic-action/article16730675.ece Amartya Sen terms demonetisation a despotic action PTI The Hindu https://web.archive.org/web/20251020160301/https://www.thehindu.com/news/national/Amartya-Sen-terms-demonetisation-a-despotic-action/article60594816.ece 20 October 2025 30 November 2016https://www.india.com/news/india/amartya-sen-criticises-demonetisation-drive-says-narendra-modi-declared-all-indians-crook-1665167/ Amartya Sen criticises demonetisation drive, says Narendra Modi declared all Indians 'crook' india.com https://web.archive.org/web/20260606124711/https://www.india.com/news/india/amartya-sen-criticises-demonetisation-drive-says-narendra-modi-declared-all-indians-crook-1665167/ 6 June 2026 26 November 2016 Former senior vice-president and chief economist of the World Bank Kaushik Basu, called it a "major mistake" and said that the "damage" is likely to be much greater than any possible benefits.https://www.business-standard.com/article/economy-policy/demonetisation-damage-greater-than-its-benefits-says-kaushik-basu-116111101733_1.html Demonetisation damage greater than its benefits, says Kaushik Basu Business Standard 12 November 2016 12 November 2016 Roychoudhury Arup PTI https://economictimes.indiatimes.com/news/economy/policy/gst-good-economics-demonetisation-is-not-kaushik-basu/articleshow/55375545.cms GST good economics; demonetisation is not: Kaushik Basu The Economic Times 11 November 2016 12 November 2016https://www.nytimes.com/2016/11/27/opinion/in-india-black-money-makes-for-bad-policy.html In India, Black Money Makes for Bad Policy 27 November 2016 The New York Times Basu Kaushik Pronab Sen, former Chief Statistician and Planning Commission of India member, called it a "hollow move" since it did not really address any of the purported goals of tackling black money or fake currency.https://www.livemint.com/Opinion/uzvIE84KGXy1xvp06pTazM/Demonetization-is-a-hollow-move.html Demonetization is a hollow move mint https://web.archive.org/web/20250804173726/https://www.livemint.com/Opinion/uzvIE84KGXy1xvp06pTazM/Demonetization-is-a-hollow-move.html 4 August 2025 Pronab Sen 14 November 2016 Prabhat Patnaik, a former professor of economics at the Jawaharlal Nehru University, Delhi called the move 'witless' and 'anti-people'. He criticised the assumption that black money was "a hoard of cash", saying that it would have little effect in eliminating "black activities" and would "caus[e] much hardship to common people."Patnaik Prabhat Demonetization: Witless and Anti-People https://www.thecitizen.in/index.php/NewsDetail/index/1/9151/Demonetization-Witless-and-Anti-People 13 November 2016 The Citizen 9 November 2016 19 November 2016 https://web.archive.org/web/20161119141220/https://www.thecitizen.in/index.php/NewsDetail/index/1/9151/Demonetization-Witless-and-Anti-People dead Columbia University economist Jagdish Bhagwati, however, praised the demonetisation, calling it "a courageous and substantive economic reform that, despite the significant transition costs, has the potential to generate large future benefits."https://timesofindia.indiatimes.com/blogs/toi-edit-page/war-on-black-money-demonetisation-is-a-courageous-reform-that-will-bring-substantive-benefits/ War on black money: Demonetisation is a courageous reform that will bring substantive benefits The Indian Express 14 December 2016 31 October 2022 Nobel laureate Richard Thaler, initially, praised the demonetisation of larger currency notes as "a policy I have long supported, First step towards cashless and good start on reducing corruption.", but was befuddled with the introduction of even bigger Rs.2000 banknote later on.https://www.businesstoday.in/latest/economy-politics/story/nobel-prize-economics-winner-richard-thaler-pm-narendra-modi-demonetisation-rs2000-92073-2017-10-10 Nobel winner Richar Thaler applauded PM Narendra Modi's demonetisation; did not favour Rs 2000 note 10 October 2017 Business Today Economist and journalist T. N. Ninan wrote in the Business Standard that demonetisation 'looks like a bad idea, badly executed on the basis of some half-baked notions'.https://www.business-standard.com/article/opinion/t-n-ninan-four-weeks-later-116120201131_1.html T N Ninan: Four weeks later T. N. Ninan 2 December 2016 Business Standard Business Standard India Steve Forbes described the move as "sickening and immoral."https://www.forbes.com/sites/steveforbes/2016/12/22/what-india-has-done-to-its-money-is-sickening-and-immoral/ What India Has Done To Its Money Is Sickening And Immoral Steve Forbes Forbes Forbes wrote that "[w]hat India has done is commit a massive theft of people's property without even the pretense of due process—a shocking move for a democratically elected government." Nobel laureate Paul Krugman opined that it was difficult to see gains from demonetisation, while there might be significant costs to it.https://www.hindustantimes.com/india-news/htls-2016-demonetisation-gains-uncertain-says-noble-laureate-paul-krugman/story-dFszJMERsydirqemQXcZ7L.html HTLS 2016: Demonetisation gains uncertain, says Nobel laureate Paul Krugman 2 December 2016 Economic analyst Vivek Kaul stated in a BBC article that "demonetisation had been a failure of epic proportions."https://www.bbc.com/news/world-asia-india-41100613 India rupee: Illegal cash crackdown failed – bank report 30 August 2017 31 August 2017 BBC News Jayati Ghosh, C. P. Chandrasekhar and Prabhat Patnaik wrote that demonetisation was unnecessary and unsuccessful, while it damaged the economy and adversely affected the lives and rights of the Indian people.Ghosh Jayati Chandrasekhar C. P. Patnaik Prabhat Demonetisation Decoded: A Critique of India's Currency Experiment 16 March 2017 Taylor & Francis 978-1-351-66401-1 https://books.google.com/books?id=whRdDgAAQBAJ 24 October 2023 en Reactions of industrialists The decision met with mixed initial reactions. Several bankers like Arundhati Bhattacharya (Former Chairperson of State Bank of India) and Chanda Kochhar (MD & CEO of ICICI Bank) favored the demonetisation in order to curb black money.https://indianexpress.com/article/business/economy/narendra-modi-rs-500-1000-sbi-arundhati-bhattacharya-icici-chanda-kochhar-here-is-how-india-inc-reacted-4364818/ Govt demonitises Rs 500, 1000 notes: Here is how India Inc reacted The Indian Express 8 November 2016 9 November 2016 Businessmen Anand Mahindra (Mahindra Group), Sajjan Jindal (JSW Group), Kunal Bahl (Snapdeal and FreeCharge) also supported the move, adding that it would also accelerate e-commerce. Infosys founder N. R. Narayana Murthy praised the move.https://economictimes.indiatimes.com/news/politics-and-nation/demonetisation-we-should-all-be-celebrating-says-narayana-murthy/articleshow/55357977.cms Demonetisation: We should all be celebrating, says Narayana Murthy The Economic Times 10 November 2016 https://indianexpress.com/article/business/banking-and-finance/move-to-withdraw-rs-500-1000-notes-master-stroke-narayana-murthy-4365782/ Move to withdraw Rs 500, 1,000 notes masterstroke Narayana Murthy 9 November 2016 Deepak Parekh (Chairman of HDFC) had initially appreciated the decision of demonetisation, but later said that the move had derailed the economy, and expressed skepticism about its outcome.https://www.financialexpress.com/economy/hdfc-chairman-deepak-parekh-hits-out-at-demonetisation-drive-says-it-derailed-economy/467791/ HDFC Chairman Deepak Parekh hits out at demonetisation drive, says it derailed economy 8 December 2016https://www.firstpost.com/business/hdfcs-deepak-parekh-says-economy-has-derailed-in-short-term-due-to-demonetisation-3145486.html HDFC's Deepak Parekh says economy has derailed in short term due to demonetisation 8 December 2016 Industrialist Rajiv Bajaj criticised demonetisation, saying that not just the execution, but the concept of demonetisation was wrong in itself.https://indianexpress.com/article/business/economy/demonetisation-idea-wrong-dont-blame-its-execution-rajiv-bajaj-4529180/ Demonetisation idea wrong, don't blame its execution: Rajiv Bajaj 17 February 2017 Political reactions Indian National Congress spokesperson Randeep Surjewala welcomed the move but remained skeptical on the consequences that would follow.https://www.india.com/news/india/rs-500-1000-currency-notes-banned-congress-raises-questions-against-narendra-modi-govts-shocking-move-1636286/ Rs 500 & 1000 currency notes banned: Congress raises questions against Narendra Modi govt's shocking move India.com 8 November 2016 9 November 2016 Chief Minister of Bihar Nitish Kumar supported the move.https://www.thehindu.com/news/national/nitish-backs-modi-on-demonetisation/article9323442.ece Nitish welcomes demonetisation move 9 November 2016 The Hindu The demonetisation also got support from the then Chief Minister of Andhra Pradesh Nara Chandrababu Naidu.https://www.thehindu.com/news/national/demonitisation-of-rs-500-rs-1000-notes-naidu-had-inkling-of-the-ban/article9320914.ece Demonetisation of Rs. 500, Rs. 1000 notes: Naidu had inkling of the ban? K. Venkateshwarlu 9 November 2016 The Hinduhttps://www.business-standard.com/article/economy-policy/andhra-cm-naidu-asked-for-demonitisation-of-rs-500-rs-1-000-notes-in-october-116110900626_1.html Andhra CM Naidu asked for demonetisation of Rs 500, Rs 1,000 notes in October 9 November 2016 Business Standard Business Standard https://www.newindianexpress.com/states/andhra-pradesh/2016/nov/08/chandrababu-naidu-welcomes-demonetisation-move-1536401.html Chandrababu Naidu welcomes demonetisation move The New Indian Express 8 November 2016 Former Chief Election Commissioner of India S. Y. Quraishi said demonetisation could lead to long term electoral reforms.https://www.hindustantimes.com/analysis/demonetisation-could-lead-to-long-pending-electoral-reforms/story-tXYgT7hw6Q3TQUbPuIUucO.html Demonetisation could lead to long-pending electoral reforms 11 November 2016 Indian social activist Anna Hazare hailed demonetisation as a "revolutionary step".https://indianexpress.com/article/india/india-news-india/demonitisation-a-revolutionary-step-to-fight-corruption-anna-hazare-4367070/ Demonetisation a revolutionary step to fight corruption: Anna Hazare 10 November 2016 Former President of India Pranab Mukherjee welcomed the demonetisation move by calling it a "bold step".https://www.thehindu.com/news/national/demonetisation-of-rs-500-rs-1000-notes-a-bold-step-says-pranab-mukherjee/article9320915.ece A bold step, says Pranab Mukherjee 9 November 2016 The Hindu Chief Ministers of several Indian states like Mamata Banerjee,https://www.ndtv.com/india-news/one-month-of-pain-and-harrassment-pm-must-clarify-mamata-banerjee-1635504 One Month Of Pain And Harassment, PM Must Clarify: Mamata Banerjee NDTV.com Arvind Kejriwalhttps://www.business-standard.com/article/news-ani/demonetization-is-nothing-but-a-big-bjp-scam-kejriwal-116111200849_1.html Demonetization is nothing but a big BJP scam: Kejriwal ANI 12 November 2016 Business Standard and Pinarayi Vijayanhttps://www.dnaindia.com/india/report-kerala-cm-pinarayi-vijayan-ministers-on-dharna-say-demonetisation-destroying-cooperative-sector-2274629 Kerala CM Pinarayi Vijayan, ministers stage dharna outside RBI office – Latest News & Updates at Daily News & Analysis 18 November 2016 have criticised and led major protests against the decision in their states and in parliament. Initially, the move to demonetise and try to hinder black money was appreciated, but the manner in which it was carried out by causing hardships to common people was criticised.https://www.bloombergquint.com/opinion/2016/11/11/dear-pm-modi-demonetisation-brahmastra-could-have-spared-the-poor Dear PM Modi, Demonetisation 'Brahmastra' Could Have Spared The Poor 8 November 2016 Bloomberg Quint Raghav Bahl 12 November 2016 A Parliamentary panel report in April 2017 stated that rural households and "honest taxpayers" were the worst hit by demonetisation.https://www.moneycontrol.com/news/business/economy/honest-taxpayers-rural-household-hardest-hit-due-to-demonetisation-parliamentary-panel-2256385.html Honest taxpayers, rural household hardest hit due to demonetisation: Parliamentary Panel 11 April 2017 Moneycontrol.com 25 April 2017 It said that it was not just the poor that suffered, but the manufacturing sector was impacted too.https://www.financialexpress.com/india-news/demonetisation-rural-household-honest-taxpayers-worst-due-to-the-step-says-parliamentary-committee/623835/ Demonetisation: Rural household, honest taxpayers worst due to the step, says Parliamentary committee Jjayesh Shanrilal 11 April 2017 The Financial Express 25 April 2017 According to the panel, demonetisation created significant disruption throughout economy, because it was carried out without prior study or research.https://www.newindianexpress.com/business/demonetisation/2017/apr/10/demonetisation-created-significant-disruption-throughout-economy-parliamentary-panel-1592129.html Demonetisation created significant disruption throughout economy: Panel 10 April 2017 The New Indian Express 25 April 2017https://164.100.47.5/committee_web/ReportFile/12/96/233_2018_6_15.pdf Committee report An Indian National Congress led opposition which includes 13 political parties, opposed the government on the issue of demonetisation in the Winter Session of the Indian Parliament.https://www.dnaindia.com/india/report-demonetization-debate-likely-to-hot-up-winter-session-didi-to-knock-on-president-s-door-2273770 Debate on demonetisation, in winter session DNA India.com 15 November 2016https://www.business-standard.com/article/current-affairs/winter-session-oppn-to-target-govt-on-demonetisation-orop-gst-116111401558_1.html Opposition to target government on demonetisation Business Standard 15 November 2016https://economictimes.indiatimes.com/news/politics-and-nation/opposition-parties-agree-to-raise-notes-issue-in-session/articleshow/55424453.cms Parties agree to raise notes issue in session The Economic Times 15 November 2016 On 16 November 2016, Mamata Banerjee led a delegation comprising political parties of Trinamool Congress, Aam Aadmi Party, BJP ally Shiv Sena and National Conference to Rashtrapati Bhawan to protest against the demonetisation. A memorandum was submitted to the President of India Pranab Mukherjee demanding rollback of the decision.https://indianexpress.com/article/india/india-news-india/demonetisation-of-rs-500-rs-1000-notes-mamata-banerjee-leads-protest-march-to-rashtrapati-bhavan-4379517/ Demonetisation of Rs 500, Rs 1000 notes: Mamata Banerjee leads protest march to Rashtrapati Bhavan The Indian Express 17 November 2016 16 November 2016https://www.aljazeera.com/news/2016/11/india-demonetisation-takes-toll-poor-161116172745225.html India: Demonetisation takes its toll on the poor 16 November 2016 Al Jazeera 17 November 2016 Prem Chand Gupta, a member of the Rashtriya Janata Dal, questioned a statement of Modi from the unscheduled TV broadcast on 8 November, "If it was planned 10 months ago, how did RBI Governor Urjit Patel sign on new note?". Praful Patel, a member of the Nationalist Congress Party, stated that "the government was not even prepared to recalibrate the ATMs while announcing the move. People's suffering are unimaginable. Nobody is questioning the government's intention, but you are unprepared to execute the move". Later, the former Chief Minister of Uttar Pradesh Mayawati called the situation "a financial emergency", saying, "It looks as if Bharat has shut down." Also, Sitaram Yechury from the Communist Party of India, questioned the government on the demonetisation move by stating "only 6% of black money in India is in cash to drive his point that demonetisation won't curb illicit wealth."https://www.thehindu.com/news/national/live-parliament-proceedings-november-16-2016/article9351846.ece As it happened: Parliament proceedings — November 16, 2016 The Hindu 16 November 2016 16 November 2016 On 17 November 2016, Chief Minister of Delhi Arvind Kejriwal and his West Bengal counterpart Mamata Banerjee led a rally against demonetisation at Azadpur Mandi, the biggest vegetable and fruits wholesale market in New Delhi.https://www.hindustantimes.com/india-news/live-kejriwal-mamata-protest-against-demonetisation-at-azadpur-market/story-9s1OoTJ1XgN6fFXSD6x36I.html Resolve cash crunch in 3 days or face rebellion: Mamata, Kejriwal to Govt Hindustan Times 17 November 2016 17 November 2016 On 24 November 2016, former prime minister Manmohan Singh said "this scheme will hurt small industries, the farming sector. The GDP can decline by about 3 percent due to this move". He called the demonetisation an "organised loot, legalised plunder of the common people".https://economictimes.indiatimes.com/news/politics-and-nation/is-modi-proving-manmohan-singh-right-with-slew-of-u-turns-on-cash-ban/articleshow/55632062.cms Is Modi proving Manmohan Singh right with slew of U-turns on cash ban? The Economic Times 26 November 2016https://www.thehindu.com/news/national/Both-Houses-adjourned-PM-absent/article16692735.ece Parliament Proceedings – Both Houses adjourned; PM absent 24 November 2016 The Hindu 24 November 2016 Vasudeva Vikas Pathak Vikas Strikes were organised across India. Opposition parties like the Indian National Congress, Bahujan Samaj Party, Trinamool Congress,https://www.ndtv.com/india-news/oppositions-countrywide-protest-over-notes-ban-on-monday-next-1629159?site=full Oppositions will protest 23 November 2016 ndtv.com DMK, JD(U), AIADMK, Nationalist Congress Party, Left, Rashtriya Janata Dal and the Samajwadi Partyhttps://www.hindustantimes.com/india-news/demonetisation-drive-opposition-to-observe-aakrosh-diwas-on-nov-28/story-KZ9hMDXjWeXpg3n1z4ZFwN.html Akrosh Diwas 23 November 2016 Hindustan times decided to observe 'Akrosh Diwas' as, a protest campaign day on 28 November https://www.telegraphindia.com/1161124/jsp/nation/story_121022.jsp https://web.archive.org/web/20161124154609/http://www.telegraphindia.com/1161124/jsp/nation/story_121022.jsp dead 24 November 2016 Opposition stands together 23 November 2016 Telegraph India, Calcuttahttps://indianexpress.com/article/india/politics/demonetisation-cpim-to-observe-november-28-as-akrosh-diwas-4391889/ CPI(M), 28 November as Akrosh Diwas 23 November 2016 Indian Express and launch protests in front of banks, demanding that money be returned to people.https://www.hindustantimes.com/india-news/pm-modi-attends-lok-sabha-but-no-progress-in-demonetisation-debate-with-oppn/story-kqCXDAyBe30aWZIlYhZOaO.html November 28, Akrosh Diwas by opposition 23 November 2016 Hindustan Times In the state of Bihar, 15 trains were blocked and stranded, while the states of West Bengal, Maharashtra and Uttar Pradesh saw protest marches and rallies led by opposition parties.https://www.hindustantimes.com/india-news/live-opposition-protests-over-demonetisation-today-parties-divided-over-bandh/story-gSNK8OiyW2oy6VMumKOjVN.html As it happened: Bharat Bandh affects some states, business as usual in others Hindustan Times 28 November 2016 28 November 2016 In the state of Kerala, shops and business establishments were shut, with schools and colleges closed throughout the state, while movements of private vehicles were also disrupted in Northern Kerala. Former Indian Chief Election Commissioner, O. P. Rawat stated that 'the note ban had absolutely no impact on black money', and that record amounts of money had been seized in polls held after demonetisation.https://indianexpress.com/article/india/op-rawat-cec-note-ban-black-money-polls-assembly-elections-mizoram-5474369/ OP Rawat: 'Note ban had absolutely no impact on black money. During polls we seized a record amount' 2 December 2018 International reactions By and large, initial international response was positive which saw the move as a bold crackdown on corruption. The International Monetary Fund's spokesperson Gerry Rice told that it supported the efforts to fight corruption and illegal finances but cautioned about the disruptions.https://www.business-standard.com/article/news-ani/imf-supports-pm-modi-s-demonetization-move-in-fight-against-corruption-116111100142_1.html Support by IMF 11 November 2016 Business Standard Chinese state media Global Times praised the move as a "fierce fight against black money and corruption."https://www.thehindu.com/news/national/china-state-media-praises-modi-but-says-he/article9343797.ece State media praises Modi, but says he can learn from China's crusade against corruption Atul Aneja 14 November 2016 The Hindu Former Prime Minister of Finland and vice-president of European Commission Jyrki Katainen welcomed the demonetisation move stressing that bringing transparency will strengthen the Indian economy.https://economictimes.indiatimes.com/news/economy/policy/indias-crackdown-on-black-money-to-help-financial-system-eu/articleshow/55399290.cms European Union welcomes India's step on demonetisation The Economic Times 13 November 2016 https://www.news18.com/news/business/indias-crackdown-on-black-money-will-help-financial-system-european-union-1311545.html India's Crackdown on Black Money Will Help Financial System: European Union 13 November 2016 BBC's South Asia Correspondent Justin Rowlatt in his article praised the move for its secrecy.https://www.bbc.com/news/world-asia-india-37974423 Why India wiped out 86% of its cash overnight Justin Rowlatt 14 November 2016 bbc.com Tim Worstall wrote in Forbes that demonetisation was having positive macroeconomic effects.https://www.forbes.com/sites/timworstall/2016/11/17/indias-rs-500-and-1000-demonetisation-is-lowering-interest-rates-and-also-inflation/ India's Rs 500 And 1,000 Demonetization Is Lowering Interest Rates And Also Inflation Tim Worstall Forbes 24 November 2016 Swedish Minister of Enterprise Mikael Damberg supported the move by calling it a bold decision.https://www.thehindu.com/opinion/interview/interview-with-mikael-damberg/article9340999.ece?w=alauto Swedish ICT sector wouldn't have been so successful without Indian help Arun S 13 November 2016 The Hindu The demonetisation also came in for sharp criticism from media outside India,Modi's demonetisation move a reckless bungle: Foreign media https://timesofindia.indiatimes.com/india/modis-demonetisation-move-a-reckless-bungle-foreign-media/articleshow/56210502.cms The Times of India 28 December 2016https://www.thecitizen.in/index.php/OldNewsPage/?Id=9260 "Worst Mistake of PM Modi's Career": World Media and Economists Decry Demonetisation "Havoc" in India Gayeti Singh 23 November 2016 The Citizen https://web.archive.org/web/20170116192244/https://www.thecitizen.in/index.php/OldNewsPage/?Id=9260 16 January 2017 with The New York Times saying that the demonetisation was "atrociously planned" and that it did not appear to have combatted black money,https://www.indiatoday.in/india/story/demonetisation-atrociously-planned-and-executed-nyt-954288-2017-01-10 Demonetisation atrociously planned, little evidence it combatted black money: New York Times India Today 10 January 2017 http://indianexpress.com/article/india/indians-suffering-after-atrociously-planned-note-ban-nyt-4468403/ Little evidence that demonetisation has succeeded in combating corruption: New York Times 10 January 2017 while an article in The Guardian stated that "Modi has brought havoc to India". The Harvard Business Review called it "a case study in poor policy and even poorer execution".https://hbr.org/2016/12/indias-botched-war-on-cash India's Botched War on Cash Harvard Business Review 14 December 2016 Chakravorti Bhaskar The frequent change in the narrative on objectives of the demonetisation to its visible impact on the poorest of the poor made other critiques calling the government's narrative as spins in view of the "pointless suffering on India's poorest."https://theconversation.com/modis-bank-note-ban-has-inflicted-pointless-suffering-on-indias-poorest-69157 Modi's bank note ban has inflicted pointless suffering on India's poorest Ranjit Goswami 25 November 2016 25 January 2017 The Conversation Political impact Akshay Mangala, an assistant professor at Harvard Business School, called the move "the politics of visible disruption". He noted that the people might attribute the implementation shortcomings to institutional weakness while the government could take credit for its attempt to curb the black money. He also noted that it may result in the public opinion in favour of the government which is led by the BJP if the opposition parties, led by the INC, fail to form the countervailing narrative.https://casi.sas.upenn.edu/iit/amangla Demonetization: The Politics of Visible Disruption Mangala Akshay 30 January 2017 Center for the Advanced Study of India (CASI), University of Pennsylvania 3 November 2018 en Massachusetts Institute of Technology associated academics Abhijit Banerjee and Namrata Kala also opined the same. The BJP and its allies formed the government in six out of seven state legislative assemblies which went to the elections in 2017, including the most populous state, Uttar Pradesh.https://www.hindustantimes.com/india-news/assembly-elections-2017-demonetisation-pays-rich-dividends-to-modi/story-WrAyZ648Va8jTl9aDSFsZJ.html Assembly elections 2017: Modi loses no money in demonetisation gamble Murty B Vijay 11 March 2017 Hindustan Times 3 November 2018 enhttps://www.livemint.com/Opinion/9GDh3bof2x0wASY1avlbAK/The-BJPs-UP-surge-Didnt-demonetisation-matter.html The BJP's UP surge: Didn't demonetisation matter? Sukumar R. 11 March 2017 Live Mint 3 November 2018 BJP improved its performance in Uttarakhandhttps://www.hindustantimes.com/assembly-elections/assembly-elections-how-the-bjp-won-uttarakhand/story-9SSfVHcgDQvUx3GlLEvbkI.html Assembly elections: How the BJP won Uttarakhand 11 March 2017 Hindustan Times 3 November 2018 en and Himachal Pradesh.https://economictimes.indiatimes.com/news/politics-and-nation/bjp-juggernaut-rolls-on-in-gujarat-tramples-congress-in-himachal-pradesh/articleshow/62118782.cms BJP juggernaut rolls on in Gujarat, tramples Congress in Himachal Pradesh The Economic Times 18 December 2017 In Manipur and Goa, INC secured the plurality while BJP came second and formed the government with the help of its allies.https://timesofindia.indiatimes.com/india/post-poll-alliances-were-preferred-by-governor-in-goa-manipur-and-meghalaya/articleshow/64193358.cms Post-poll alliances were preferred by governor in Goa, Manipur and Meghalaya 16 May 2018 The Times of India 3 November 2018 PTI In Gujarat, BJP worsened its performance but retained the majority.https://www.firstpost.com/politics/bjps-gujarat-win-proves-gst-demonetisation-arent-potent-weapons-congress-needs-new-strategy-to-fight-modi-4265889.html BJP's Gujarat win proves GST, demonetisation aren't potent weapons; Congress needs new strategy to fight Modi Unnikrishnan Dinesh 19 December 2017 FirstPost 3 November 2018https://timesofindia.indiatimes.com/india/bjp-retains-gujarat-tramples-congress-in-himachal-pradesh/articleshow/62121182.cms BJP retains Gujarat, ousts Congress from Himachal Pradesh – Times of India The Times of India 18 December 2017 The BJP and its allies lost to the INC in Punjab.https://www.indiatvnews.com/business/news-demonetisation-litmus-test-for-bjp-one-year-on-can-modi-hold-his-sway-on-the-electorate-410739 Demonetisation a litmus test for BJP: One year on, can Modi hold his sway on the electorate? Peeyush Parimal 7 November 2017 3 November 2018 en-US Long term impact June 2022 According to the RBI, more than 99% of the demonetised banknotes were back with the banks, leading to widespread speculation about the effectiveness of the entire exercise.The Wire: The Wire News India, Latest News, News from India, Politics, External Affairs, Science, Economics, Gender and Culture https://thewire.in/economy/modi-demonetisation-aims-goals 2025-09-21 thewire.in In 2019, India experienced an economic slowdown which was attributed to demonetisation and several other factors.https://economictimes.indiatimes.com/news/economy/indias-economy-slows-stalling-once-thriving-manufacturing/growth-at-5/slideshow/71151545.cms Growth at 5% - India's economy slows, stalling once thriving manufacturing The Economic Times 4 January 2020 11 October 2019 https://web.archive.org/web/20191011030307/https://economictimes.indiatimes.com/news/economy/indias-economy-slows-stalling-once-thriving-manufacturing/growth-at-5/slideshow/71151545.cms dead https://apnews.com/624d7869488e47a39ba7522e464ef6e9 India's economy slows, stalling once thriving manufacturing Associated Press 16 September 2019 During the COVID-19 pandemic, there was an increase in digital payments. May 2023 The general rise in digital payments and cashless transactions has been attributed to the demonetisation. Although data released by RBI in Nov 2021 showed that cash circulation in India has actually increased significantly since demonetisation and demonetisation has not necessarily converted cash users to digital users.https://www.financialexpress.com/money/how-demonetisation-is-helping-india-transact-under-the-shadow-of-covid-19-in-2020/2157129/ How demonetisation is helping India transact under the shadow of Covid-19 in 2020 24 December 2020 Financial Express (India) As of November 2021, further increases in digital payments and bank notes in circulation have been seen.https://www.business-standard.com/article/economy-policy/post-demonetisation-notes-in-circulation-on-rise-so-are-digital-payments-121110700404_1.html Post demonetisation, notes in circulation on rise; so are digital payments Business Standard 7 November 2021 It is reported by media outlets that GDP estimation methodologies have also been changed by the Finance Ministry post-demonetisation, allegedly to make the estimates look more promising.2025-06-19 Why govts revise GDP base year and methodology, why the proposed 2026 revision matters for India's global standing https://indianexpress.com/article/explained/explained-economics/why-govts-revise-gdp-base-year-and-methodology-10060239/ 2025-09-21 The Indian Express en In 2023, the RBI issued orders to restrict and eventually end the supply of ₹2000 bank notes.Staff The Wire 2023-05-19 RBI Asks Banks to Stop Issuing Rs 2,000 Notes With Immediate Effect https://thewire.in/government/rbi-asks-banks-to-stop-issuing-rs-2000-notes-with-immediate-effect 2025-09-21 The Wire en-GB The RBI's official explanation for this decision was that lower denomination notes are in adequate circulation and that these currency notes are not commonly used for transactions.The Wire: The Wire News India, Latest News, News from India, Politics, External Affairs, Science, Economics, Gender and Culture https://thewire.in/economy/rs-2000-rbi-demonetisation 2025-09-21 thewire.in These measures were predicted to unilaterally affect small and medium enterprises,Briefing India India Withdraws the 2000-Rupee Note: September 30 Deadline https://www.india-briefing.com/news/india-withdraws-the-2000-rupee-note-what-are-the-implications-and-why-now-28251.html India Briefing News 8 April 2026 20 May 2023 and the RBI's position has drawn criticism from several independent thinkers.Withdrawal of ₹2,000 Notes: Mistakes Repeated are Costly NewsClick https://www.newsclick.in/withdrawal-rs2000-notes-mistakes-repeated-are-costly 8 April 2026 NewsClick 31 May 2023 enHow the scrapping of 2000-rupee note will affect Indian economy economy? Today News https://www.livemint.com/news/india/what-does-the-decision-to-scrap-2000-rupee-note-means-for-indian-economy-banks-11684563808459.html 8 April 2026 mint 20 May 2023 en In popular culture Puthan Panam, a 2017 film directed by Renjith based on the issue of black money and demonetisation. Sherlock Toms, a 2017 Malayalam film revolves around demonetisation. Aadu 2, a 2017 Malayalam film revolves around demonetisation. Golak Bugni Bank Te Batua, a 2018 Punjabi film also revolves around demonetisation. Chappad Phaad Ke, a 2019 Disney+ Hotstar film revolves around demonetisation Choked, a 2020 Netflix film directed by Anurag Kashyap is set in backdrop of demonetisation. Cash, a 2021 Disney+ Hotstar film Avrodh: The Siege Within 2, a 2022 web series on SonyLIV Dhurandhar: The Revenge, a 2026 Hindi film, the film's sub-plot is based on the same See also Money India Numismatics Indian black money Mahatma Gandhi New Series Income declaration scheme, 2016 Pradhan Mantri Garib Kalyan Yojana References Further reading Sanyal Meera The Big Reverse: How Demonetization Knocked India Out 10 November 2018 Harper Collins 978-93-5302-395-9 https://books.google.com/books?id=a5hyDwAAQBAJ 24 October 2023 en Meera Sanyal External links India discontinues ₹500, ₹1000 denominations; releases ₹2000 and new ₹500 bills What the FAQ just happened! All your questions about Rs 500–1000 notes answered, India Today, 8 November 2016 FAQ answers and Guidelines on Reserve Bank of India Ministry of Finance, Government of India Litvack, L., & Vigne, S. (2017). Demonetisation in India and Emerging Challenges: A Report Delivered to the Department for the Economy, Northern Ireland and the Government of India by Queen's University Belfast and O.P. Jindal Global University. Belfast: Queen's University Belfast. http://pure.qub.ac.uk/portal/files/131517443/Final_report.pdf Category:2016 in Indian economy Category:Anti-corruption measures in India Category:Banknotes of India Category:Modern obsolete currencies Category:History of money Category:Modi administration initiatives Category:Monetary reform Category:Political scandals in India Category:Scandals in India Category:Corruption in India Category:Political corruption in India Category:Controversies in India