Economics project 2 demonetisation in india
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Demonetisation in india:-
The plan to demonetise the ₹500 and ₹1,000 banknotes was initiated between six and ten months before it was announced, and was kept confidential. In April 2016, a report by the State Bank of India analysed possible strategies and effects of demonetisation.In May 2016, the Reserve Bank of India had started preparing for new banknotes and confirmed the design of ₹2,000 banknotes in August 2016. The printing of new banknotes started in October when the news stories of forthcoming new banknotes appeared in the media. On 27 October 2016, the Hindi daily Dainik Jagran published a report quoting RBI sources speaking of the forthcoming of ₹2,000 banknotes alongside withdrawal of ₹500 and ₹1,000 banknotes. On 21 October 2016, The Hindu Business Line had also published a report on forthcoming ₹2,000 banknote.
In November 2016, the Government of India announced the demonetization of all ₹500 and ₹1,000 banknotes of the Mahatma Gandhi Series. It also announced the issuance of new ₹500 and ₹2,000 banknotes in exchange for the demonetised banknotes.The Prime minister of India Narendra Modi claimed that the action would curtail the shadow economy and reduce the use of illicit and counterfeit cash to fund illegal activity and terrorism