Has demonetization and goods and service tax brought financial reform in the country?
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In the most surprising and unspeculated move of 2016, Prime Minister Narendra Modi on November 8 announced the decision to withdraw Rs 500 and Rs 1,000 bank notes in a bid to crack down on black money.
The government issued new Rs 500 and introduced Rs 2,000 note as replacement.
In the following weeks RBI introduced several rules in relation to withdrawal limit, deposits and exchange. Countless black money was retrieved, raids were conducted and even national banks were scrutinised.
It has been the boldest reform and the government claims that it definitely will bring long-term benefits at the cost of short-term setbacks.
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