Single biggest economic reform since independence brought by Narendra Modi government against black money and corruption
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On 8th November 2016, our honourable Prime Minister took a historic step by banning all the Rs. 500 and Rs. 1000 bank notes under the old Mahatma Gandhi series.
The old notes were exchanged till 30th December, 2016 under the guidelines of RBI.
Withdrawals were restricted and daily limits of ATM transactions were reduced.
In spite of huge claims by the government, demonetization failed to curb black money and corruption according to several economists and sociologists.
Before the single biggest economic reform came into being the issues on corruption and black money had widely invaded the Indian economy, most of the people with financial power wanted to increase their muscles powers to corrupt and blackmail individuals for their own financial interests. The single economic reform brought things into the light which brought corruption and black money to a dead end.