-MoneyControl.com The Narendra Modi government expected demonetisation to extinguish at least Rs 3-4 lakh crore of black money. However, RBI data show that 99% of the money that was invalidated came into the banking system. Meanwhile fresh seizures of black money continue. On November 8, 2016, Prime Minister Narendra Modi appeared on national television and said that all Rs 500 and Rs 1,000 notes would become invalid at midnight. The announcement at...

-National Herald Five years after the disastrous demonetisation, the Prime Minister and his Finance Minister—even the fawning media— no longer speak of the ‘demonetisation Dividend’. There has been none Two years back, on November 8, at around 8.30 pm, the Prime Minister of India, with his characteristic love for drama, unleashed on the country what he had then claimed was the one silver bullet which would eliminate the triple evils of black...

-Hindustan Times While demonetisation was subsequently described as a policy boost to promoting digital payments, the original policy had very different stated targets. November 8, 2021 marks five years of demonetisation in India. On this day in 2016, in a televised address at 8 pm, Prime Minister Narendra Modi declared that currency notes of ₹500 and ₹1000 -- these two denominations were 86% of the currency in circulation at the time in...

-Scroll.in The shock move devastated India’s informal economy. Many small businesses never recovered, as a supply chain at the intersection of diamonds and plastic shows. Up till 8.30 pm on the night of November 8, 2016, Muniram Yadav was blissfully unaware of the announcement that had shaken the country just thirty minutes before. He was engrossed in work, in a tiny workshop in Mumbai’s Sakinaka suburb, supervising four labourers as they carried...

-BusinessToday.in Two years prior to demonetisation, the currency, as well as the nominal growth in the economy, was in the range of 10-12 per cent. But in the last two years, currency in circulation has grown by 14-16 per cent whereas the nominal GDP growth has been lower. Five years after demonetisation, the cash in the system is back at a much higher level. The government had demonetised the high-value notes of...