2016 Indian banknote demonetisation - Wikipedia 2016 Indian banknote demonetisation This article is about the 2016 decision to demonetise 500 - and 1000 - rupee banknotes. It is not to be confused with The High Denomination Bank Notes ( Demonetisation ) Act, 1978. This article may contain an excessive amount of intricate detail that may only interest a specific audience. Please help by spinning off or relocating any relevant information, and removing excessive detail that may be against Wikipedia 's inclusion policy. ( December 2016 ) 2016 Indian banknote demonetisation Queues outside a bank to exchange ₹ 500 and ₹ 1000 banknotes in Bidhannagar, Kolkata Date 8 November 2016 Time 20 : 15 IST ( 14 : 45 UTC ) Location India Casualties Independent stats : 100 dead as of 8 December 2016 This article is part of a series about Narendra Modi Early life and education Public image Bibliography Early political career Gujarat Legislative Assembly 2002 2007 2012 Prime Minister of India Campaign Achhe din aane waale hain Swearing - in Council of Ministers Timeline Mann Ki Baat International trips Premiership National policy Union budgets 2014 2015 2016 Railway budgets 2014 2015 2016 Social / Rural Schemes Antyodaya Beti Bachao, Beti Padhao Sukanya Samriddhi Ujjwala OROP Housing for All Adarsh Gram Yojana Gram Jyoti Soil health cards UDAY Krishi Sinchai Jeevan Pramaan DELP HRIDAY Economy / Financial Reforms Atal Pension Yojana 2016 banknote demonetisation Expenditure management commission Income declaration scheme, 2016 Garib Kalyan Yojana JAM Yojana Jan Dhan Yojana Jeevan Jyoti Mudra Yojana New Notes Suraksha Bima Projects Bharatmala Diamond Quadrilateral Bullet Train Sagar Mala Setu Bharatam National Agriculture Market Campaigns Accessible India Digital India Make in India Swachh Bharat Skill India Standup India Startup India Unnat Bharat Abhiyan Missions AMRUT Smart cities TB - Mission 2020 Mission Indradhanush Establishments NITI Aayog Statue of Unity War Memorial MUDRA Bank Laws Aadhaar Act Black Money Act GST Constitutional amendment Mines Act National Waterways Act Real Estate Act Road Transport and Safety Bill Securities Laws Act Operation Raahat Foreign policy Policies Asian South Asian Middle Eastern Neighbourhood first Act East policy India -- Pacific Islands Forum Yoga Day New Development Bank Solar alliance SAARC Satellite World Hindi Secretariat BRICS BIMSTEC Controversies 2002 Gujarat riots On 8 November 2016, the Government of India announced the demonetisation, commonly called notebandi, of all ₹ 500 ( US $7.80 ) and ₹ 1,000 ( US $16 ) banknotes of the Mahatma Gandhi Series. The government claimed that the action would curtail the shadow economy and crack down on the use of illicit and counterfeit cash to fund illegal activity and terrorism. The sudden nature of the announcement -- and the prolonged cash shortages in the weeks that followed -- created significant disruption throughout the economy, threatening economic output. Prime Minister of India Narendra Modi announced the demonetisation in an unscheduled live televised address at 20 : 00 Indian Standard Time ( IST ) on 8 November. In the announcement, Modi declared that use of all ₹ 500 and ₹ 1000 banknotes of the Mahatma Gandhi Series would be invalid past midnight, and announced the issuance of new ₹ 500 and ₹ 2000 banknotes of the Mahatma Gandhi New Series in exchange for the old banknotes. The BSE SENSEX and NIFTY 50 stock indices fell over 6 percent on the day after the announcement. In the days following the demonetisation, the country faced severe cash shortages with severe detrimental effects across the economy. People seeking to exchange their bank notes had to stand in lengthy queues, and several deaths were linked to the rush to exchange cash. Initially, the move received support from several bankers as well as from some international commentators. The move has also been 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. The move is considered to have reduced the country 's GDP and industrial production. By the end of August 2017, 99 % of the banned currency was deposited in banks, leaving only around ₹ 14,000 crore of the total demonetised currency discarded. Contents 1 Background 2 Procedure 2.1 Televised address 2.2 Government ordinance 2.3 Exchange of old notes 2.3. 1 Facts and figures 2.4 Withdrawal limits 2.4. 1 Exceptions 3 Prior leakage of information 3.1 Allegations and claims 3.2 April fools joke 4 Black money 5 Reactions 5.1 Support 5.2 Criticism 5.3 Opposition 5.3. 1 Strikes 6 Effects 6.1 Banking 6.2 Human trafficking 6.3 Radical groups 6.4 Hawala 6.5 Railways 6.6 Cash shortage 6.7 Deaths 6.8 Stock market decline 6.9 Transportation disruption 6.10 Agriculture 6.11 Business 6.12 Digital transactions 6.12. 1 Cashless Economy 6.13 GDP growth 6.13. 1 Forecasts 6.13. 2 Results 6.14 Drop in industrial output 6.15 Job losses 6.16 Income tax filing increase 6.17 Municipal and local tax payments 6.18 People left with old notes 6.19 RBI dividend decline 7 Evasion attempts 7.1 Gold purchases 7.2 Donations in temples 7.3 Multiple bank transactions 7.4 Railway bookings 7.5 Backdated accounting 7.6 Demonetisation violations 8 Income tax raids and cash seizures 8.1 Seizures of ₹ 2000 notes 9 See also 10 References 11 External links Background The Indian government had demonetised bank notes on two prior occasions -- once in 1946 and then in 1978 -- and in both cases, the goal was to combat tax evasion by `` black money '' held outside the formal economic system. In 1946, the pre-independence government hoped demonetisation would penalise Indian businesses that were concealing the fortunes amassed supplying the Allies in World War II. In 1978, the Janata Party coalition government demonetised banknotes of 1000, 5000 and 10,000 rupees, again in the hopes of curbing counterfeit money and black money. In 2012, the Central Board of Direct Taxes had recommended against demonetisation, saying in a report that `` demonetisation may not be a solution for tackling black money or economy, which is largely held in the form of benami properties, bullion and jewellery. '' 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. On 28 October 2016 the total banknotes in circulation in India was ₹ 17.77 trillion ( US $280 billion ). In terms of value, the annual report of Reserve Bank of India ( RBI ) of 31 March 2016 stated that total bank notes in circulation valued to ₹ 16.42 trillion ( US $260 billion ) of which nearly 86 % ( around ₹ 14.18 trillion ( US $220 billion ) ) were ₹ 500 and ₹ 1,000 banknotes. In terms of volume, the report stated that 24 % ( around 22.03 billion ) of the total 9026.6 crore ( 90.26 billion ) banknotes were in circulation. In the past, the Bharatiya Janata Party ( BJP ) had opposed demonetisation. BJP spokesperson Meenakshi Lekhi had said in 2014 that `` The aam aurats and the aadmis ( general population ), those who are illiterate and have no access to banking facilities, will be the ones to be hit by such diversionary measures. '' In June, the Government of India had devised the Income Declaration Scheme, that lasted till 30 September 2016, providing an opportunity to citizens holding black money and undeclared assets to avoid litigation and come clean by declaring their assets, paying the tax on them and a penalty of 45 % thereafter. Procedure The plan to demonetise the rupee 500 and rupee 1000 bank notes began six to ten months prior, and was kept highly confidential with only about ten people aware of it completely. The logistical processes and preparations for printing the new rupee 500 and rupee 2000 bank notes began in early - May. The cabinet was informed about the demonetisation on 8 November 2016 in a meeting called by the Prime Minister of India Narendra Modi which was followed by Modi 's public announcement about the demonetisation in a televised address. Televised address On 8 November 2016, Prime Minister of India Narendra Modi announced the demonetisation in an unscheduled live televised address to the nation at 20 : 15 IST. In the announcement, Modi declared circulation of all ₹ 500 and ₹ 1,000 banknotes of the Mahatma Gandhi Series as invalid effective from the midnight of the same day, and announced the issuance of new ₹ 500 and ₹ 2,000 banknotes of the Mahatma Gandhi New Series in exchange for the old notes. After Modi 's announcement, the Governor of the Reserve Bank of India, Urjit Patel, and Economic Affairs secretary, Shaktikanta Das explained in a press conference that one purpose of the action was to fight terrorism funded by counterfeit notes. While the supply of notes of all denominations had increased by 40 percent between 2011 and 2016, the ₹ 500 and ₹ 1,000 banknotes increased by 76 percent and 109 percent, respectively, owing to forgery. They said that forged cash was used to fund terrorist activities against India and that the demonetisation had a counter-terrorism purpose. Patel also informed that the decision had been made about six months ago, and the printing of new banknotes of denomination ₹ 500 and ₹ 2,000 had already started. However, only the top members of the government, security agencies and the central bank were aware of the move. But media had reported in October 2016 about the introduction of ₹ 2,000 denomination well before the official announcement by RBI. This statement has led to much debate, because the Reserve Bank governor six months before the announcement was Raghuram Rajan, while the new banknotes have the signature of the newly appointed governor, Urjit Patel. Government Ordinance The Specified Bank Notes ( Cessation of Liabilities ) Ordinance, 2016 was issued by the Government of India on 28 December 2016 ceasing the liability of the government for the banned bank notes, and also imposing a fine up to ₹ 10,000 or five times the amount of the face value of the bank notes, whichever is higher, for people transacting with them after 8 November 2016 ; or holding more than ten of them after 30 December 2016. The ordinance also provided for the exchange of the bank notes after December 30 for non-resident citizens and others on a case by case basis. However, Petrol, CNG and gas stations, government hospitals, railway and airline booking counters, state - government recognised dairies and ration stores, and crematoriums were allowed to accept the banned ₹ 500 and ₹ 1,000 bank notes until December 2, 2016. Exchange of old notes People gathered at ATM of Axis Bank at 16th November 2016 in Mehsana, Gujarat to withdraw cash following deposit of demonetised currency notes in bank on 15 November 2016. The Reserve Bank of India stipulated a window of fifty days until 30 December 2016 to deposit the demonetised banknotes as credit in bank accounts. The banknotes could also be exchanged over the counter of bank branches up to a limit that varied over the days : Initially, the limit was fixed at ₹ 4,000 per person from 8 to 13 November. This limit was increased to ₹ 4,500 per person from 14 to 17 November. The limit was reduced to ₹ 2,000 per person from 18 November. All exchange of banknotes was abruptly stopped from 25 November 2016. International airports were also instructed to facilitate an exchange of notes amounting to a total value of ₹ 5,000 for foreign tourists and out - bound passengers. Facts and figures Up to 97 % of the demonetised bank notes have been deposited into banks which have received a total of ₹ 14.97 trillion ( $220 billion ) as of December 30 out of the ₹ 15.4 trillion that was demonetised. This is against the government 's initial estimate that ₹ 3 trillion would not return to the banking system. Of the ₹ 15.4 trillion demonetised in the form of ₹ 500 and ₹ 1000 bank notes of the Mahatma Gandhi Series, ₹ 9.2 trillion in the form of ₹ 500 and ₹ 2000 bank notes of the Mahatma Gandhi New Series has been recirculated as of 10 January 2017, two months after the demonetisation. 5 10 15 20 Currency demonetised on 8 Nov ' 16 Currency issued as of 18 Nov ' 16 Currency issued as of 28 Nov ' 16 Currency issued as of 7 Dec ' 16 Currency issued as of 21 Dec ' 16 Currency issued as of 10 Jan ' 17 Currency issued as of 24 Feb ' 17 Currency issued as of 28 Apr ' 17 Withdrawal limits Cash withdrawals from bank accounts were restricted to ₹ 10,000 per day and ₹ 20,000 per week per account from 10 to 13 November. This limit was increased to ₹ 24,000 per week from 14 November 2016. A daily limit on withdrawals from ATMs was also imposed varying from ₹ 2,000 per day till 14 November, and ₹ 2,500 per day till 31 December. This limit was increased to ₹ 4,500 per day from January 1, and again to ₹ 10,000 from January 16, 2017. Limits placed vide the circulars cited above on cash withdrawals from Current accounts / Cash credit accounts / Overdraft accounts stand withdrawn with immediate effect. RBI increased the withdrawal limit from Savings Bank account to Rs 50,000 from the earlier Rs 24,000 on February 20, 2017 and then on March 13, 2017, it removed all withdrawal limits from Savings Bank Accounts. Exceptions Under the revised guidelines issued on 17 November 2016, families were allowed to withdraw ₹ 250,000 ( ₹ 2.5 lakh ) for wedding expenses from one account provided it was KYC compliant. The rules were also changed for farmers who are permitted to withdraw ₹ 25,000 per week from their accounts against crop loans. Prior leakage of information A fortnight before the official announcement, a news report in the Hindi daily Dainik Jagran quoting RBI sources mentioned about the coming release of new 2000 rupee note alongside withdrawal of 500 and 1000 rupee notes. Similar news came in The Hindu Business Line on 21 October 2016 which also mentions about coming 2000 rupee note and about possible withdrawal of 500 and 1000 rupee notes. A businessman reportedly admitted in an interview that he had received prior warning of the impending demonetisation from a source in the government, and that he had sufficient time to convert most of his money into smaller denominations. The chairman of the State Bank of India had also openly spoken in April 2016 about the possibility of demonetisation of ₹ 500 and ₹ 1000 notes. A BJP MLA from Rajasthan, Bhawani Singh Rajawat, claimed in a video that ' Ambani and Adani ' were informed about the demonetisation, and made arrangements. However, he later said that it was an off - the - record conversation, and officially denied the comments. Allegations and claims The Communist Party of India ( Marxist ) ( CPM ) alleged that the BJP unit in West Bengal had advance knowledge about the impending announcement, and deposited money just before the announcement. Aam Aadmi Party leader Arvind Kejriwal also claimed that there had been some leakage regarding the move. Kejriwal questioned how Sanjeev Kamboj, a BJP leader in Punjab, posted about the ₹ 2000 notes days before the official announcement, and alleged that a sudden spike in bank deposits between July and September 2016 was also due to information leakage. The Congress party demanded a probe into this huge jump in bank deposits before the demonetisation. Kamboj rubbished Kejriwal 's allegations by saying that he only tweeted that a new ₹ 2000 note would be issued but nowhere did he mention that old notes would be banned and that there were already some news reports about the introduction of new ₹ 2000 note. He said Kejriwal is doing dirty politics. Nitish Kumar, Arvind Kejriwal and Rahul Gandhi alleged that the BJP made large purchases of land in Bihar ahead of the demonetisation because they had prior information. Rejecting all the allegations, Bihar BJP said that all these purchases have been in public domain and that full records of the transactions are available. It also said that payments were made through drafts and RTGS. The BJP claimed that there were thousands of registries in Bihar in the last few months, some of which could have been made in the names of politicians from other parties and asked whether it meant that all of them had prior knowledge of demonetisation. More than 30 politicians belonging to the BJP were arrested and investigated for having unaccounted money in the new 2000 rupee denomination. April fools joke Seven months before the announcement, the Gujarati newspaper Akila published an article that `` announced '' the demonetisation of 500 and 1000 rupee notes. The editor of the newspaper claimed that it was only an April fools day prank. The article contained many details that matched the actual announcement in November, including the creation of new ₹ 2000 notes. The coincidence received wide coverage, and was called `` mystical '' and `` uncanny. '' Black money A Central Bank 's report released in August 2017 stated that 99 % of the ₹ 500 and ₹ 1000 notes that were demonetised returned to the banking system. Therefore, the government failed in its aim of purging black money from the economy. India 's Prime Minister Modi, had said that due to demonetisation, corrupt officials, businessmen and criminals -- popularly believed to hoard large amounts of illicit cash -- would be stuck with `` worthless pieces of paper ''. The amount of money deposited in the banks was much more than the government had expected at the time of banning the notes. Prominent economic analyst Vivek Kaul, said in a BBC article that `` demonetisation had been a failure of epic proportions. '' It was highlighted that there were meagre or no gains as against ill effects such as the cost of printing new notes, loss of livelihoods and deaths. Reactions Support The decision met with mixed initial reactions. Several bankers like Arundhati Bhattacharya ( Chairperson of State Bank of India ) and Chanda Kochhar ( MD & CEO of ICICI Bank ) appreciated the move in the sense that it would help curb black money. 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. Finance Minister Arun Jaitley said that demonetisation would clean the complete economic system, increase the size of economy and revenue base. He mentioned the demonetisation along with the upcoming Goods and Services Tax ( GST ) as `` an attempt to change the spending habit and lifestyle. '' The Indian National Congress spokesperson Randeep Surjewala welcomed the move but remained sceptical on the consequences that would follow. Chief Minister of Bihar Nitish Kumar supported the move. The demonetisation also got support from Chief Minister of Andhra Pradesh Nara Chandrababu Naidu. Former Chief Election Commissioner of India S.Y. Quraishi said demonetisation could lead to long term electoral reforms. Indian social activist Anna Hazare hailed demonetisation as a revolutionary step. The President of India Pranab Mukherjee welcomed the demonetisation move by calling it bold step. The opinion of the masses varied both ways on micro-blogs and social media sites like Twitter. By and large, international response was positive which saw the move as a bold crackdown on corruption. International Monetary Fund ( IMF ) issued a statement supporting Modi 's efforts to fight corruption by the demonetisation policy. Chinese state media Global Times praised the move and termed it as `` fierce fight against black money and corruption. '' Former Prime Minister of Finland and Vice-President of European Commission Jyrki Katainen welcomed the demonetisation move stressing that bringing transparency will strengthen Indian economy. BBC 's South Asia Correspondent Justin Rowlatt in his article praised the move for its secrecy and success and elaborated on reason behind demonetisation. Tim Worstall termed the demonetisation as welcome macroeconomic effect in his article in Forbes magazine. Swedish Minister of Enterprise Mikael Damberg supported the move by calling it bold decision. Singapore - based paper The Independent published a laudatory article on the move titled `` Modi does a Lee Kuan Yew to stamp out corruption in India. '' Lee Kuan Yew was the Singaporean Prime Minister and is considered the architect of modern Singapore. `` From making up his mind to rolling it out, a new Lee Kuan Yew is born in India. It will be reflected in the legacy of this Prime Minister, '' the article said. Indian - American economist Jagdish Bhagwati praised the demonetisation. Criticism The Indian Supreme Court while hearing one among a slew of cases filed against the sudden demonetisation decision in various courts, observed that it `` appears to be carpet bombing and not surgical strike '' which government repeatedly claims it to be. Nobel laureate Indian economist Amartya Sen, severely criticised the demonetisation move calling it a `` despotic action '' among other things. 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. 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. Prabhat Patnaik, a former professor of economics at the Jawaharlal Nehru University, Delhi called the move ' witless ' and ' anti-people '. He criticised the simple way in which black money was assumed as `` a hoard of cash '', saying that it would have little effect in eliminating `` black activities '' while `` causing much hardship to common people. '' Noted 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 '. Deepak Parekh ( Chairman of HDFC ) had initially appreciated the decision to ban the ₹ 500 and ₹ 1000 notes, but later said that the move had derailed the economy, and expressed skepticism about its outcome. Industrialist Rajiv Bajaj criticised the demonetisation, saying that not just the execution, but the concept of demonetisation was wrong in itself. Chief Ministers of several Indian states like Mamata Banerjee, Arvind Kejriwal and Pinarayi Vijayan 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. A Public Interest Litigation ( PIL ) was filed in Madras High Court by M Seeni Ahamed, General Secretary of the Indian National League, to scrap the decision. The High Court dismissed the PIL stating that it could not interfere in monetary policies of the government. Similar PILs were also filed in the Supreme Court of India. Supreme Court of India is yet to decide on the matter. It is listed for hearing on 2 December 2016. Several government ministers had declared before the demonetisation that they were holding large amounts of cash, including Arun Jaitley, who had more than 65 lakh rupees in cash. This led to speculation about whether and when the ministers had deposited the cash they held. Steve Forbes described the move as ' Sickening And Immoral '. He stated that `` What 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 said that it is difficult to see gains from demonetisation, while there may be significant costs to it. The demonetisation also came in for sharp criticism from media outside India, with the New York Times saying that the demonetisation was `` atrociously planned '' and that it did not appear to have combatted black money, 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 '' 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 government 's narrative as spins in view of the `` pointless suffering on India 's poorest. '' A Parliamentary panel report in April 2017 stated that rural households and honest taxpayers were the worst hit by demonetisation. It said that it was not just the poor that suffered, but the manufacturing sector was impacted too. According to the panel, demonetisation created significant disruption throughout economy, because it was carried out without prior study or research. Opposition A Congress led opposition which includes 13 political parties, opposed the current government on the demonetisation issue in the Winter Session of the Indian Parliament on 16 November 2016. The Chief Minister of West Bengal Mamata Banerjee also met the President Pranab Mukherjee to oppose the demonetisation. The debate on demonetisation is known to be initiated by Indian National Congress and Anand Sharma in the Rajya Sabha on 16 November 2016, while Banerjee is known to be the first to oppose the current government on the demonetisation. On 16 November 2016, Banerjee led a rainbow delegation comprising political parties of Trinamool Congress, Aam Aadmi Party, BJP ally Shiv Sena, Patidar Anamat Andolan Samiti ( of Hardik Patel ) and National Conference to Rashtrapati Bhawan to protest against the decision to withdraw the ₹ 500 and ₹ 1000 banknotes. A memorandum was submitted to the President of India Pranab Mukherjee demanding rollback of the decision. Outside the Parliament in a rally the same day, Saugata Roy, a member of parliament from the opposition Trinamool Congress Party, commented, `` People are in utter distress, especially the informal sector is totally disrupted. Poor people, daily wage earners, they 're all facing difficulty. '' In the demonetisation debate on the first day of the winter session of Parliament at the Rajya Sabha, Pramod Tiwari from the Indian National Congress compared Narendra Modi to Benito Mussolini, Adolf Hitler and Muammar Gaddafi. 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 Prabhu Das stated the situation to `` a financial emergency '', by saying `` It looks as if Bharat has shut down. '' Also, Sitaram Yechury from 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 wo n't curb illicit wealth. '' On 17 November 2016, in a rally against demonetisation of ₹ 500 and ₹ 1000 notes, led by the Chief Minister of Delhi Arvind Kejriwal and his West Bengal counterpart Mamata Banerjee at Azadpur Mandi, the biggest vegetable and fruits wholesale hub in the national capital ; Kejriwal demanded the withdrawal of demonetisation in 3 days. Banerjee also stated `` I give the government 3 day ultimatum, fix things or withdraw the demonetisation scheme ''. In the demonetisation debate on the second and third day of the Winter Session of Parliament, on 17 and 18 November 2016, the opposition and the government clashed over the demonetisation issue, bringing the house to continuous halts. On 24 November 2016, in the demonetisation debate, the former prime minister of India Manmohan Singh said `` this scheme will hurt small industries, the farming sector. The GDP can decline by about 3 per cent due to this move '', while he also questioned `` I would like to ask the Prime Minister examples of countries where people have deposited their money in the banks and not allowed to withdraw their own money. '' and later also said `` It is no good that on each day banks bring out new notifications. It does n't reflect properly on Prime Minister 's Office, Finance Minister and the Reserve Bank of India. Cooperative banking system has been prevented from handling cash ''. Singh at last termed the demonetisation move as an `` organised loot, legalised plunder of the common people ''. Strikes As the demonetisation was opposed in both houses of the parliament, it triggered organised nationwide strikes across India. Opposition parties like Indian National Congress, Bahujan Samaj Party, Trinamool Congress, DMK, JD ( U ), AIADMK, Nationalist Congress Party, Left, Rashtriya Janata Dal and the Samajwadi Party decided to observe ' Akrosh Diwas ' as, a protest campaign day on November 28 and launch protests in front of banks, demanding that money be returned to people. 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. In the state of Kerala, shops and business establishments were shut, with school and colleges closed throughout the state, while movements of private vehicles were also disrupted in Northern Kerala. The Congress party has decided to launch a nationwide movement to expose the `` biggest scam '' of independent India, said spokesperson leader Randeep Surjewala on 31 December 2016. The first phase would take place from January 1 -- 10, second phase from January 11 -- 20 and third phase from January 20 -- 30. Effects Banking A State Bank of India branch remained open at night, and a long queue of people waited outside the ATM to withdraw money In the first four days after the announcement of the step, about ₹ 3 trillion ( US $47 billion ) in the form of old ₹ 500 and ₹ 1,000 banknotes had been deposited in the banking system and about ₹ 500 billion ( US $7.8 billion ) had been dispensed via withdrawals from bank accounts, ATMs as well as exchanges over the bank counters. Within these four days, the banking system has handled about 18 crore ( 180 million ) transactions. The State Bank of India reported to have received more than ₹ 300 billion ( US $4.7 billion ) in bank deposit in first two days after demonetisation. A spike in the usage of debit card and credit card post demonetisation was also reported. Between November 10 and November 27, banks reported exchange and deposits of demonetised banknotes worth ₹ 8.45 trillion ( US $130 billion ) ( exchange of ₹ 339.48 billion ( US $5.3 billion ) and deposits of ₹ 8.11 trillion ( US $130 billion ) ). During this period, an amount of ₹ 2.16 lakh crore ( US $34 billion ) had been withdrawn by people from their accounts. In Malda, a district believed to be a transit - point for fake Indian currencies, a large sum of cash deposits in dormant accounts were also reported. According to The Economic Times, more than 80 percent of fake currency in India originates from Malda district in West Bengal. Human trafficking Nobel laureate Kailash Satyarthi and others working to fight human trafficking said that the note ban had led to a huge fall in sex trafficking, but that the trade had already begun rebounding by the following month. Satyarthi said the demonetisation would be effective in combating exploitation of children as well as corruption and would be a great obstacle to traffickers. However, 2 months later he expressed his disappointment on Rs 2000 notes being pushed into human trafficking in absence of other concrete steps. Radical groups The Demonetisation has badly hit Maoist and Naxalites as well. The surrender rate has reached its highest since the demonetisation is announced. It is said that the money these organisations have collected over the years have left with no value and it has caused them to reach to this decision. The move also reportedly crippled Communist guerrilla groups ( Naxalites ) financing through money laundering. On 10 November the police arrested a petrol pump owner at Ranchi when he reportedly tried to deposit ₹ 2.5 billion, belonging to a person affiliated with the banned Communist Party of India ( Maoist ). According to Chhattisgarh Police demonetisation has affected the Naxalite activities. It is reported that insurgents have stashed more than ₹ 70 billion in the Bastar region. While Manohar Parrikar claimed that the move has also helped in reducing the incidents of stone - pelting in the Kashmir valley, his claim has been disputed. Hawala Mumbai Police reported a setback to Hawala operations. Hawala dealers in Kerala were also affected. The Jammu and Kashmir Police reported the effect of demonetisation on hawala transactions of separatists. Railways As of November 2016, Indian Railways did not have the option to make payment with cards at the counters. After the demonetisation move, the government announced to make card payment options available at railway counters in the country. The railways placed an order for 10,000 card reader machines in January 2017. Cash shortage Queue at an ATM for ₹ 100 banknotes in Howrah, on 8 November 2016, 22 : 23 ( IST ) The scarcity of cash due to demonetisation led to chaos, and most people holding old banknotes faced difficulties exchanging them due to endless queues outside banks and ATMs across India, which became a daily routine for millions of people waiting to deposit or exchange the ₹ 500 and ₹ 1000 banknotes since 9 November. ATMs were running out of cash after a few hours of being functional, and around half the ATMs in the country were non-functional. Sporadic violence was reported in New Delhi, but there were no reports of any grievous injury, people attacked bank premises and ATMs, and a ration shop was looted in Madhya Pradesh after the shop owner refused to accept ₹ 500 banknotes. The CMD of Punjab National Bank said that panic after demonetisation started fading on 19 November 2016. As of 18 December 2016, there were still long queues at banks and ATMs. Three months after the withdrawal of banknotes, a quarter of the ATMs were still short of cash. The cash shortage was still ongoing in the month of April 2017, five months after the demonetisation. According to a survey, the situation was as bad as 83 % of people being unable to withdraw money in Hyderabad, while in Pune, the figure was 69 %. Deaths In March 2017, the government stated that they received no official report on deaths connected to demonetisation. Several people were reported to have died from standing in queues for hours to exchange their old banknotes. Deaths were also attributed to lack of medical help due to refusal of old banknotes by hospitals. As of 15 November 2016, the attributed death toll was 25. and 33 deaths as of 18 November. In an interview, Chief Minister of Delhi Arvind Kejriwal lashed out at a BBC reporter who asked him to justify his 19 November claim that 55 deaths were linked to demonetisation. By the end of the year, opposition leaders claimed that over 100 people had died due to demonetisation. Stock market decline As a combined effect of demonetisation and 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. 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. Transportation disruption After the demonetisation was announced, about 800,000 truck drivers were affected with scarcity of cash, with around 400,000 trucks stranded at major highways across India were reported. While major highway toll junctions on the Gujarat and Delhi - Mumbai highways also saw long queues as toll plaza operators refused the old banknotes. Nitin Gadkari, the Minister of Transport, subsequently announced a suspension of toll collections on all national highways across India until midnight of 11 November, later extended until 14 November and again until midnight of 18 November, and yet again till 2 December. Agriculture Transactions in the Indian agriculture sector are heavily dependent on cash and were adversely affected by the demonetisation of ₹ 500 and ₹ 1,000 banknotes. Due to scarcity of the new banknotes, many farmers have insufficient cash to purchase seeds, fertilisers and pesticides needed for the plantation of rabi crops usually sown around mid-November. 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. The demonetisation led to unavailability of cash to pay for food products. The reduction in demand that arose 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. The prices dropped as low as 50 paise per kilo for tomatoes and onions. This forced the farmers across the country to dump their products in desperation. Some farmers resorted to burying unsold vegetables. Agricultural produce such as vegetables, foodgrains, sugarcane, milk and eggs were dumped on roads. Some farmers dumped their produce in protest against the government. Business By the second week after demonetisation of ₹ 500 and ₹ 1,000 banknotes, cigarette sales across India witnessed a fall of 30 -- 40 %, while E-commerce companies saw up to a 30 % decline in cash on delivery ( COD ) orders. Digital transactions Several e-commerce companies hailed the demonetisation decision as an impetus to an increase in digital payments, hoping that it would lead to a decline in COD returns which could cut down their costs. The demand for point of sales ( POS ) or card swipe machines increased. E-payment options like PayTM and Instamojo Payment Gateway, PayUMoney also saw a rise. According to data of Pine Labs, the demand for its POS machines doubled after the decision. The company stated that the debit card transactions rose by 108 % and credit card transactions by 60 % on 9 November 2016. After peaking in December 2016, digital transactions declined from January 2017 onwards, thus thwarting the objective of increasing digital payments through demonetisation. Cashless economy The demonetisation was seen as Prime Minister 's Narendra Modi 's significant step towards Cashless Economy. Reserve Bank of India reported in April 2017 that the demonetisation spurred an overall increase in digital transactions of 33 percent by volume and 59 percent by value in 4 months. The demonetisation move triggered awareness towards cashless economy amongst common people and businessmen. Digital transaction volumes grew 43 percent between November and December 2016, driving hopes that the shock would kick - start India 's transition to a cashless economy. The mobile wallets, credit cards saw better acceptance at the shipping outlets. Prime Minister Narendra Modi appealed to Indian population in his radio address in Dec 2016 to go cashless with slogan - ' Less - cash ' first, ' cashless society ' next. Most banks in India have issued mobile banking apps supporting BHIM ( Bharat Interface for Money ) protocol based on the Unified Payment Interface. Post demonetisation, Google launched its first India - only banking app using BHIM called Google Tez.. Many journals reported that the demonetisation proved to be an important first step towards the real goal of cashless economy. According to analysis released in April 2017 by Sean Creehan, financial, regulatory, and economic developments analyst of Federal Reserve Bank of San Francisco, the demonetisation is catalysing digital payments growth in India. Data released by Reserve Bank of India in March 2017 shows an overall increase in digital transactions of 33 percent by volume and 59 percent by value since November 2016. The most notable surge in cashless payments has taken place over infrastructure introduced over the past several years. Both the Immediate Mobile Payments System ( IMPS ) and the United Payments Interface ( UPI ), which support instant payments using mobile phones, have grown substantially since demonetization, even as cash has returned to the economy. GDP growth Forecasts Global analysts cut their forecasts of India 's GDP growth rate for the financial year 2016 - 17 by 0.5 to 3 percent due to demonetisation. 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 lakh crore ) for the Indian economy. According to Societe Generale, India 's quarterly GDP growth rates would drop below 7 % for an entire year at a stretch for the first time since June 2011. 5 6 7 8 Goldman Sachs Ambit Capital Emkay Global ICRA Fitch Ratings Morgan Stanley HSBC World Bank ADB Before demonetisation After demonetisation Results India 's GDP growth for the quarter Jan - Mar ' 17 was 6.1 % as against a forecast of 7.1 % by economists. The GDP growth for the entire fiscal year was 7.1 %, a reduction from the 8 % of the previous year. This drop in GDP was attributed to demonetisation by economists. The GDP growth rate for the quarter April - June 2017 dropped to 5.7 %, in comparison to 7.9 % for the same quarter in the previous year. This drop in GDP growth was attributed to demonetisation. This was the lowest growth in GDP since 2014. The drop in GDP growth was exactly as predicted by Manmohan Singh in November 2016. Drop in industrial output There was a reduction in industrial output as industries were hit by the cash crisis. The Purchasing Managers ' Index ( PMI ) fell to 46.7 in November from 54.5 in October, recording its sharpest reduction in three years. A reading above 50 indicates growth and a reading below shows contraction. This indicates a slowdown in both, manufacturing and services industries. The PMI report showed also showed that the reduction in inflation in November was due to 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 as compared with 6.6 percent in October. Job losses There was a loss of jobs due to demonetisation, particularly in the unorganised and informal sector and in small enterprises. Labour union jobs were crashed Income tax filing increase The number of I-T returns filed for 2016 - 17 grew by 25 per cent to 2.82 crore, and the advance tax collections during that period rose 41.8 % over the 1 - year period, as increased number of individuals filed their tax returns post demonetisation. The Indian officials said : `` The number of returns filed as on August 5 stands at 2, 82, 92,955 as against 2, 26, 97,843 filed during the corresponding period of the fiscal year 2016 - 2017, registering an increase of 24.7 % compared to growth rate of 9.9 % in the previous year. '' Advance tax collections of personal income tax ( i.e. other than corporate tax ) as on August 5, 2017, showed a growth of about 41.79 % over the corresponding period in FY 2016 - 2017. Personal income tax under self - assessment tax ( SAT ) grew at 34.25 % over the corresponding period in FY 2016 - 2017. Municipal and local tax payments As the use of the demonetised notes had been allowed by the government for the payment of municipal and local body taxes, it led to people using the demonetised ₹ 500 and ₹ 1,000 notes to pay large amounts of outstanding and advance taxes. As a result, revenue collections of the local civic bodies jumped. The Greater Hyderabad Municipal Corporation reported collecting about ₹ 1.6 billion ( US $25 million ) in cash payments of outstanding and advance taxes, within 4 days. The tax collection by local bodies have surged over 260 % and more than 15,000 crore more after 14 days of demonetisation. The total indirect tax collection rose to 14.2 % only in the month of December according to Finance Minister Arun Jaitley. People left with old notes The government had initially announced that any person who is unable to deposit the old notes by 31 December 2016 would be given an opportunity to do so until a later date. However, the government allowed only NRIs to deposit old notes after 31 December 2016. As a result, many people with legitimately earned old notes were left stranded with old currency notes. This included soldiers who were on duty during the demonetisation period, people who had suffered a bereavement, and persons who had old notes received as wedding gifts before the demonetisation. Many people found small amounts of currency stashed away inside quilts, pillows, cupboards, lockers, behind old photographs and wall hangings, in some cases by family members who had died. In one case, two destitute orphans found ₹ 96,000 left by their mother and petitioned the Prime Minister for relief. A poor woman who was unable to get her old notes exchanged stripped outside the RBI office in desperation. OCIs and PIOs were also not allowed to exchange old notes. People petitioned the courts to allow deposit of the old banknotes. The Supreme Court of India also questioned the government on this matter. RBI dividend decline The dividend paid by the Reserve Bank to the government for the financial year 2016 - 17 was Rs. 30.7 lakh crore, as against the expectation of Rs. 74.9 lakh crore. This was less than half the dividend of Rs 65.9 lakh crore paid by the RBI in 2015 - 16. This decrease was due to demonetisation. 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 %. To avoid increasing the fiscal deficit, the government would have to reduce spending on social schemes, or increase revenue through taxes or other means. Evasion attempts A jewellery store in a shopping mall with a notice `` We accept ₹ 500 and ₹ 1000 notes '', even after they were no longer valid banknotes. Gold purchases In Gujarat, Delhi and many other major cities, sales of gold increased on 9 November, with an increased 20 to 30 % premium surging the price as much as ₹ 45,000 ( US $700 ) from the ruling price of ₹ 31,900 ( US $500 ) per 10 grams ( 0.35 oz ). Income Tax officials raided multiple branches of Axis Bank and found bank officials involved in money laundering acts, exchanging old notes for gold. Donations in temples In India, the cash deposited into hundis, or cash collection boxes in temples and gurudwaras are exempted from inquiry by the tax department. This exemption is sometimes misused to launder money. After the note ban, there was a spike in donations in the form of the demonetised notes in temples. Authorities of Sri Jalakanteswarar temple at Vellore discovered cash worth ₹ 4.4 million ( US $69,000 ) from the temple hundi in the form of defunct notes. Multiple Bank transactions There have been reports of people circumventing the restrictions imposed on exchange transactions by conducting multiple transactions at different bank branches and also sending hired people, employees and followers in groups to exchange large amounts of banned currency at banks. In response, the government announced that it would start marking customers with indelible ink. This was in addition to other measures proposed to ensure that the exchange transactions are carried out only once by each person. Railway bookings As soon as the demonetisation was announced, it was observed by the Indian Railways authorities that a large number of people started booking tickets particularly in classes 1A and 2A for the longest distance possible, to get rid of unaccounted cash. A senior official said, `` On November 13, 42.7 million passengers were nationally booked across all classes. Of these, only 1,209 were 1A and 16,999 for 2A. It is a sharp dip from the number of passengers booked on November 9, when 27,237 passengers had booked tickets in 1A and 69,950 in 2A. '' The Railways Ministry and the Railway Board responded swiftly and decided that cancellation and refund of tickets of value ₹ 10,000 and above will not be allowed by any means involving cash. The payment can only be through cheque / electronic payment. Tickets above ₹ 10,000 can be refunded by filing ticket deposit receipt only on surrendering the original ticket. A copy of the PAN card must be submitted for any cash transaction above ₹ 50,000. The railway claimed that since the Railway Board on 10 November imposed a number of restrictions to book and cancel tickets, the number of people booking 1A and 2A tickets came down. Backdated accounting The Enforcement Directorate raided several forex establishments making back dated entries. Money laundering using backdated accounting was carried out by co-operative banks, jewellers, sellers of iPhones, and several other businesses. Demonetisation violations In March 2017, it was alleged that more than 1 lakh crore ( in high value deposits of more than 2.5 lakh ) were deposited without any record of PAN. Income tax raids and cash seizures The Finance Ministry instructed all revenue intelligence agencies to join the crackdown on forex traders, hawala operators and jewellers besides tracking movement of demonetised currency notes. It was reported that the Prime Minister 's Office ( PMO ) and the Prime Minister Modi himself were directly coordinating the raids conducted by the Income Tax, Enforcement Directorate ( ED ) and other agencies. As of 23 December, PMO received around 700 calls giving information about black money and it directly forwarded the information to various law enforcement agencies for further action. Income Tax departments raided various illegal tax - evasive businesses in Delhi, Mumbai, Chandigarh, Ludhiana and other cities that traded with demonetised currency. The Enforcement Directorate issued several FEMA notices to forex and gold traders. Large sum of cash in defunct notes were seized in different parts of the country. In Chhattisgarh liquid cash worth of ₹ 4.4 million ( US $69,000 ) was seized. As of December 28, official sources said that the Income Tax department detected over ₹ 41.72 billion ( US $650 million ) of un-disclosed income and seized new notes worth ₹ 1.05 billion ( US $16 million ) as part of its country - wide operations. The department carried out a total of 983 search, survey and enquiry operations under the provisions of the Income Tax Act and has issued 5,027 notices to various entities on charges of tax evasion and hawala - like dealings. The department also seized cash and jewellery worth over ₹ 5.49 billion ( US $86 million ) out of which the new currency seized ( majority of them ₹ 2000 notes ) is valued at about ₹ 1.05 billion ( US $16 million ). The department also referred a total of 477 cases to other agencies like the CBI and the Enforcement Directorate ( ED ) to probe other financial crimes like money laundering, disproportionate assets and corruption. In a period of four months from 9 November 2016 to 28 February 2017, CBDT claims to have detected an undisclosed income of over ₹ 93.34 billion ( US $1.5 billion ) through more than 2,362 search, seizure and survey actions by Income Tax department. Seizures of ₹ 2000 notes Huge amounts of cash in the form of new notes were seized all over the country after the demonetisation. As of December 2016, over 4 crore in new banknotes of ₹ 2000 were seized from four persons in Bangalore, ₹ 33 lakh in ₹ 2000 notes were recovered from Manish Sharma, an expelled BJP leader in West Bengal, and ₹ 1.5 crore was seized in Goa. 900 notes of the new ₹ 2000 notes were seized from a BJP leader in Tamil Nadu. Around ₹ 10 crore in new notes were seized in Chennai. As of 10 December, ₹ 242 crore in new notes had been seized. It was noted in the media that while people were dying in queues to obtain a few thousand rupees in cash, persons with the right connections were able to amass crores of rupees in new notes, thus rendering the demonetisation exercise futile. It was announced by the government that the seized notes will be brought into the mainstream as soon as possible to ease out the cash problem. Earlier, agencies kept all seized material, including cash seizures, in their strong rooms as evidence till the case was adjudicated by the courts. The seized money was then deposited into the Consolidated Fund of India. Sometimes, income tax cases took years to resolve, still all seized material was kept in safe lockers of the tax department. See also Indian black money Mahatma Gandhi New Series Income declaration scheme, 2016 Pradhan Mantri Garib Kalyan Yojana References Jump up ^ `` India 's Demonetisation Kills 100 People Apparently - This Is Not An Important Number ''. ^ Jump up to : `` Withdrawal of Legal Tender Status for ₹ 500 and ₹ 1000 Notes : RBI Notice ( Revised ) ''. Reserve Bank of India. 8 November 2016. Retrieved 8 November 2016. Jump up ^ `` Here is what PM Modi said about the new Rs 500, Rs 2000 notes and black money ''. India Today. 8 November 2016. Retrieved 9 November 2016. Jump up ^ `` Notes out of circulation ''. The Times of India. 8 November 2016. Jump up ^ Saikia, Bijoy Sankar ( 18 Nov 2016 ). `` Demonetisation may drag India behind China in GDP growth, rob fastest - growing economy tag ''. The Economic Times. Retrieved 2017 - 01 - 05. Jump up ^ `` The dire consequences of India 's demonetisation initiative ''. The Economist. 3 Dec 2016. Retrieved 2017 - 01 - 05. ^ Jump up to : Bhatt, Abhinav ( 8 November 2016 ). `` Watch PM Modi 's Entire Speech on Discontinuing 500, 1000 Rupee Notes ''. NDTV India. Retrieved 8 November 2016. ^ Jump up to : `` Demonetisation of Rs. 500 and Rs. 1000 notes : RBI explains ''. The Hindu. 8 November 2016. Retrieved 10 November 2016. ^ Jump up to : `` Sensex crashes 1,689 points on black money crackdown, U.S. election ''. The Hindu. Retrieved 9 November 2016. ^ Jump up to : `` India demonetisation : Chaos as ATMs run dry ''. Al Jazeera. Retrieved 9 November 2016. ^ Jump up to : `` Demonetisation : Chaos grows, queues get longer at banks, ATMs on weekend ''. 12 November 2016. ^ Jump up to : `` 100 days of demonetisation : Stories of hardship ''. ^ Jump up to : `` India : Demonetisation takes its toll on the poor ''. Al Jazeera. 16 November 2016. Retrieved 17 November 2016. ^ Jump up to : `` Demonetisation Death Toll Rises To 25 And It 's Only Been 6 Days ''. huffingtonpost. Retrieved 15 November 2016. Jump up ^ `` Demonetisation debate in Parliament : Disaster, says Chidambaram ; high cash economy corrupt, counters Jaitley : India, News - India Today ''. Indiatoday.intoday.in. 2017 - 02 - 09. Retrieved 2017 - 06 - 26. Jump up ^ `` Demonetisation : Opposition calls for countrywide protest on November 28 ''. The Indian Express. Retrieved 23 November 2016. Jump up ^ `` Demonetisation : Opposition parties join hands, to hold ' protest day ' on November 28 ''. The Indian Express. Retrieved 24 November 2016. Jump up ^ `` ' Demonetisation protest sure to succeed with people 's support ' ''. The Economic Times. Retrieved 24 November 2016. ^ Jump up to : `` India demonetisation failed to purge black money ''. Financial Times. Retrieved 31 August 2017. ^ Jump up to : `` India rupee : Illegal cash crackdown failed - bank report ''. 30 August 2017. Retrieved 31 August 2017 -- via www.bbc.com. ^ Jump up to : Doctor, Vikram ( 12 Nov 2016 ). `` The cycles of demonetisation : A looks back at two similar experiments in 1946 and 1978 ''. Economic Times Blog. Retrieved 2017 - 01 - 23. Jump up ^ Gopika Gopakumar, Vishwanath Nair ( 8 November 2016 ). `` Rs 500, Rs 1000 notes may be back, if history is a guide ''. Live Mint. Retrieved 9 November 2016. Jump up ^ `` At least 4 months needed to replace demonetised notes, not 50 days : Here 's why ''. The Indian Express. 14 November 2016. Jump up ^ `` Measures to Tackle Black Money in India and Abroad '' ( PDF ). Jump up ^ Appu Esthose Suresh ( 12 November 2016 ). `` Why govt 's demonetisation move may fail to win the war against black money ''. Hindustan Times. Retrieved 12 November 2016. Jump up ^ Damodaran, Harish ( 9 November 2016 ). `` Are banks equipped to replace 2,300 crore pieces of Rs 500 and Rs 1,000 notes ? ''. The Indian Express. Retrieved 9 November 2016. Jump up ^ Kumar Uttam ( 12 November 2016 ). `` The measure is ' anti-poor ' : When BJP opposed demonetisation during UPA govt ''. Hindustan Times. Retrieved 12 November 2016. Jump up ^ Betwa Sharma ( 11 November 2016 ). `` BJP Had A Very Different View on Demonetisation in 2014 ''. Huffingtonpost.in. Retrieved 12 November 2016. Jump up ^ `` Explain opposition to similar move by UPA : AAP to BJP on demonetisation ''. The Indian Express. 12 November 2016. Retrieved 12 November 2016. Jump up ^ `` How BJP had termed demonetisation as ' anti-poor ' in 2014 ''. The Times of India. Retrieved 12 November 2016. Jump up ^ `` Rs 500, Rs 1000 banned ; Rs 2000 to come : Did we miss these Twitter, RBI hints ? ''. Firstpost. 9 November 2016. Retrieved 29 November 2016. Jump up ^ Roychoudhury, Arup ( 2016 - 11 - 10 ). `` Demonetisation : In the works for 6 months, 10 people in the loop, including Raghuram Rajan ''. Business Standard India. Retrieved 2017 - 01 - 23. Jump up ^ `` Why Were the Notes Scrapped ? RBI Chief, Economic Affairs Secy Explain ''. News 18. 8 November 2016. Retrieved 9 November 2016. Jump up ^ Sridhar, G Naga ; Vageesh, NS ( 21 October 2016 ). `` Coming soon to your wallet : ₹ 2,000 notes ''. Business Line. Jump up ^ `` Move was in the pipeline for months ''. The Hindu. 9 November 2016. Retrieved 9 November 2016. Jump up ^ `` Cabinet clears ordinance to punish people holding banned notes beyond deadline ''. hindustantimes.com/. 2016 - 12 - 28. Retrieved 2017 - 01 - 10. Jump up ^ `` President Approves Specified Bank Notes ( Cessation Of Liabilities ) Ordinance, 2016 ( Read Ordinance ) Live Law ''. Live Law. 2016 - 12 - 30. Retrieved 2017 - 01 - 17. Jump up ^ `` 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. '' ( PDF ). Ministry of Finance, Government of India. 1 December 2016. Retrieved 11 January 2017. ^ Jump up to : `` Finance Ministry has reviewed the position regarding availability and distribution of all denominations of bank notes '' ( PDF ). Ministry of Finance, Government of India. Retrieved 13 November 2016. ^ Jump up to : `` Withdrawal of Legal Tender Character of existing ₹ 500 / - and ₹ 1000 / - Bank Notes -- Revision in limits ''. Reserve Bank of India. Retrieved 17 March 2017. ^ Jump up to : `` 17 November Government press release '' ( PDF ). Ministry of Finance, Government of India. Retrieved 17 November 2016. Jump up ^ `` All note exchange stopped from today, PM Modi goes back on promise of hike after November 24 ''. 25 November 2016. Jump up ^ `` Outlets that will accept Rs 1,000 and Rs 500 notes in next 72 hours ''. The Economic Times. 8 November 2016. Retrieved 9 November 2016. Jump up ^ `` Almost 97 % of the Demonetised Notes Back in Banks ''. News18. Retrieved 4 January 2017. Jump up ^ `` As Much As 97 % Of Banned Notes Are Back In Banks : Report ''. Jump up ^ `` 97 % of scrapped notes deposited with banks as on Dec 30 : Report - Times of India ''. Jump up ^ `` Demonetisation : Rs 14 lakh crore in old notes are back, only Rs 75,000 crore out ''. The Indian Express. 2017 - 01 - 09. Retrieved 2017 - 01 - 22. ^ Jump up to : Agnihotri, Amit ( 2017 - 01 - 19 ). `` RBI replaces 60 % of banned currency : Rs 9.2 lakh cr remonetised till date ''. Business Standard India. Retrieved 2017 - 01 - 27. Jump up ^ `` Activity at Banks during November 10 to November 18, 2016 '' ( Press release ). Reserve Bank of India. November 21, 2016. Jump up ^ `` Withdrawal of Legal Tender status of banknotes of ₹ 500 and ₹ 1000 : Activity at Banks during November 10 - 27, 2016 '' ( Press release ). Reserve Bank of India. November 28, 2016. Jump up ^ Rimin Dutt ( December 7, 2016 ). `` Less Than 30 % Of Scrapped Currency Value Has Been Replaced In New Notes, According To RBI ''. Huffington Post India. Jump up ^ `` Currency worth Rs 5.92 lakh crore issued since demonetisation : RBI ''. 21 December 2016. Jump up ^ `` 12 lakh new notes infused in the market : Arun Jaitley ''. Press Trust of India. Jump up ^ http://indianexpress.com/article/business/banking-and-finance/six-months-after-demonetisation-currency-in-circulation-may-not-match-pre-811-levels-4646849/ Jump up ^ `` ATMs -- Non-dispensing of Old High Denomination Notes -- Closure of operations ''. Reserve Bank of India. 8 November 2016. Retrieved 8 November 2016. Jump up ^ `` Cash withdrawal from ATMs -- Enhancement of daily limits ''. Reserve Bank of India. 30 December 2016. Retrieved 17 March 2017. Jump up ^ `` RBI removes limit on cash withdrawal, banks go back to pre-demonetisation era ''. The Financial Express. 2017 - 03 - 13. Retrieved 2017 - 05 - 26. Jump up ^ `` Demonetisation rule modified, families can withdraw Rs 2.5 lakh for weddings from one acount ''. India Today. 17 November 2016. Retrieved 17 November 2016. Jump up ^ `` ePaper link from Hindi daily Dainik Jagran of 27th October 2016 ''. Dainik Jagran Epaper. Archived from the original on 23 November 2016. Retrieved 23 November 2016. CS1 maint : BOT : original - url status unknown ( link ) Jump up ^ `` Journalist broke story about currency demonetisation a fortnight back ''. Hindustan Times. Retrieved 12 November 2016. Jump up ^ `` The Hindu business line article about coming 2000 Rupee note and possible withdrawal of 500 and 1000 rupee notes ''. Jump up ^ Aman Sethi ( 6 November 2016 ). `` Before PM 's Announcement, Rumours of Demonetisation Abounded ''. The Quint. Retrieved 12 November 2016. Jump up ^ `` Rs 500, Rs 1,000 note rumours, not polls, behind cash surge : SBI ''. The Times of India. 8 April 2016. Retrieved 12 November 2016. Jump up ^ `` Demonetisation : Ambani, Adani were informed and thus made arrangements, says BJP MLA ''. 17 November 2016. Retrieved 24 November 2016. Jump up ^ `` Adanis, Ambanis already knew about currency ban : BJP MLA caught on camera ''. Retrieved 24 November 2016. Jump up ^ Pooja Mehta ( 17 February 2016 ). `` BJP knew of PM Modi 's demonetisation plan, Bengal unit transferred Rs 1 crore before announcement : CPI ( M ) & Updates at Daily News & Analysis ''. Daily News and Analysis. Retrieved 12 November 2016. Jump up ^ `` West Bengal BJP knew about demonetisation, deposited Rs 1 crore hours before announcement : CPM ''. The New Indian Express. 5 August 2013. Retrieved 12 November 2016. Jump up ^ `` ' PM 's Friends ' Were Given Advance Information on demonetisation, It Is A Surgical Strike on Common People Says Kejriwal ''. The Times of India. Retrieved 12 November 2016. Jump up ^ `` BJP and its friends knew about demonetization a week before : Kejriwal doubts Modi 's war on black money ''. Daily News and Analysis. 17 February 2016. Retrieved 12 November 2016. Jump up ^ `` BJP informed ' friends ' beforehand about demonetisation : Kejriwal ''. Deccan Herald. Jump up ^ `` Probe massive jump in bank deposits before demonetisation : Congress ''. Jump up ^ `` BJP leader Sanjeev Kamboj to Firstpost : Only tweeted about new notes, not ban on Rs 500, Rs 1,000 ''. Retrieved 3 August 2017. Jump up ^ `` Nitish Kumar questions BJP silence on land purchase ahead of demonetisation ''. 5 December 2016. Jump up ^ `` JDU steps up attack at BJP on land deal, claims huge cash paid ''. 7 December 2016. Jump up ^ `` Demonetisation, a flop : Delhi CM Arvind Kejriwal ''. 28 November 2016. Jump up ^ `` Bihar land deals before demonetisation put BJP in a spot ''. 25 November 2016. Jump up ^ `` Land purchase by Bihar BJP : No link with notes ban, says BJP as JDU, RJD seek explanation ''. Retrieved 3 August 2017. Jump up ^ `` Nearly 30 BJP members caught with black money post demonetisation ? ''. Retrieved 2016 - 12 - 21. Jump up ^ `` Local daily 's April 1 joke turns news break of the year -- Times of India ''. Retrieved 24 November 2016. Jump up ^ Sanjeev Singh ( 26 October 2016 ). `` Not a secret ? Modi 's ministers had leaked info about scrapping of Rs 1,000 in April ''. Indiasamvad.co.in. Retrieved 12 November 2016. Jump up ^ Basant Rawat. `` Psst ! A prank to save your black buck ''. The Telegraph. Kolkota. Retrieved 12 November 2016. Jump up ^ `` Did this Gujarati newspaper prank ' predict ' Modi 's demonetisation move to curb black money -- in April ? ''. The Indian Express. 2016 - 11 - 14. Retrieved 2017 - 01 - 15. Jump up ^ `` 99 % of scrapped 500, 1,000 notes back in system : RBI - Rediff.com Business ''. www.rediff.com. Retrieved 31 August 2017. Jump up ^ `` Post-demonetisation, 99 % of Rs 1,000 notes back with RBI ? - Times of India ''. Retrieved 31 August 2017. Jump up ^ `` India central bank recovers almost all banned currency notes - report ''. Retrieved 31 August 2017. Jump up ^ `` Demonetisation : RBI data shows 99 % of banned notes returned ; it was indeed a failure ''. 30 August 2017. Retrieved 31 August 2017. Jump up ^ `` RBI 's annual report shows poor return for Modi 's war on ' black money ' ''. Retrieved 31 August 2017. ^ Jump up to : `` Govt demonitises Rs 500, 1000 notes : Here is how India Inc reacted ''. The Indian Express. 8 November 2016. Retrieved 9 November 2016. Jump up ^ `` Demonetisation : We should all be celebrating, says Narayana Murthy ''. The Economic Times. Jump up ^ Narayana Murthy ( 9 November 2016 ). `` Move to withdraw Rs 500, 1,000 notes masterstroke ''. Jump up ^ `` War on black money : Scrapping Rs 500, Rs 1000 notes will expand economy, increase revenue, says Jaitley ''. Daily News and Analysis. 10 November 2016. Retrieved 10 November 2016. Jump up ^ `` Rs 500 & 1000 currency notes banned : Congress raises questions against Narendra Modi govt 's shocking move ''. India.com. 8 November 2016. Retrieved 9 November 2016. Jump up ^ `` Nitish welcomes demonetisation move ''. The Hindu. 9 November 2016. Jump up ^ `` Nitish Kumar supports Modi 's demonetisation move ''. Times of India. Jump up ^ `` Bihar CM Nitish Kumar supports decision to withdraw Rs 1000, Rs 500 notes ''. Indian Express. 9 November 2016. Jump up ^ Venkateshwarlu, K. ( 9 November 2016 ). `` Demonetisation of Rs. 500, Rs. 1000 notes : Naidu had inkling of the ban ? ''. The Hindu. Jump up ^ Reporter, B.S. ( 9 November 2016 ). `` Andhra CM Naidu asked for demonetisation of Rs 500, Rs 1,000 notes in October '' -- via Business Standard. Jump up ^ `` Chandrababu Naidu welcomes demonetisation move ''. Jump up ^ `` Demonetisation could lead to long - pending electoral reforms ''. 11 November 2016. Jump up ^ `` Anna Hazare hails demonetisation, calls it ' revolutionary ' step ''. The Economic Times. Jump up ^ `` Demonetisation a revolutionary step to fight corruption : Anna Hazare ''. 10 November 2016. Jump up ^ `` Notes Ban : Anna Hazare Hails PM Narendra Modi 's ' Revolutionary ' Step, Kejriwal Criticizes It ''. Jump up ^ `` President Pranab Mukherjee welcomes demonetisation of Rs 1,000 and Rs 500 notes ''. india.com. 8 November 2016. Jump up ^ `` Demonetisation of Rs 1,000 and Rs 500 notes bold step : President Pranab Mukherjee ''. The Indian Express. 8 November 2016. Jump up ^ `` President Pranab Mukherjee Welcomes Demonetisation of Rs 1,000, Rs 500 Notes ''. ndtv.com. Jump up ^ `` A bold step, says Pranab Mukherjee ''. The Hindu. 9 November 2016. Jump up ^ `` Rs 500, 1000 notes pulled out : How Twitter reacted ''. Times of India Blogs. 8 November 2016. Retrieved 8 November 2016. ^ Jump up to : `` Support by IMF ''. Business Standard. 11 November 2016. ^ Jump up to : Aneja, Atul ( 14 November 2016 ). `` State media praises Modi, but says he can learn from China 's crusade against corruption ''. The Hindu. ^ Jump up to : S, Arun ( 13 November 2016 ). `` Swedish ICT sector would n't have been so successful without Indian help ''. The Hindu. Jump up ^ `` European Union welcomes India 's step on demonetisation ''. The Economic Times. Jump up ^ `` India 's Crackdown on Black Money Will Help Financial System : European Union ''. 13 November 2016. Jump up ^ Rowlatt, Justin ( 14 November 2016 ). `` Why India wiped out 86 % of its cash overnight ''. bbc.com. Jump up ^ Worstall, Tim. `` India 's Rs 500 And 1,000 Demonetization Is Lowering Interest Rates And Also Inflation ''. Retrieved 24 November 2016. Jump up ^ `` Modi does a Lee Kuan Yew to stamp out corruption in India ''. The Independent. 10 November 2016. Retrieved 15 November 2016. Jump up ^ `` Anti-demonetisation experts like Amartya Sen stand exposed, says economist Jagdish Bhagwati ''. The Indian Express. 2017 - 03 - 17. Retrieved 2017 - 06 - 26. Jump up ^ `` Petitions against demonetization ; Centre files caveat in SC - Latest News & Updates at Daily News & Analysis ''. 10 November 2016. Jump up ^ `` Currency ban no surgical strike, it 's carpet bombing : SC to Modi ''. Jump up ^ Correspondent, Special. `` ' Demonetisation effects will last long ' ''. The Hindu. Retrieved 2017 - 02 - 26. Jump up ^ PTI. `` Amartya Sen terms demonetisation a despotic action ''. Jump up ^ Desk, India.com News ( 26 November 2016 ). `` Amartya Sen criticises demonetisation drive, says Narendra Modi declared all Indians ' crook ' ''. Jump up ^ `` Demonetisation damage greater than its benefits, says Kaushik Basu ''. Business Standard. 12 November 2016. Retrieved 12 November 2016. Jump up ^ PTI ( 11 November 2016 ). `` GST good economics ; demonetisation is not : Kaushik Basu ''. The Economic Times. Retrieved 12 November 2016. Jump up ^ `` In India, Black Money Makes for Bad Policy ''. The New York Times. 27 November 2016. Jump up ^ Sen, Pronab ( 14 November 2016 ). `` Demonetization is a hollow move ''. Jump up ^ Patnaik, Prabhat ( 9 November 2016 ). `` Demonetization : Witless and Anti-People ''. The Citizen. Retrieved 13 November 2016. Jump up ^ Ninan, T.N. ( 2 December 2016 ). `` TN Ninan : Four weeks later '' -- via Business Standard. Jump up ^ `` HDFC Chairman Deepak Parekh hits out at demonetisation drive, says it derailed economy ''. 8 December 2016. Jump up ^ `` HDFC 's Deepak Parekh says economy has derailed in short term due to demonetisation ''. 8 December 2016. Jump up ^ `` Demonetisation idea wrong, do n't blame its execution : Rajiv Bajaj ''. 17 February 2017. Jump up ^ `` One Month Of Pain And Harrassment, ( sic ) PM Must Clarify : Mamata Banerjee ''. Jump up ^ ANI ( 12 November 2016 ). `` Demonetization is nothing but a big BJP scam : Kejriwal '' -- via Business Standard. Jump up ^ `` Kerala CM Pinarayi Vijayan, ministers stage dharna outside RBI office - Latest News & Updates at Daily News & Analysis ''. 18 November 2016. Jump up ^ Raghav Bahl ( 8 November 2016 ). `` Dear PM Modi, Demonetisation ' Brahmastra ' Could Have Spared The Poor ''. Bloomberg Quint. Retrieved 12 November 2016. Jump up ^ `` Govt 's demonetisation move fit for country 's security, development : HC ''. The Economic Times. 10 November 2016. Retrieved 10 November 2016. Jump up ^ `` PILs in Supreme Court against making Rs 500, Rs 1000 notes illegal ''. India Today. 10 November 2016. Retrieved 10 November 2016. Jump up ^ `` Months before demonetisation, many ministers had large amount of cash in hand : Report ''. 2 December 2016. Jump up ^ Bhatnagar, Gaurav Vivek. `` Did Ministers Queue Up To Exchange Their Currency Notes, Asks RTI Activist ''. ^ Jump up to : Forbes, Steve. `` What India Has Done To Its Money Is Sickening And Immoral ''. Jump up ^ `` HTLS 2016 : Demonetisation gains uncertain, says Nobel laureate Paul Krugman ''. 2 December 2016. ^ Jump up to : `` Modi 's demonetisation move a reckless bungle : Foreign media ''. The Times of India. 28 December 2016. Jump up ^ singh, gayeti. `` Worst Mistake of PM Modi ''. Jump up ^ `` Demonetisation atrociously planned, little evidence it combatted black money : New York Times ''. Jump up ^ `` Little evidence that demonetisation has succeeded in combating corruption : New York Times ''. 10 January 2017. Jump up ^ `` India 's Botched War on Cash ''. Jump up ^ Goswami, Ranjit ( 25 November 2016 ). `` Modi 's bank note ban has inflicted pointless suffering on India 's poorest ''. The Conversation. Retrieved 25 January 2017. Jump up ^ `` Honest taxpayers, rural household hardest hit due to demonetisation : Parliamentary Panel ''. Moneycontrol.com. 2017 - 04 - 11. Retrieved 2017 - 04 - 25. Jump up ^ Jjayesh shanrilal ( 2017 - 04 - 11 ). `` Demonetisation : Rural household, honest taxpayers worst due to the step, says Parliamentary committee ''. The Financial Express. Retrieved 2017 - 04 - 25. Jump up ^ `` Demonetisation created significant disruption throughout economy : Panel ''. The New Indian Express. Retrieved 2017 - 04 - 25. Jump up ^ `` Debate on demonetisation, in winter session ''. DNA India.com. 15 November 2016. Jump up ^ `` Winter Session debate ''. The Times of India. 15 November 2016. Jump up ^ `` Opposition to target government on demonetisation ''. Business Standard. 15 November 2016. Jump up ^ `` Government and Opposition prepare for winter session of Parliament, on demonetisation ''. The Hindu. 15 November 2016. Jump up ^ `` Parties gear up for debate on demonetisation ''. zeenews.India.com. 15 November 2016. Jump up ^ `` Parties agree to raise notes issue in session ''. The Economic Times. 15 November 2016. Jump up ^ `` Congress on demonetisation ''. DNA India. 16 November 2016. Jump up ^ `` Anand Sharma speaks on demonetisation ''. The Financial Express. 16 November 2016. Jump up ^ `` Congress initiates demonetisation debate ''. Zeenews.India.com. 16 November 2016. Jump up ^ `` Why 's Mamata Banerjee against demonetization ? ''. The Times of India. 12 November 2016. Jump up ^ `` Demonetisation of Rs 500, Rs 1000 notes : Mamata Banerjee leads protest march to Rashtrapati Bhavan ''. The Indian Express. Retrieved 17 November 2016. Jump up ^ `` Demonetisation row : Congress leader compares Narendra Modi with Adolf Hitler, sparks outrage ''. The Financial Express. 2016 - 11 - 16. Retrieved 2017 - 01 - 16. Jump up ^ `` As it happened : Parliament proceedings -- November 16, 2016 ''. The Hindu. Retrieved 16 November 2016. Jump up ^ `` Resolve cash crunch in 3 days or face rebellion : Mamata, Kejriwal to Govt ''. Hindustan Times. Retrieved 17 November 2016. Jump up ^ `` As it happened : RS, LS adjourned till Monday ''. The Hindu. Retrieved 18 November 2016. Jump up ^ `` Parliament Proceedings - Both Houses adjourned ; PM absent ''. Retrieved 24 November 2016. Jump up ^ `` Is Modi proving Manmohan Singh right with slew of U-turns on cash ban ? ''. Jump up ^ `` Oppositions will protest ''. ndtv.com. 23 November 2016. Jump up ^ `` Akrosh Diwas ''. Hindustan times. 23 November 2016. Jump up ^ `` Opposition stands together ''. Telegraph India, Calcutta. 23 November 2016. Jump up ^ `` CPI ( M ), 28 November as Akrosh Diwas ''. Indian Express. 23 November 2016. Jump up ^ `` November 28, Akrosh Diwas by opposition ''. Hindustan Times. 23 November 2016. ^ Jump up to : `` As it happened : Bharat Bandh affects some states, business as usual in others ''. Hindustan Times. Retrieved 28 November 2016. Jump up ^ `` Congress to launch nation - wide movement against demonetisation from January 1 ''. The Indian Express. 2016 - 12 - 31. Retrieved 2016 - 12 - 31. Jump up ^ ANI ( 2016 - 12 - 31 ). `` Congress to launch nation - wide movement against demonetisation from Jan 1 ''. Business Standard India. Retrieved 2016 - 12 - 31. Jump up ^ `` State Bank of India gets Rs 38,677 crore deposit in 2 days ''. Indian Express. 12 November 2016. Jump up ^ `` State Bank of India says it has received deposits worth Rs 53,000 crore ''. 11 November 2016. Jump up ^ `` Demonetisation drive windfall for banks, coffers richer by Rs 2.2 lakh cr already ''. 12 November 2016. Jump up ^ Saha, Manojit ; Rukhaiyar, Ashish ( 13 November 2016 ). `` Micro lending badly hit ; surge in use of cards ''. The Hindu. Jump up ^ `` Pradhan Mantri Garib Kalyan Yojana : Post ' last chance ' IDS, comes a new declaration scheme ''. The Indian Express. 29 November 2016. Retrieved 29 November 2016. Jump up ^ `` Exclusive : Bank accounts for sale in West Bengals Malda ! ''. Jump up ^ `` Life has come to standstill in India 's counterfeit capital ''. The Economic Times. Jump up ^ `` India currency note ban sparks ' dramatic fall ' in sex trafficking ''. Jump up ^ `` Rs 500, Rs 1,000 ban : Move to curb black money will break back of traffickers, says Kailash Satyarthi ''. Jump up ^ `` Rs 2,000 notes too being pushed into human trafficking : Kailash Satyarthi ''. Retrieved 15 January 2017. Jump up ^ `` Demonetisation leads to highest ever surrender of Maoists in a month - Times of India ''. Jump up ^ `` Cops look for Maoists with old currency -- Times of India ''. ^ Jump up to : `` Modi 's demonetization set to cripple Naxalites financially ''. Times of India. Jump up ^ Srinivas, Rajulapudi ( 13 November 2016 ). `` Maoists depend on sympathisers to tide over cash crunch ''. The Hindu. Jump up ^ `` This Is How Big Note Ban Will Affect Maoist Activities in Chhattisgarh ''. Jump up ^ `` Demonetisation to hit Maoist activities in Chhattisgarh : Police ''. 13 November 2016. Jump up ^ `` No stone pelting on forces in Kashmir after demonetisation move, says Manohar Parrikar '', The Times of India, 14 November 2016 Jump up ^ `` Kashmir sees sharp decline in stone - pelting cases '', Deccan Herald, 15 November 2016 Jump up ^ `` Demonetization ended terror - funding, stone - pelting in Kashmir : Parrikar '', Daily News and Analysis, 15 November 2016 Jump up ^ Ahmad, Mudasir. `` In Kashmir, Nobody Is Buying Parrikar 's Link Between Demonetisation and Fall in Stone Pelting ''. Jump up ^ `` Manohar Parrikar 's remarks on demonetisation ending Kashmir protests a misconception : Farooq Abdullah ''. Jump up ^ `` Linking stone - pelting with demonetization is misrepresentation of facts : Omar Abdullah ''. Jump up ^ `` Mr Parrikar, Note Ban Did n't End Stone - Pelting & You Know That ''. Jump up ^ `` Demonetisation cripples hawala operations : Mumbai Police ''. The Economic Times. Jump up ^ `` Demonetisation effect : Hawala operations come to a grinding halt ''. Jump up ^ `` Hawala dealers in Kerala hit hard by demonetisation ''. Jump up ^ `` Terror hawala in Kashmir valley rendered trash, thanks to demonetisation ''. Jump up ^ `` Railways gives green light to go cashless '', The Economic Times, 2 December 2016 Jump up ^ `` Railmin awards contract of installing 10,000 POS machines to SBI ''. Jump up ^ `` Queues get longer at banks, ATMs on weekend ''. The Hindu. 12 November 2016. Jump up ^ `` Demonetisation : Sporadic violence in Delhi, cops receive 4.5 K calls ''. New Indian Express. Jump up ^ `` Unrest erupts in UP towns as cashless crowds vent ire on bank staff -- Times of India ''. Retrieved 24 November 2016. Jump up ^ `` In western UP, violence marks day 13 of demonetisation -- Times of India ''. Retrieved 24 November 2016. Jump up ^ `` Demonetisation effect : ATM vandalism on rise ''. 18 November 2016. Retrieved 24 November 2016. Jump up ^ `` Demonetisation : Angry customers break bank 's glass door in Kollam ''. The Indian Express. 12 November 2016. Jump up ^ Reporter, Staff ( 13 November 2016 ). `` No cash : ' frustrated ' man smashes ATM glass wall ''. The Hindu. Jump up ^ `` Hid in Washroom For an Hour : Official After Attack at IDBI Bank ''. Jump up ^ `` Villagers loot fair price shop after dealer refuses scrapped banknotes ''. Hindustan Times. 12 November 2016. Jump up ^ `` Nerves snap in long cash wait, shop looted ''. Jump up ^ `` Villagers looted ration shops in Madhya Pradesh after the shop owner refused to accept old notes ''. Jump up ^ `` Demonetisation Fallout : Cashless Villagers Loot PDS Shop in MP 's Chhatarpur Village ''. 12 November 2016. Jump up ^ The Hindu Panic following withdrawal of notes has largely faded -- PNB CMD ( Accessed on 20 November 2016 ) Jump up ^ `` 28 days of demonetisation : No let - up in rush at banks, ATMs - The Economic Times ''. Jump up ^ `` Demonetisation : Month later, long queues still outside banks and ATMs in Mumbai ''. Jump up ^ `` Demonetisation pain returns : One - fourth of ATMs across India running dry again ''. 7 February 2017. Jump up ^ `` As ATMs dry up, bankers say normalcy will return soon ''. The Indian Express. Retrieved 2017 - 04 - 25. Jump up ^ `` Cash in short supply, note crunch returns - The Economic Times ''. Economictimes.indiatimes.com. 2017 - 04 - 05. Retrieved 2017 - 04 - 25. Jump up ^ `` ATMs run out of cash in many areas ''. The Hindu. 2017 - 04 - 19. Retrieved 2017 - 04 - 25. ^ Jump up to : `` No cash in ATMs again ? This survey says Hyderabad, Pune worst affected : India, News - India Today ''. Indiatoday.intoday.in. 2017 - 04 - 13. Retrieved 2017 - 04 - 25. Jump up ^ `` No official report on deaths due to demonetisation : Government ''. The New Indian Express. 2017 - 03 - 17. Retrieved 2017 - 06 - 26. Jump up ^ `` Two dead in Maharashtra, Kerala in country - wide rush to junk banned notes ''. Indian Express. 11 November 2016. Jump up ^ `` Demonetisation : Rush for cash kills 2 in Kerala, 1 in Maharashtra ; Congress blames Modi government ''. India Today. Jump up ^ `` Demonetisation : 96 year - old died while standing in queue ''. United News of India. November 12, 2016. Jump up ^ `` Farmer standing in line to exchange notes dies of heart attack ''. Press Trust of India. 12 November 2016. Jump up ^ `` Three People Die While Waiting in Queue To Exchange Rs 500 and Rs 1,000 Currency Notes ''. Huffington Post India. 11 November 2016. Jump up ^ `` 2 die in queue to exchange banned notes at bank ''. The Times of India. 11 November 2016. Retrieved 13 November 2016. Jump up ^ `` Mumbai : Baby dies waiting for medical help as hospital refuses Rs 500 & 1000 currency notes ''. India.com. 12 November 2016. Retrieved 13 November 2016. Jump up ^ `` Doc says no to deposit in Rs 500 notes, baby dies awaiting help ''. Mumbai Mirror. Jump up ^ Sadaguru Pandit ( 12 November 2016 ). `` Infant 's death : Doc booked over claims of refusing treatment in Mumbai ''. Hindustan Times. Jump up ^ `` Demonetisation crisis : 25 people dead in a week already ''. The Financial Express. 14 November 2016. Jump up ^ `` 25 deaths in a week : PM Modis demonetisation drive takes a toll on aam aadmi ''. India Today. Jump up ^ Express Web Desk New Delhi Published : November 19, 2016 Arvind Kejriwal gets angry at BBC reporter questioning him on demonetisation ( Accessed on 20 November 2016 ) Jump up ^ `` Demonetization : Government not mourning over 100 deaths due to cash - crunch, says Opposition ''. 8 December 2016. Jump up ^ IANS ( 31 December 2016 ). `` Mamata attacks Modi over cash withdrawal limit, demonetisation deaths '' -- via Business Standard. Jump up ^ `` Around 105 died, but ' Twitter king ' Modi did n't mention it : Lalu on demonetisation ''. Indo - Asian News Service. 22 December 2016. Jump up ^ `` Sensex sinks 514pts, Midcap down 4 % on demonetisation & earnings ''. moneycontrol.com. Retrieved 16 November 2016. Jump up ^ `` Demonetization : With no cash on hand, 4 lakh trucks stranded on highways ''. Retrieved 14 November 2016. Jump up ^ `` Toll tax suspended on national highways till Nov 11, banks open this weekend ''. Hindustan Times. Retrieved 10 November 2016. Jump up ^ `` No toll charges on National Highways till Nov 18 midnight ''. Business Standard India. Press Trust of India. 14 November 2016. Retrieved 17 November 2016. Jump up ^ `` How Demonetisation Has Affected India 's Agricultural And Food Markets ''. Huffington Post India. Retrieved 2016 - 11 - 24. Jump up ^ `` Demonetisation : Farmers fear loss of crops and income after currency ban ''. Firstpost. 2016 - 11 - 18. Retrieved 2016 - 11 - 24. Jump up ^ `` Demonetisation : Farmers protest in Muzaffarnagar over cash shortage ''. Press Trust of India. 2016 - 11 - 22. Jump up ^ `` Demonetisation : At Gujarat protests, farmers dump milk, vegetables on road ''. The Indian Express. 2016 - 11 - 20. Retrieved 2016 - 11 - 24. Jump up ^ `` Farmers in Amritsar stage protest against demonetisation, burn PM Modi 's effigy ''. Hindustan Times. 2016 - 11 - 19. Jump up ^ `` Demonetisation : Gujarat farmers warn of stopping milk supply ; demand note - exchange at co-op banks ''. Firstpost. 2016 - 11 - 19. Retrieved 2016 - 11 - 24. Jump up ^ `` Farmers forced to dump their produce as note ban turns bumper crop worthless ''. Hindustan Times. 26 December 2016. Retrieved 15 January 2017. ^ Jump up to : `` Oh - nion : Farmers in crisis dump produce in markets instead of selling at 50 paise a kilo ''. India Today. Retrieved 15 January 2017. ^ Jump up to : Sanjoy Dey ( 13 January 2017 ). `` At 50p a kg, farmers in Jharkhand prefer dumping tomatoes to selling ''. Hindustan Times. Jump up ^ `` MP : After onions, tomatoes for ₹ 1 / kg, farmers dump produce on streets ''. Hindustan Times. 5 January 2017. Jump up ^ Reddy, R. Ravikanth. `` Upset over price slump, farmer dumps lorry load of tomatoes ''. Retrieved 15 January 2017. Jump up ^ Correspondent, Special. `` Angry onion farmers dump produce on road ''. Retrieved 15 January 2017. Jump up ^ `` Glut forces Deesa farmers to bury potatoes ''. Jump up ^ `` Farmers in Surat dump produce ''. ^ Jump up to : `` Demonetisation protest : Farmers throw vegetables on road ''. 7 January 2017. Retrieved 15 January 2017. Jump up ^ `` Demonetisation : At Gujarat protests, farmers dump milk, vegetables on road ''. 20 November 2016. Retrieved 15 January 2017. Jump up ^ `` Cigarette sales down 30 -- 40 % ''. Financial Express. Retrieved 18 November 2016. Jump up ^ `` E-commerce firms see 30 % decline in cash on delivery orders post demonetisation ''. The Hindu. 2016 - 11 - 16. ISSN 0971 - 751X. Retrieved 2016 - 11 - 18. Jump up ^ `` E-commerce cash - on - delivery orders down by up to 30 per cent ''. The Indian Express. 2016 - 11 - 17. Retrieved 2016 - 11 - 18. Jump up ^ `` Flipkart, Snapdeal, Shopclues say demonetisation good for e-commerce industry ''. Techcircle.in -- India startups, internet, mobile, e-commerce, software, online businesses, technology, venture capital, angel, seed funding. 2016 - 11 - 17. Retrieved 2016 - 11 - 18. ^ Jump up to : `` Demonetisation gets ' acche din ' for swipe - machine makers '', The Economic Times, 15 November 2016 Jump up ^ `` To stay afloat, Coimabtore traders seek card swipe machines '', The Times of India, 20 November 2016 Jump up ^ `` After demonetisation : As cash comes in, digital deals show sharp dip ''. The Indian Express. 2017 - 03 - 04. Retrieved 2017 - 06 - 26. Jump up ^ `` Digital Payment : Digital transactions go down with more cash coming into the system - The Economic Times ''. Economictimes.indiatimes.com. 2017 - 04 - 03. Retrieved 2017 - 06 - 26. ^ Jump up to : `` Modi launches schemes to boost cashless economy : Full text of 2016 's final Mann Ki Baat ''. First Post. ^ Jump up to : Dwivedi, Yogesh. `` India taking a step on the road to cashless economy ''. The Conversation. ^ Jump up to : Wade, Shepard. `` A Cashless Future Is The Real Goal Of India 's Demonetization Move ''. Forbes. ^ Jump up to : Creehan, Sean. `` Demonetization Is Catalyzing Digital Payments Growth in India ''. Federal Reserve Bank of San Francisco. ^ Jump up to : `` Macroeconomic Impact of Demonetisation - A Preliminary Assessment Digital Modes of Payments ''. Reserve Bank of India. Jump up ^ `` Demonetisation effect : more and more people are going for digital payment ''. Economic Times. Jump up ^ `` demonetization - has - spurred - e-wallet - adoption - but - how - secure - are - these - digital - transaction - apps ''. India Times. Jump up ^ `` People can now bank with thumb using BHIM app ''. Indian Express. Jump up ^ `` With Tez, Google joins post-note ban mobile payments race ''. The Hindu. Jump up ^ `` Google 's Tez will take India closer to digital transformation ''. Hindustan Times. Jump up ^ Heller, Nathan. `` India Takes a Big Step Back from Cash ''. The New Yorker. Jump up ^ Creehan, Sean. `` Recent Developments in India 's Payment System ''. Federal Reserve Bank of San Francisco. Jump up ^ Wilson, James. `` Unified Payment Interface ( UPI ) transactions made a giant leapfrog ''. The Wire. ^ Jump up to : Livemint ( 24 November 2016 ). `` Cash crunch : Analysts cut India GDP growth forecast ''. ^ Jump up to : `` Demonetisation a big blow ! GDP growth may dip below 6 % in FY17 ''. 26 December 2016. Jump up ^ `` World Economic Outlook Database ''. International Monetary Fund. October 2016. Jump up ^ Choudhury, Saheli Roy ( 17 January 2017 ). `` India set for slowest growth period as demonetization dents economy ''. Jump up ^ Mishra, Asit Ranjan ( 13 December 2016 ). `` Demonetisation fallout : ADB reduces India GDP growth forecast to 7 % ''. Jump up ^ IANS ( 11 January 2017 ). `` Fitch revises GDP growth estimate for current fiscal to 6.9 % '' -- via Business Standard. Jump up ^ `` Modi 's demonetisation to hit GDP : Growth to fall to 6.3 % from 7.1 % in FY17, says HSBC ''. 9 January 2017. ^ Jump up to : `` Demonetisation : WB cuts Indian GDP growth for fiscal to 7 % - The Economic Times ''. Jump up ^ `` Morgan Stanley cuts GDP growth forecast from 7.7 % to 7.3 % over demonetization impact - Latest News & Updates at Daily News & Analysis ''. 29 November 2016. Jump up ^ `` Demonetisation effect : GDP growth slows down to 6.1 % in March quarter ''. Businesstoday.in. 2017 - 06 - 01. Retrieved 2017 - 06 - 26. Jump up ^ `` Demonetisation impact : GDP dips sharply in Jan - Mar to 6.1 % ; lndia loses fastest growing tag ''. Firstpost.com. Retrieved 2017 - 06 - 26. Jump up ^ `` Demonetisation brings GDP down to 6.1 per cent : Top economists stand vindicated ''. In.news.yahoo.com. 2017 - 06 - 01. Retrieved 2017 - 06 - 26. Jump up ^ http://www.hindustantimes.com/business-news/economic-growth-slows-to-5-7-in-april-june-as-demonetisation-pain-lingers/story-yzvW9XdOUuzfWoWv5B5QTL.html Jump up ^ 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 Jump up ^ http://www.firstpost.com/business/gdp-at-5-7-narendra-modis-demonetisation-hits-economy-hard-manmohan-singh-has-the-last-laugh-in-growth-debate-3996525.html Jump up ^ http://www.huffingtonpost.in/2017/08/31/it-turns-out-manmohan-singh-was-prophetic-in-his-growth-prediction-after-demonetisation_a_23193098/ Jump up ^ http://economictimes.indiatimes.com/news/economy/indicators/economics-of-note-ban-is-former-pm-manmohan-singh-laughing-at-pm-modi/articleshow/60324758.cms Jump up ^ Correspondent, Special. `` Demonetisation hit economy : Jamir ''. The Hindu. Retrieved 2017 - 02 - 26. ^ Jump up to : Seth, Dilasha ( 6 December 2016 ). `` Slowdown due to demonetisation : PMI services shrinks in November after 17 months '' -- via Business Standard. ^ Jump up to : `` 5 Bleak Numbers That Show Demonetisation Impact On The Economy ''. Jump up ^ `` Demonetisation impact : Three sets of numbers tell us how Modi 's gamble has slowed the economy ''. 3 January 2017. Jump up ^ Yadav, Anumeha. `` Cashless and demonetised : Meet three Indians who once had jobs ''. Jump up ^ PTI ( 22 January 2017 ). `` Demonetisation has negative impact on jobs, SMEs, says Assocham survey ''. Jump up ^ `` Now, Demonetisation set to cost 400,000 jobs ''. 24 November 2016. Jump up ^ `` Number of income tax returns filed goes up 24.7 % ''. 7 Aug 2017. Jump up ^ `` Demonetisation impact : Nearly 25 per cent increase in Income Tax Returns filing in current fiscal year, says CBDT ''. 7 Aug 2017. Jump up ^ `` Demonetisation impact : Greater Hyderabad Municipal Corporation collects over Rs 160 crore in just four days ''. india.com. 15 November 2016. Jump up ^ `` Demonetisation windfall : Civic agencies record 268 % increase in tax collection ''. 23 November 2016. Jump up ^ `` Demonetisation Impact, Over 13,000 Crores Collected In November ''. Jump up ^ `` Higher tax collection show no impact of note ban : Jaitley ''. 9 January 2017. Jump up ^ `` RBI turns away people wanting to exchange old notes ''. Tribuneindia.com. 2017 - 01 - 03. Retrieved 2017 - 06 - 26. ^ Jump up to : `` Outside RBI : Soldier back from Siachen to man who found old notes his father left in locker ''. The Indian Express. Retrieved 2017 - 06 - 26. Jump up ^ Share on FacebookShare on Twitter. `` demonetisation of currency : Reserve Bank of India office refuses to exchange notes Ahmedabad News - Times of India ''. Timesofindia.indiatimes.com. Retrieved 2017 - 06 - 26. ^ Jump up to : `` After the demonetisation deadline, Indians are still finding stacks of old notes in the most surprising places â € '' Quartz ``. Qz.com. 2017 - 01 - 10. Retrieved 2017 - 06 - 26. Jump up ^ `` Demonetisation : People stuck with scrapped notes hope for another deposit window business - news ''. Hindustan Times. 2016 - 04 - 22. Retrieved 2017 - 06 - 26. Jump up ^ `` Rs 96,000 in old notes found at locked home, orphans write to PM Modi ''. The Indian Express. Retrieved 2017 - 06 - 26. Jump up ^ `` Orphaned siblings write to PM seeking help to exchange Rs 96,500 in old notes india - news ''. Hindustan Times. 2016 - 04 - 22. Retrieved 2017 - 06 - 26. Jump up ^ `` Woman strips after being unable to exchange old notes at RBI Business Standard News ''. Business-standard.com. 2017 - 01 - 05. Retrieved 2017 - 06 - 26. Jump up ^ `` Unable to exchange notes, woman strips at RBI ''. The Indian Express. 2017 - 01 - 05. Retrieved 2017 - 06 - 26. Jump up ^ `` Denied exchange of old notes, woman strips near RBI 's Delhi office delhi ''. Hindustan Times. 2016 - 04 - 22. Retrieved 2017 - 06 - 26. Jump up ^ `` Demonetisation : NRIs protest outside RBI ; OCIs, PIOs feel left out : India, News - India Today ''. Indiatoday.intoday.in. 2017 - 01 - 23. Retrieved 2017 - 06 - 26. Jump up ^ Nanjappa, Vicky ( 2017 - 04 - 01 ). `` Unable to deposit demonetised currency in RBI, 1,000 s to approach Supreme Court ''. Oneindia. Retrieved 2017 - 06 - 26. Jump up ^ `` Why no category for those who could not exchange banned notes by Dec. 30 was created, SC asks Centre ''. The Hindu. 2017 - 03 - 21. Retrieved 2017 - 06 - 26. Jump up ^ `` SC pulls up Modi govt on demonetisation : Why did you stop deposit after Dec 31 ? ''. 21 March 2017. Retrieved 31 August 2017. ^ Jump up to : `` RBI dividend halves to Rs 30,659 cr : Demonetisation hero turns out to be villain for Narendra Modi govt ''. 11 August 2017. Retrieved 31 August 2017. Jump up ^ `` Script gone wrong : RBI takes demonetisation hit and government gets a cut ''. 11 August 2017. Retrieved 31 August 2017. ^ Jump up to : `` Half dividend, full fallacy : RBI implies Modi & Urjit Patel got demonetisation wrong ''. Retrieved 31 August 2017. Jump up ^ `` Gold price recovers on renewed demand ''. Hindustan Times. 10 November 2016. Retrieved 10 November 2016. Jump up ^ Langa, Mahesh ( 9 November 2016 ). `` Scramble for gold in Gujarat after demonetisation ''. The Hindu. Retrieved 9 November 2016. Jump up ^ Pandey, Devesh. `` Two Axis Bank managers held in Delhi for laundering Rs. 40 cr. ''. Jump up ^ `` ED registers case against fake account holders in Axis Bank 's Noida branch - Latest News & Updates at Daily News & Analysis ''. 17 December 2016. Jump up ^ `` Axis Bank raided again, Rs 89 crore in 19 suspicious accounts found in Ahmedabad branch ''. 22 December 2016. Jump up ^ `` Rs 500 / Rs 1000 demonetisation : Temple money from hundis not to come under scanner ''. 10 November 2016. Jump up ^ `` 13 Ways In Which Indians Will Convert Their Black Money Into White Even After Demonetisation ''. Jump up ^ `` Demonetisation : Temples across India receive high currency notes as donations ''. 18 November 2016. Jump up ^ `` Religious places getting over the ' demon ' of note ban - Times of India ''. Jump up ^ `` Rush to offer Rs 500, Rs 1000 donations at Puri Temple - Times of India ''. Jump up ^ `` Defunct notes worth Rs. 44 lakh found in temple hundi ''. The Hindu. 14 November 2016. Jump up ^ Parmar, Beena ( 13 November 2016 ). `` Despite Rs 4000 - cap on money exchange, loophole allows multiple transactions ''. Hindustan Times. Retrieved 13 November 2016. Jump up ^ `` Demonetisation : In Chennai, To beat cash limit, they send full teams to bank ''. The Indian Express. 15 November 2016. Jump up ^ `` To reduce crowds at banks, ATMs, indelible ink to mark fingers of those who have exchanged old notes ''. The Times of India. Retrieved 15 November 2016. Jump up ^ `` Demonetisation : Banks to use indelible ink to stop multiple transactions, curb crowd ''. firstpost. 15 November 2016. Jump up ^ `` Demonetisation : Indelible ink mark seems like the government is panicking ? ''. The Indian Express. 15 November 2016. ^ Jump up to : `` Rlys sets 5000 as cash refund limit for tickets ''. Retrieved 15 November 2016. Jump up ^ `` Railways say, no cash refund for tickets booked between Nov 9 - 11 ''. Retrieved 15 November 2016. Jump up ^ `` Enforcement Directorate raids forex shops making back date entries ''. The Economic Times. 16 November 2016. Jump up ^ `` Netas using co-op banks for backdated FDs, DDs - Times of India ''. Jump up ^ `` Jewellers issue backdated invoices to clients - The Economic Times ''. Jump up ^ Rathi, Pranshu. `` Back - dated receipts used for Apple iPhone sales after demonetisation : Report ''. Jump up ^ `` Tiffin service to dental implants : All tried to beat system, swap old notes ''. 5 December 2016. Jump up ^ `` Demonetisation violation ? Banks accepted over Rs 1 lakh crore without PAN details ''. hindustantimes.com/. 2017 - 03 - 16. Retrieved 2017 - 03 - 17. ^ Jump up to : `` Enforcement Directorate issues FEMA notices to forex, gold traders ''. The Economic Times. Retrieved 16 November 2016. Jump up ^ `` PMO coordinating black money crackdown post note ban, receiving 15 - 20 calls daily ''. Retrieved 28 December 2016. Jump up ^ `` How PM Narendra Modi is managing fight against black money, corruption from ' secret war room ' ''. Retrieved 28 December 2016. Jump up ^ Rai, Arpan ( 11 November 2016 ). `` Income tax dept conducts raids across India as illegal financial institutions crop up ; shops call it a day ''. India Today. Retrieved 12 November 2016. Jump up ^ `` Kolkata businessman arrested for converting Rs. 25 crore old currency ''. 22 December 2016. Jump up ^ `` Rs. 13.22 lakh in cash seized ''. The Hindu. 11 November 2016. Jump up ^ `` Rs 4 Crore - Worth Scrapped Notes Seized From Maharashtra Trader ''. Jump up ^ `` Rs 76 lakh cash seized from vehicle in Mandi -- Times of India ''. Jump up ^ `` Madhya Pradesh : Rs 4 crore - worth scrapped bank notes seized from trader ''. 12 November 2016. Jump up ^ `` Rs. 73 lakh cash seized from two cars near Nashik ''. Retrieved 2 December 2016. Jump up ^ `` Chhattisgarh : Cash worth Rs 44 lakhs in Rs 500, Rs 1000 notes seized from a man ''. Daily News & Analysis. 11 November 2016. Jump up ^ `` I-T detects Rs 4,172 crore undisclosed income, seizes new note worth Rs 105 crore ''. Retrieved 29 December 2016. Jump up ^ `` Operation Clean Money phase II : 60K individuals including 1,300 ' high - risk ' cases under I-T lens '', Indian Express, 15 April 2017 Jump up ^ `` Rs 111.3 crore and counting : Here is a conservative list of new cash seizures reported post-demonetisation ''. 10 December 2016. Jump up ^ `` I-T department seizes Rs 130 crore cash, jewellery post demonetisation ''. 6 December 2016. Jump up ^ `` New notes worth Rs 4.7 crore seized in I-T raids in Bengaluru - Times of India ''. Jump up ^ `` Bengaluru : In Indias biggest seizure since Nov 8, Rs 5.7 crore found - all in new Rs 2000 notes ''. Jump up ^ `` Bengaluru : Rs 2000 notes worth over Rs 4 crore seized by Income Tax dept ''. 1 December 2016. Jump up ^ `` After BJP leader Manish Kumar 's arrest, Babul Supriyo washes hands off all linkages, calls it ' wasted time ' ''. 7 December 2016. Jump up ^ Team, BS Web ( 7 December 2016 ). `` Several BJP men caught with crores ; Karnataka biggest hotspot for illegal cash transactions '' -- via Business Standard. Jump up ^ `` Demonetisation : Rs 1.5 crore in new Rs 2,000 notes seized in Goa, two held ''. 7 December 2016. Jump up ^ `` Over 900 new Rs 2000 notes seized from TN BJP leader who backed demonetisation ''. 2 December 2016. Jump up ^ `` Biggest seizure of Rs 142 cr cash, gold post demonetisation ''. ^ Jump up to : `` Cash crunch ? Rs 242 crore in new currency seized after demonetisation ''. 9 December 2016. Jump up ^ `` Over Rs 164 crore black money seized in new notes. Has note ban failed ? ''. Jump up ^ `` As India struggles for its next Rs 2,000, new currency seized across country can fill gunny bags ''. 9 December 2016. Jump up ^ `` Rs 100 crore seized in new notes to be back in circulation ''. Retrieved 29 December 2016. External links Wikimedia Commons has media related to Indian 500 and 1000 rupee note demonetisation. Wikinews has related news : 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 Indian rupee ( ₹ ) Subunits Pie ( obsolete ) Anna ( obsolete ) Paisa Coins Present 50 p. ₹ 1 ₹ 2 ₹ 5 ₹ 10 Former 1 naya paisa 2 naye paise 5 naye paise 1 p. 2 p. 3 p. 5 p. 10 p. 20 p. 25 p. Banknotes Series Lion Capital Series Mahatma Gandhi Series Mahatma Gandhi New Series Denominations ₹ 1 ₹ 5 ₹ 10 ₹ 20 ₹ 50 ₹ 100 ₹ 200 ₹ 500 ₹ 1000 ₹ 2000 Mints India Government Mint Hyderabad Kolkata Mumbai Noida Topics Reserve Bank of India Economy of India Demonetisation of ₹ 500 & ₹ 1000 notes Retrieved from `` https://en.wikipedia.org/w/index.php?title=2016_Indian_banknote_demonetisation&oldid=804971188 '' Categories : 2016 in Indian economy Anti-corruption measures in India Banknotes of India Modern obsolete currencies History of money Modi administration initiatives Monetary reform Hidden categories : CS1 maint : BOT : original - url status unknown Wikipedia semi-protected pages Use dmy dates from November 2016 Use Indian English from December 2016 All Wikipedia articles written in Indian English Wikipedia articles needing style editing from December 2016 All articles needing style editing All articles lacking reliable references Articles lacking reliable references from December 2016 Talk View source Contents About Wikipedia Wikinews বাংলা भोजपुरी Français हिन्दी Bahasa Indonesia ಕನ್ನಡ मैथिली മലയാളം मराठी ਪੰਜਾਬੀ Русский தமிழ் తెలుగు اردو 中文 Edit links This page was last edited on 12 October 2017, at 07 : 04. Text is available under the Creative Commons Attribution - ShareAlike License ; additional terms may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia ® is a registered trademark of the Wikimedia Foundation, Inc., a non-profit organization. About Wikipedia

Question: when was 500 and 1000 rupee notes banned in india
Answer: 8 November 2016