2016 CE · economy policy
Demonetization
On 8 November 2016, the Government of India withdrew the legal-tender status of existing ₹500 and ₹1,000 banknotes with effect from midnight, while announcing new ₹500 and ₹2,000 notes and arrangements for exchange and deposit. The government stated that the measure was aimed at counterfeit currency, unaccounted cash and illicit financing; its wider economic effects remain extensively debated.
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