Demonetisation of Rs 500 and Rs 1000 Notes
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Official announcement — a public communication of a policy decision, milestone, or initiative. Signals government intent and often precedes formal notification or legislative action.
Summary
Overnight withdrawal of 86% of currency in circulation to combat black money, counterfeit currency, and terror financing. Led to rapid growth of digital payments and formalisation of the economy, though debated for its economic impact.
Key Facts
Type Announcement
Source Historical Record
Published Tuesday, 8 November 2016
Affected Population 1.4 billion citizens, 63 million MSMEs
Key Numbers
GDP: $3.9 trillion (2025 est.)
Fiscal deficit target: 4.4% of GDP
GST collection: Rs 1.87 lakh crore/month avg
20 million central + state government employees
Key Authorities
Key Stakeholders
Government Context
NDA I BJP-led NDA
Left Centre Right