Demonetisation of Rs 500 and Rs 1000 Banknotes
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Policy framework or directive — a strategic document setting direction, principles, and objectives for governance. Guides the design of schemes, legislation, and implementation strategies.
Summary
Government demonetised 86% of currency in circulation overnight, invalidating Rs 500 and Rs 1000 notes. Aimed at curbing black money, counterfeiting, and terror financing. Highly debated — accelerated digital payments adoption but caused significant economic disruption.
Key Facts
Type Policy
Source Historical Record (Curated)
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
Key Authorities
Key Stakeholders
Government Context
NDA I BJP-led NDA
Left Centre Right