Demonetisation

In a surprise move, the Central government has demonetised Rs 500 and Rs 1,000 currency notes. The move is aimed at fighting black money. Ever since the policy came into effect, people have queued up outside ATMs and banks to withdraw notes or exchange old currencies. The opposition has slammed the government with Trinamool's Mamata Banerjee calling for a rollback. Demonetisation has led to a logjam in Parliament. Demonetisation is a radical monetary step in which a currency unit’s status

as a legal tender is declared invalid. This is usually done whenever there is a change of national currency, replacing the old unit with a new one. In India, it was first implemented in 1946 when the Reserve Bank of India demonetised the then circulated Rs 1,000 and Rs 10,000 notes.

Demonetisation News

Akhilesh, Mayawati blame note ban for ‘slowdown, unemployment’

BSP chief Mayawati tweeted “The Central government without any preparation announced demonetisation... The note ban is the main cause for increasing unemployment and worsening of the economy...”

Demonetisation three years later: Cash in circulation up 25.6% to record high of 22.57L cr

The Rs 4,60,000-crore rise in the currency in the system in the past three years indicates that cash is still ruling the roost in the financial system despite the big push in digital transactions and less cash economy.

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Demonetisation led to economic disaster: Opposition

While Congress chief Sonia Gandhi said demonetisation was a “Tughlaqi blunder” inflicted by a “tyrannical government” that wiped out over 1 crore jobs, West Bengal Chief Minister Mamata Banerjee said it led to an “economic disaster”.

Sonia Gandhi on note ban: Will ensure nation never forgets or forgives 'Tughlaqi blunder'

On the third anniversary of demonetisation, Sonia also said that PM Modi and his ministers have never taken responsibility for the "faux pas" that claimed over 120 lives and proved a death knell for medium and small businesses.

SP will be in power in UP in 2022, wounds of demonetisation now deeper: Akhilesh

"The wounds of demonetisation and GST have now become deeper. In 2022, it will be Samajwadi Party government in the state," Yadav said.

Demonetisation a 'terror attack': Rahul Gandhi on three years of note ban

"It’s three years since the demonetisation terror attack that devastated the Indian economy, taking many lives, wiping out lakhs of small businesses & leaving millions of Indians unemployed," Rahul Gandhi tweeted.

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Rs 2,000 notes can be demonetised: Subhash Chandra Garg

Garg said the high debt levels are “a deterrent on our credit ratings” and a big part of the revenues go in serving these debts.

3 years after demonetisation: Security features delayed as Govt and RBI juggle currency printing, demand

Minutes of the last meeting of the Strategic Planning Group of the Currency and Coins Division of the Ministry of Finance, held on June 3, show that printing and bank note paper stock situation continue to be in flux after demonetisation.

Gujarat: Congress to hold week-long agitations from November 8

Former Member of Parliament and Congress’ Gujarat in-charge Rajeev Satav attacked the BJP saying the party has been shown its place by the people in the recently held assembly bypolls.

Rahul Gandhi replays GST and demonetisation, new entry is slowdown

Rahul Gandhi addressed only five rallies in Maharashtra and two in Haryana, but his speeches largely mirrored those made during the Lok Sabha campaign.

Demonetisation Videos

‘Think of it the other way, not about govt raiding RBI, but how RBI could have behaved differently’

In this edition of the Idea Exchange, Former Chief Economic Adviser Arvind Subramanian talks about demonitisation, defends GST, explains the reasons why growth has not been robust and reflects back on his tenure as Chief Economic Adviser of India.

The Agrarian Unrest Part 1: This could be the Narendra Modi government’s biggest problem

Thousands of farmers from across the country have taken to the streets. ‘Dilli chalo’ is their slogan. What do they want? And is agrarian distress this government’s biggest problem? Harish Damodaran explains.

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Why a leader is aligning with someone is more important that who aligns with who; Mamata Banerjee has a major role: Amit Mitra, Bengal Finance Minister

Bengal FM Amit Mitra talks about demonetisation, the problems with GST, failing Centre-state relations, the need for protecting and building institutions such as the RBI and CBI, investments in the state, and what the BJP “doesn’t get about Bengal".

Express Eye for Detail Ep 12: Two years of demonetisation, the Diwali mess and Faizabad renamed as Ayodhya

Two years on, The Indian Express learns that RBI did not approve of demonetisation and more about the week’s top stories in Express Eye for Detail episode 12.

How demonetisation and GST hit MSMEs: News in Numbers

Two years on, we look at how demonetisation (and GST) had an adverse impact on micro, small and medium enterprises or MSMEs. Here are some of the concerns that MSMEs are dealing with.

Demonetisation, a success? Is it still a question: News in Numbers

The shortage of cash, decline in GDP, loss to small businesses and daily-wage workers - was it all worth it if most of the demonetised money is back in the system?

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Rahul Gandhi Has A New Avatar!

As the poll fever rises ahead of the Himachal Pradesh and Gujarat Assembly elections, Congress vice-president Rahul Gandhi has intensified his attack against the Prime Minister Narendra Modi-led NDA government at the Centre. Ever since he delivered his speech at the University of Berkley in the US, Rahul Gandhi, who is likely to take over as […]

Demonetisation: RBI recovers almost all banned notes

The Reserve Bank of India (RBI) Wednesday disclosed that almost 99 per cent of Rs 500 and Rs 1,000 currency notes which were withdrawn from circulation on November 8, 2016 has returned to the central bank, confirming what the government’s critics had been pointing out about the weak economic rationale for demonetisation. This also raises […]

Nitish Kumar Underlining "Maximum Opposition Unity" Was The Need Of The Hour In The Month Of Feb

Making a clarion call for opposition unity, Bihar Chief Minister Nitish Kumar said it was the need of the hour. Participating in a panel discussion during the launch of former finance minister and senior Congress leader P Chidambaram’s book “Fearless in Opposition” as part of the Express Book Series along with Rupa, he said, “It is time […]

Rs 1,000 Notes To Be Back In A New Avatar: Here's All You Need To Know

A senior government official has told The Indian Express that the RBI and the government have firmed up plans to launch a new series of Rs 1,000 notes shortly to replace the earlier note of similar denomination that was withdrawn from circulation following the November 8 demonetisation announcement. The official said the RBI has already […]

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