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What Happened on November 8th 2016 #banned #indiancurrency 500 and 1000Rs. Banned in India #shorts
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What Happened on November 8th 2016 #banned #indiancurrency 500 and 1000Rs. Banned in India #shorts

What happened on 8th November 2016?

On 8 November 2016, the Government of India announced the demonetisation of all ₹500 and ₹1,000 banknotes of the Mahatma Gandhi Series. It also announced the issuance of new ₹500 and ₹2,000 banknotes in exchange for the demonetised banknotes.Prime Minister Narendra Modi claimed that the action would curtail the shadow economy, increase cashless transactions and reduce the use of illicit and counterfeit cash to fund illegal activity and terrorism.

The announcement of demonetisation was followed by prolonged cash shortages in the weeks that followed, which created significant disruption throughout the economy. People seeking to exchange their banknotes had to stand in lengthy queues, and several deaths were linked to the rush to exchange cash.
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Uploaded At Oct 9, 2022 ^^


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RYD date created : 2025-02-18T02:05:25.8551056Z
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