Write a brief note on Partial Demonetisation of Indian currency in 2016?

The Partial Demonetisation of Indian currency took place in Nov. 2016. On the 8th day of November, a public announcement was made live by the Prime Minister of India, Mr. Narendra Modi at 8.00 pm that the 500 and 1000 denomination notes were demonetised and can only be used till 12 midnight the same day. The new series of 500 and 2000 notes were introduced and the time limit of 50 days was given for the exchange of the demonetised notes. During this time, some limits were put on exchange of demonetised notes per day and withdrawal per day (and week). The opposition strongly criticized the step of Demonetisation whereas there was a mixed reaction among the people of India. It was appreciated by the people on one hand but also faced criticism by some.

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