Government ban on 500 and 1000 rupee notes completes one year today. Prime Minister Narendra Modi announced the demonetisation in an unscheduled live televised address last year this day at 8 pm.
He declared that use of all 500 and 1000 banknotes of the Mahatma Gandhi Series would be invalid past midnight, and announced the issuance of new 500 and 2000 bank notes of the Mahatma Gandhi New Series in exchange for the old banknotes.
Government says the measure succeded in curtailing the shadow economy and crack down on the use of illicit and counterfeit cash to fund illegal activity and terrorism.
Addressing the media in New Delhi yesterday, Finance Minister Arun Jaitley termed demonetisation as a watershed moment in the history of country’s economy. He said it was a structural reform under the leadership of Prime Minister Narendra Modi and more money came in mutual funds, capital market after demonetisation.