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It has been suggested that this article be merged into Indian 500 and 1000 rupee currency demonetisation. (Discuss) Proposed since November 2016.

This article is part of a series aboutNarendra Modi
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Indian Prime Minister, Narendra Modi demonetisation policy, was launched on late evening (8 pm I.S.T.) of November 8, 2016. The objective of move was to gain accountability of cash used in country. The move aims to thwart black money, by demonetisation of two big notes of Indian currency. Usage of cash has become a Government registered move from then.

The decision was made, to discontinue Rs 1000 and Rs 500. Prime Minister Shri Narendra Modi made these important announcements during a televised address to the nation on the evening of Tuesday 8th November 2016.

Indian Currency banknotes of Rs 500 and Rs 1000, ceased to be legal tender from November 9 midnight 2016 (00:00 am ), Indian Standard Time as per the initiative

People having old notes of five hundred or one thousand rupees have to deposit the notes in bank or post offices from 10th November 2016 onwards till 30th December 2016, as per the policy .

Other Indian currency, Notes of one hundred, fifty, twenty, ten, five, two and one rupee remained legal tender and are not in demonetisation policy. Other transcations methods,such as online payment using debit or credit cards, were also not in demonetisation policy.

Narendra Modi announced as part of policy on 8 November 2016, that , notes of five hundred and one thousand rupees will be accepted, for a 'specified date time limit only', all under authorised Indian Government centres and usage for medical purposes , including Government hospitals.Booking of Indian Railway tickets, transport tickets both by land and air. Fuel stations of consumer petrol, diesel and government gas services. Consumer stores , which are Government authorized, either at State or National level,milk centres and crematoria, burial grounds.

• The current reviewed date for the humanitarian based, selectively allowed under, transactions with demonetisated currency denominations, as per Indian Government has been extended till midnight (I.S.T.) of 24 November 2016, payment of medical bills, usage at crematoria, burial grounds, vehicle and domestic fuel purchases, milk booths, with legal accounting and receipt collection of transactions.

The purpose of above move is to make accountability of cash and it should be reflected in Indian Government official Records. All other forms of unaccounted money will be considered as black money. Government authorized identity cards, such as Permanent Account Number card, Aadhaar card, were used to monitor cash accountability, while deposition of cash money, in Government banks or Post offices.

Policy

The demonetisation drive has been initated by Prime minister Narendra Modi, with an initaitive that demonetisation would help the India fight corruption, terrorism, smuggling, drug menace and other social ills and also to target people with unaccounted cash.The initiative was done secretly due to deliberate reasons as outlined by Modi and addressed to public.

Outlining the initiatives taken by the Modi Government to curb black money.The Prime Minister vision in implementation of this policy was to give the benefit to the poor and ordinary people by taking strict measures to unearth the black money.In a cautionary notice Modi has informed people, not to get into false traps, of depositing someone else cash, handed over to them, into their accounts.

The Prime Minister requested the people of India,to cooperate and have patience for next 50 days, on his demonetisation decision. Modi, has expressed his views that demonetisation is not the end, to fight against black money,and more measures can be taken after 30 December 2016.

Mr. Modi mentioned about recent demonetisation of Rs 500 and Rs 1,000 notes, in his speech and added that the step taken was important, as many people had still kept undeclared amount with them. He also mentioned about his Government policy of Jan Dhan Yojna and said that accounts for the poor were opened when they had no money.

Narendra Modi said while addressing an event in Goa on 13 November 2016, that he needed 50 days for overcoming crisis.

Narendra Modi on the birth anniversary of late Prime Minister of India Pandit Jawaharlal Nehru, commented on his demonetisation policy, as an initiative to help poor, as in envisioned by Pandit Jawaharlal Nehru.

Modi has claimed during an address to public, that his demonetisation policy,will help poor.

Reactions of People

Several parties have expressed their views on implementation of the policy.

International Monetary Fund (IMF) had supported Prime Minister Narendra Modi's efforts to fight corruption by demonetizing 500 and 1000 rupees notes.

The Aam Aadmi Party and several opposition parties, expressed their views on the Modi government’s move to demonetise Rs500/1000 notes.

Modi’s demonetisation policy has been considered as big move to combat black money. The step can uncover as much as Rs4.6 trillion of unaccounted money, according to economists, though opinions are mixed on whether this would curb future tax evasion.

According to The Confederation of Indian Industry, India's cash dependence is extremely high with a currency-GDP ratio of around 12 per cent compared to 4-5 per cent in other developing countries, one of the reason the government demonetised Rs 500 and Rs 1,000 notes.

Modi' image as a go-getter and a no-nonsense politician stands enhanced at this point, after few days of demonetisation drive.

Modi showed confidence that the people of India are in support with his demonetisation move and several parties also are in support of initiative.

Modi's demonetisation move has garnered, him attention from foreign media, and comparison with Singapore founding father Lee Kuan Yew.

Review of Demonetisation

The force of demonetisation started at midnight of Wednesday the 9th of November, and The Prime Minister was abroad from the next day, Thursday; for a series of high-level meetings in Japan, returning on the weekend of the 12th. On the wee hours of Monday morning, 14 November 2016, Prime Minister, Narendra Modi held a meeting with senior ministers to review demonetisation and its impact, the meeting came as a result of chaos within the Indian, public getting angered on surprise demonetisation of two high currency notes.

• In the reviewed discussion release, few transactions can be done with, old Rs 500 and Rs 1000. The period of these transactions has been extended from 14th November midnight to 24th November midnight.

The Supreme Court of India, has supported the demonetisation, along with concerns for common man, refusing to apply a stay on ban, as filed by petitioners.

Debate on demonetisation in Winter session of Parliament

A debate on demonetisation in winter session of Indian Parliament, which will happen on 16 November 2016..

Prime Minister Narendra Modi, has urged all the Indian Political parties, to support, demonetisation in the winter session.

The winter session of Indian Parliament received a tough start on debate of demonetisation

Mr Modi said that he is ready to debate with cooperation from all parties in National interest

Discussion of demonetisation in Rajya Sabha

The debate on demonetisation was initiated by Indian National Congress, Indian politician Anand Sharma in Rajya Sabha 16 November 2016

The Bharatiya Janata Party minister Piyush Goyal, expressed his views on demonetisation, implementation

References

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• Articles to be merged from November 2016
• Corruption in India
• Modi administration initiatives
• Anti-corruption measures