2016 Indian banknote demonetisation

This article is about the 2016 decision to demonetise 1 Background

500- and 1000-rupee banknotes. It is not to be confused
with The High Denomination Bank Notes (Demonetisa-
tion) Act, 1978.

On 8 November 2016, the Government of India an-

nounced the demonetisation of all 500 (US$7.40) and
1,000 (US$15) banknotes of the Mahatma Gandhi Se-
The Indian government had demonetised bank notes on
ries.[2] The government claimed that the action would
two prior occasionsonce in 1946 and then again in
curtail the shadow economy and crack down on the use
1978and in both cases, the goal was to combat tax eva-
of illicit and counterfeit cash to fund illegal activity and
sion by black money held outside the formal economic
terrorism.[3][4] The sudden nature of the announcement
system.[16] In 1946, the pre-independence government
and the prolonged cash shortages in the weeks that
hoped demonetisation would penalize Indian businesses
followedcreated signicant disruption throughout the
that were concealing the fortunes amassed supplying the
economy, threatening economic output.[5][6] The move
Allies in World War II.[16] In 1978, the Janata Party coali-
was heavily criticized as poorly planned and unfair, and
tion government demonetised banknotes of 100, 500 and
was met with protests, litigation, and strikes.
1000 rupees, again in the hopes of curbing counterfeit
Prime Minister of India Narendra Modi announced the money and black money.[17]
demonetisation in an unscheduled live televised address
In 2012, the Central Board of Direct Taxes had recom-
at 20:00 Indian Standard Time (IST) on 8 November.[7][8]
mended against demonetisation, saying in a report that
In the announcement, Modi declared that use of all
demonetisation may not be a solution for tackling black
500 and 1000 banknotes of the Mahatma Gandhi
money or economy, which is largely held in the form of
Series would be invalid past midnight, and announced
benami properties, bullion and jewellery.[18][19] Accord-
the issuance of new 500 and 2000 banknotes of the
ing to data from income tax probes, black money hold-
Mahatma Gandhi New Series in exchange for the old ban-
ers kept only 6% or less of their wealth as cash, sug-
knotes.
gesting that targeting this cash would not be a successful
The BSE SENSEX and NIFTY 50 stock indices fell over strategy.[20]
6 percent on the very next day. In the days following the
On 28 October 2016 the total banknotes in circulation
demonetisation, the country faced severe cash shortages
[9][10] in India was 17.77 trillion (US$260 billion). In terms
with severe detrimental eects across the economy.
of value, the annual report of Reserve Bank of India
People seeking to exchange their bank notes had to stand
(RBI) of 31 March 2016 stated that total bank notes in
in lengthy queues, and several deaths were linked to
circulation valued to 16.42 trillion (US$240 billion) of
the inconveniences caused due to the rush to exchange
[11][12] which nearly 86% (around 14.18 trillion (US$210 bil-
cash.
lion)) were 500 and 1,000 banknotes. In terms of vol-
Initially, the move received support from several bankers ume, the report stated that 24% (around 22.03 billion) of
as well as from some international commentators. It was the total 90266 million banknotes were in circulation.[21]
heavily criticised by members of the opposition parties,
In the past, the Bharatiya Janata Party (BJP) had opposed
leading to debates in both houses of parliament and trig-
demonetisation. BJP spokesperson Meenakshi Lekhi had
gering organised protests against the government in sev-
said in 2014 that The aam aurats and the aadmis (gen-
eral places across India.[13][14][15] The move is considered
eral population), those who are illiterate and have no ac-
to have reduced the countrys GDP and industrial produc-
cess to banking facilities, will be the ones to be hit by such
tion. As the cash shortages grew in the weeks following
diversionary measures.[22][23][24][25]
the move, the demonetization was heavily criticised by
prominent economists and by world media. In June, the Government of India had devised the Income
Declaration Scheme, that lasted till 30 September 2016,
providing an opportunity to citizens holding black money
and undeclared assets to avoid litigation and come clean
by declaring their assets, paying the tax on them and a
penalty of 45% thereafter.[26]

1
2 2 PROCEDURE

2 Procedure the bank notes, whichever is higher, for people transact-

The plan to demonetise the 500 and 1000 bank notes
began six to ten months prior, and was kept highly con-
dential with only about ten people aware of it completely.
The logistical processes and preparations for printing the
new 500 and 2000 bank notes began in early-May.
The cabinet was informed about the demonetisation on 8
November, 2016 in a meeting called by the Prime Minis-
ter of India Narendra Modi which was followed by Modis
public announcement about the demonetisation in a tele-
vised address.[27]
2.1 Televised address
ing with them after November 8, 2016; or holding more
than ten of them after December 30, 2016. The ordi-
nance also provided for the exchange of the bank notes
after December 30 for non-resident citizens and others
on a case by case basis.[33][34]
2.2.1 Exceptions
Petrol, CNG and gas stations, government hospitals,
railway and airline booking counters, state-government
recognised dairies and ration stores, and crematoriums
were allowed to accept the banned 500 and 1,000
bank notes until December 2, 2017.[35]

On 8 November 2016, Prime Minister of India Narendra 2.3 Exchange of old notes
Modi announced the demonetisation in an unscheduled
live televised address to the nation at 20:15 IST.[28][29] In
the announcement, Modi declared circulation of all 500
and 1,000 banknotes of the Mahatma Gandhi Series as
invalid eective from the midnight of the same day, and
announced the issuance of new 500 and 2,000 ban-
knotes of the Mahatma Gandhi New Series in exchange
for the old banknotes.
After Modis announcement, the Governor of the Reserve
Bank of India, Urjit Patel, and Economic Aairs secre-
tary, Shaktikanta Das explained in a press conference that
one purpose of the action was to ght terrorism funded by
counterfeit notes. While the supply of notes of all denom- People gathered at ATM of Axis Bank in Mehsana, Gujarat to
inations had increased by 40 percent between 2011 and withdraw cash following deposit of demonetised currency notes
in bank on 15 November 2016.
2016, the 500 and 1,000 banknotes increased by 76
percent and 109 percent, respectively, owing to forgery. The Reserve Bank of India stipulated a window of fty
They said that forged cash was used to fund terrorist ac- days until December 30, 2016 to deposit the demone-
tivities against India and that the demonetisation had a tised banknotes as credit in bank accounts. The ban-
counter-terrorism purpose.[30] knotes could also be exchanged over the counter of bank
[36]
Patel also informed that the decision had been made about branches upto a limit that varied over the days:
six months ago, and the printing of new banknotes of de-
nomination 500 and 2,000 had already started. How- Initially, the limit was xed at 4,000 per person
ever, only the top members of the government, security from 8 to 13 November.
agencies and the central bank were aware of the move.
This limit was increased to 4,500 per person from
But media had reported in October 2016 about the intro-
14 to 17 November.[37][38]
duction of 2,000 denomination well before the ocial
announcement by RBI. This statement has led to much The limit was reduced to 2,000 per person from
debate, because the Reserve Bank governor six months 18 November.[39]
before the announcement was Raghuram Rajan, while the
new banknotes have the signature of the newly appointed All exchange of banknotes was abruptly stopped from
governor, Urjit Patel.[31][32] November 25, 2016.[40]
International airports were also instructed to facilitate an
exchange of notes amounting to a total value of 5,000
2.2 Government ordinance for foreign tourists and out-bound passengers.[41]
The Specied Bank Notes (Cessation of Liabilities) Or-
dinance, 2016 was issued by the Government of India on 2.3.1 Facts and gures
28 December 2016 ceasing the liability of the govern-
ment for the banned bank notes, and also imposing a ne Up to 97%[42][43][44] of the demonetised bank notes have
upto 10,000 or ve times the amount of the face value of been deposited into banks which have received a total of
3.1 Allegations and claims 3

14.97 trillion ($220 billion) as of December 30 out of sucient time to convert most of his money into smaller
the 15.4 trillion that was demonetised. This is against denominations.[54]
the governments initial estimate that 3 trillion wouldThe chairman of the State Bank of India had also openly
not return to the banking system.[45] spoken in April 2016 about the possibility of demoneti-
Of the 15.4 trillion demonetised in the form of 500 sation of 500 and 1000 notes.[55]
and 1000 bank notes of the Mahatma Gandhi Series, A BJP MLA from Rajasthan, Bhawani Singh Ra-
9.2 trillion in the form of 500 and 2000 bank notes
jawat, claimed in a video that 'Ambani and Adani'
of the Mahatma Gandhi New Series has been recirculated were informed about the demonetisation, and made ar-
as of 10 January 2017, two months after the demonetisa- rangements. However, he later said that it was an
tion. o-the-record conversation, and ocially denied the
5 comments.[56][57]
10
15
20 3.1 Allegations and claims
Amount of currency demonetised
Amount of currency recirculated as of 10 Jan '17 The Communist Party of India (Marxist) (CPM) alleged
that the BJP unit in West Bengal had advance knowl-
[46] edge about the impending announcement, and deposited
money just before the announcement.[58][59] Aam Aadmi
Party leader Arvind Kejriwal also claimed that there had
2.4 Withdrawal limits been some leakage regarding the move.[60][61] Kejriwal
questioned how Sanjeev Kamboj, a BJP leader in Punjab,
Cash withdrawals from bank accounts were restricted posted about the 2000 notes days before the ocial an-
to 10,000 per day and 20,000 per week per account nouncement, and alleged that a sudden spike in bank de-
from 10 to 13 November.[36] This limit was increased to posits between July and September 2016 was also due
24,000 per week from November 14, 2016.[37][38] to information leakage.[62] The Congress party demanded
a probe into this huge jump in bank deposits before the
A daily limit on withdrawals from ATMs was also im- demonetisation.[63]
posed varying from 2,000 per day till 14 November,[47]
Kumar,[64][65] Arvind Kejriwal[66] and Rahul
and 2,500 per day till 31 December.[37][38] This limit Nitish [67]
was increased to 4,500 per day from January 1,[48] and Gandhi alleged that the BJP made large purchases of
again to 10,000 from January 16, 2017.[49] land in Bihar ahead of the demonetisation because they
had prior information.
More than 30 politicians belonging to the BJP were ar-
2.4.1 Exceptions rested and investigated for having unaccounted money in
the new 2000 rupee denomination.[68]
Under the revised guidelines issued on November 17,
2016, families were allowed to withdraw 250,000 for
wedding expenses from one account provided it was KYC 3.2 April fools joke
compliant. The rules were also changed for farmers who
are permitted to withdraw 25,000 per week from their Seven months before the announcement, the Gujarati
accounts against crop loans.[39][50] newspaper Akila published an article that announced
the demonetization of 500 and 1000 rupee notes.[69][70]
The editor of the newspaper claimed that it was only an
3 Prior leakage of information April fools day prank.[71] The article contained many de-
tails that matched the actual announcement in November,
including the creation of new 2000 notes. The coinci-
A fortnight before the ocial announcement, a news re-
dence received wide coverage, and was called mystical
port in the Hindi daily Dainik Jagran quoting RBI sources
and uncanny.[72]
mentioned about the coming release of new 2000 ru-
pee note alongside withdrawal of 500 and 1000 rupee
notes.[51][52] Similar news came in The Hindu Business
Line on 21 October 2016 which also mentions about com- 4 Reactions
ing 2000 rupee note and about possible withdrawal of 500
and 1000 rupee notes.[53] 4.1 Support
A businessman reportedly admitted in an interview that
he had received prior warning of the impending demon- The decision met with mixed initial reactions. Sev-
etisation from a source in the government, and that he had eral bankers like Arundhati Bhattacharya (Chairperson
4 4
of State Bank of India) and Chanda Kochhar (MD &
CEO of ICICI Bank) appreciated the move in the sense
that it would help curb black money.[73] Businessmen
Anand Mahindra (Mahindra Group), Sajjan Jindal (JSW
Group), Kunal Bahl (Snapdeal and FreeCharge) also sup-
ported the move adding that it would also accelerate e-
commerce.[73] Infosys founder N. R. Narayana Murthy
praised the move.[74][75]
Finance Minister Arun Jaitley said that demonetisation
would clean the complete economic system, increase the
size of economy and revenue base. He mentioned the
demonetisation along with the upcoming Goods and Ser-
vices Tax (GST) as an attempt to change the spending
habit and lifestyle.[76]
The Indian National Congress spokesperson Randeep
Surjewala welcomed the move but remained sceptical
on the consequences that would follow.[77] Chief Minis-
ter of Bihar Nitish Kumar supported the move.[78][79][80]
The demonetisation also got support from Chief Minister
of Andhra Pradesh Nara Chandrababu Naidu.[81][82][83]
Former Chief Election Commissioner of India S. Y.
Quraishi said demonetisation could lead to long term
electoral reforms.[84] Indian social activist Anna Hazare
hailed demonetisation as a revolutionary step.[85][86][87]
The President of India Pranab Mukherjee welcomed the
demonetisation move by calling it bold step.[88][89][90][91]
The opinion of the masses varied both ways on micro-
blogs and social media sites like Twitter.[92]
By and large, international response was posi-
tive which saw the move as a bold crackdown on
corruption.[93][94][95] International Monetary Fund (IMF)
issued a statement supporting Modis eorts to ght
corruption by the demonetisation policy.[93]
Chinese state media Global Times praised the move
and termed it as erce ght against black money and
corruption.[94] Former Prime Minister of Finland and
Vice-President of European Commission Jyrki Katainen
welcomed the demonetisation move stressing that bring-
ing transparency will strengthen Indian economy.[96][97]
BBC's South Asia Correspondent Justin Rowlatt in his ar-
ticle praised the move for its secrecy and success and elab-
orated on reason behind demonetisation.[98] Tim Worstall
termed the demonetisation as welcome macroeconomic
eect in his article in Forbes magazine.[99] Swedish Min-
ister of Enterprise Mikael Damberg supported the move
by calling it bold decision.[95]
Singapore-based paper The Independent published a
laudatory article on the move titled Modi does a Lee
Kuan Yew to stamp out corruption in India. Lee Kuan
Yew was the Singaporean Prime Minister and is consid-
ered the architect of modern Singapore. From making
up his mind to rolling it out, a new Lee Kuan Yew is born
in India. It will be reected in the legacy of this Prime
Minister, the article said.[100]
REACTIONS
4.2 Criticism
The Indian Supreme Court while hearing one among a
slew of cases led against the sudden demonetisation de-
cision in various courts,[101] observed that it appears to
be carpet bombing and not surgical strike which govern-
ment repeatedly claims it to be.[102]
Nobel laureate Indian economist Amartya Sen, severely
criticised the demonetisation move calling it a despotic
action among other things.[103][104]
Former Senior Vice-President and Chief Economist of
the World Bank, Kaushik Basu, called it a 'major mistake'
and said that the 'damage' is likely to be much greater than
any possible benets.[105][106][107]
Pronab Sen, former Chief Statistician and Planning Com-
mission of India member, called it a hollow move since
it did not really address any of the purported goals of tack-
ling black money or fake currency.[108]
Prabhat Patnaik, a former professor of economics at the
Jawaharlal Nehru University, Delhi called the move 'wit-
less and 'anti-people'. He criticised the simple way in
which black money was assumed as a hoard of cash,
saying that it would have little eect in eliminating black
activities while causing much hardship to common
people.[109]
Noted economist and journalist, T. N. Ninan wrote in
the Business Standard that demonetisation 'looks like a
bad idea, badly executed on the basis of some half-baked
notions.[110] Deepak Parekh (Chairman of HDFC) had
initially appreciated the decision to ban the Rs. 500 and
Rs. 1000 notes, but later said that the move had de-
railed the economy, and expressed skepticism about its
outcome.[111][112]
Chief Ministers of several Indian states like Mamata
Banerjee,[113] Arvind Kejriwal[114] and Pinarayi Vi-
jayan[115] have criticised and led major protests against
the decision in their states and in parliament. Initially, the
move to demonetise and try to hinder black money was
appreciated, but the manner in which it was carried out by
causing hardships to common people was criticised.[116]
A Public Interest Litigation (PIL) was led in Madras
High Court by M Seeni Ahamed, General Secretary of
the Indian National League, to scrap the decision. The
High Court dismissed the PIL stating that it could not in-
terfere in monetary policies of the government.[117] Simi-
lar PILs were also led in the Supreme Court of India.[118]
Supreme Court of India is yet to decide on the matter. It
is listed for hearing on 2 December 2016.
Several government ministers had declared before the
demonetisation that they were holding large amounts of
cash, including Arun Jaitley, who had more than 65 lakh
rupees in cash. This led to speculation about whether
and when the ministers had deposited the cash they
held.[119][120]
Steve Forbes described the move as 'Sickening And
4.3 Opposition 5

Immoral'.[121] He stated that What India has done is a member of the Nationalist Congress Party, stated that
commit a massive theft of peoples property without even the government was not even prepared to recalibrate the
the pretense of due process--a shocking move for a demo- ATMs while announcing the move. Peoples suering
cratically elected government.[121] Nobel laureate Paul are unimaginable. Nobody is questioning the govern-
Krugman said that it is dicult to see gains from demon- ments intention, but you are unprepared to execute the
etisation, while there may be signicant costs to it.[122] move. Later, the former Chief Minister of Uttar Pradesh
The demonetisation also came in for sharp criticism from Mayawati Prabhu Das stated the situation to a nancial
media outside India,[123][124] with the New York Times emergency, by saying It looks as if Bharat has shut
down. Also, Sitaram Yechury from Communist Party of
saying that the demonetisation was atrociously planned
and that it did not appear to have combatted black India, questioned the government on the demonetisation
move by stating only 6% of black money in India is in
money,[125][126] while an article in The Guardian stated
that Modi has brought havoc to India.[123] The Harvard cash to drive his point that demonetisation won't curb il-
licit wealth.[142]
Business Review called it a case study in poor policy
and even poorer execution[127] The frequent change in On 17 November 2016, in a rally against demonetisa-
the narrative on objectives of the demonetisation to its tion of 500 and 1000 notes, led by the Chief Minis-
visible impact on the poorest of the poor made other cri- ter of Delhi Arvind Kejriwal and his West Bengal coun-
tiques calling governments narrative as spins in view of terpart Mamata Banerjee at Azadpur Mandi, the biggest
the pointless suering on Indias poorest.[128] vegetable and fruits wholesale hub in the national capital;
Kejriwal demanded the withdrawal of demonetisation in
3 days. Banerjee also stated I give the government 3
4.3 Opposition day ultimatum, x things or withdraw the demonetisation
scheme.[143]
A Congress-led opposition, which includes 13 po- In the demonetisation debate on the second and third
litical parties, opposed the current government on day of the Winter Session of Parliament, on 17 and
the demonetisation issue in the Winter Session of 18 November 2016, the opposition and the government
the Indian Parliament on 16 November 2016. The clashed over the demonetisation issue, bringing the house
Chief Minister of West Bengal Mamata Banerjee also to continuous halts.[144]
met the President Pranab Mukherjee to oppose the
On 24 November 2016, in the demonetisation debate,
demonetisation.[129][130][131][132][133][134] The debate on
the former prime minister of India Manmohan Singh said
demonetisation is known to be initiated by Indian Na-
this scheme will hurt small industries, the farming sec-
tional Congress[135] and Anand Sharma in the Rajya
tor. The GDP can decline by about 3 per cent due to this
Sabha on 16 November 2016,[136][137] while Banerjee is
move, while he also questioned I would like to ask the
known to be the rst to oppose the current government
Prime Minister examples of countries where people have
on the demonetisation.[138]
deposited their money in the banks and not allowed to
On 16 November 2016, Banerjee led a rainbow delega- withdraw their own money. and later also said It is no
tion comprising political parties of Trinamool Congress, good that on each day banks bring out new notications.
Aam Aadmi Party, BJP ally Shiv Sena, Patidar Ana- It doesn't reect properly on Prime Ministers Oce, Fi-
mat Andolan Samiti (of Hardik Patel) and National nance Minister and the Reserve Bank of India. Cooper-
Conference to Rashtrapati Bhawan to protest against ative banking system has been prevented from handling
the decision to withdraw the 500 and 1000 ban- cash.[145] Singh at last termed the demonetisation move
knotes. A memorandum was submitted to the President as an organised loot, legalised plunder of the common
of India Pranab Mukherjee demanding rollback of the people.[146]
decision.[139] Outside the Parliament in a rally the same
day, Saugata Roy, a member of parliament from the op-
position Trinamool Congress Party, commented, People 4.3.1 Strikes
are in utter distress, especially the informal sector is to-
tally disrupted. Poor people, daily wage earners, they're As the demonetisation was opposed in both houses
all facing diculty.[140] of the parliament, it triggered organised nationwide
In the demonetisation debate on the rst day of the win- strikes across India. Opposition parties like Indian
ter session of Parliament at the Rajya Sabha, Pramod National Congress, Bahujan Samaj Party, Trinamool
Tiwari from the Indian National Congress compared Congress,[147] DMK, JD(U), AIADMK, Nationalist
Narendra Modi to Benito Mussolini, Adolf Hitler and Congress Party, Left, Rashtriya Janata Dal and the
Muammar Gadda.[141] Prem Chand Gupta, a member Samajwadi Party[148] decided to observe Akrosh Diwas
of the Rashtriya Janata Dal, questioned a statement of as, a protest campaign day on November 28 [149][150]
Modi from the unscheduled TV broadcast on 8 Novem- and launch protests in front of banks, demanding that
ber, If it was planned 10 months ago, how did RBI money be returned to people.[151] In the state of Bihar,
Governor Urjit Patel sign on new note?". Praful Patel, 15 trains were blocked and stranded, while the states of
6 6 NEGATIVE EFFECTS

West Bengal, Maharashtra and Uttar Pradesh saw protest aected.[173] The Jammu and Kashmir Police reported
marches and rallies led by opposition parties.[152] In the the eect of demonetisation on hawala transactions of
state of Kerala, shops and business establishments were separatists.[174][175]
shut, with school and colleges closed throughout the state,
while movements of private vehicles were also disrupted
in Northern Kerala.[152] 6 Negative Eects
The Congress party has decided to launch a nationwide
movement to expose the biggest scam of independent
6.1 Cash shortage
India, said spokesperson leader Randeep Surjewala on
31 December 2016. The rst phase would take place
from January 110, second phase from January 1120
and third phase from January 2030.[153][154]

5 Positive Eects

5.1 Human tracking

Nobel laureate Kailash Satyarthi and others working to
ght human tracking said that the note ban had led to
a huge fall in sex tracking.[155] Satyarthi said the de-
monetisation would be eective in combating exploita-
tion of children as well as corruption and would be a Queue at an ATM for 100 banknotes in Howrah, on 8 Novem-
great obstacle to trackers.[156] However, 2 months later ber 2016, 22:23 (IST)
he expressed his disappointment on Rs 2000 notes being
pushed into human tracking in absence of other con- The scarcity of cash due to demonetisation led to chaos,
crete steps.[157] and most people holding old banknotes faced diculties
exchanging them due to endless lines outside banks and
ATMs across India, which became a daily routine for mil-
5.2 Radical groups lions of people waiting to deposit or exchange the 500
and 1000 banknotes since 9 November.[140][176][177][178]
The Demonetization has badly hit Maoist and Naxalites ATMs were running out of cash after a few hours of be-
as well. The surrender rate has reached its highest since ing functional, and around half the ATMs in the coun-
the demonetization is announced. It is said that the money try were non-functional.[177] Sporadic violence was re-
these organizations have collected over the years have left ported in New Delhi, but there were no reports of any
with no value and it has caused them to reach to this grievous injury,[179] people attacked bank premises and
decision.[158] ATMs,[180][181][182][183][184][185] and a ration shop was
The move also reportedly crippled Communist guer- looted in Madhya Pradesh after the shop owner refused
rilla groups (Naxalites) nancing through money to accept 500 banknotes.[186][187][188][189]
laundering.[159][160] On 10 November the police arrested The CMD of Punjab National Bank said that panic after
a petrol pump owner at Ranchi when he reportedly tried demonetisation started fading on 19 November 2016.[190]
to deposit 2.5 billion, belonging to a person aliated As of 18 December 2016, there were still long queues at
with the banned Communist Party of India (Maoist).[161] banks and ATMs.[191][192]
According to Chhattisgarh Police demonetisation has
aected the Naxalite activities. It is reported that
insurgents have stashed more than 70 billion in the 6.2 Deaths
Bastar region.[160][162][163]
While Manohar Parrikar claimed that the move has Several people were reported to have died from
also helped in reducing the incidents of stone-pelting standing in queues for hours to exchange their old
banknotes.[193][194][195][196][197][198] Deaths were also at-
in the Kashmir valley,[164][165][166] his claim has been
disputed.[167][168][169][170] tributed to lack of medical help due to refusal of old
banknotes by hospitals.[199][200][201] As of 15 November
2016, the attributed death toll was 25.[202][203][204] and 33
5.3 Hawala deaths as of 18 November. In an interview, Chief Minis-
ter of Delhi Arvind Kejriwal lashed out at a BBC reporter
Mumbai Police reported a setback to Hawala op- who asked him to justify his 19 November claim that 55
erations.[171][172] Hawala dealers in Kerala were also deaths were linked to demonetisation.[205] By the end of
6.7 Banking
the year, opposition leaders claimed that over 100 people per kilo for tomatoes[222] and onions.[221] This forced
had died due to demonetisation.[206][207][208]
6.3 Stock market crash
As a combined eect of demonetisation and US pres- produce in protest against the government.[228][229]
idential election, the stock market indices dropped to
an around six-month low in the week following the
announcement. The day after the demonetisation an- 6.7 Banking
nouncement, BSE SENSEX crashed nearly 1,689 points
and NIFTY 50 plunged by over 541 points.[209] By the
end of the intraday trading section on 15 November 2016,
the BSE SENSEX index was lower by 565 points and the
NIFTY 50 index was below 8100 intraday.[210]
6.4 Transportation halts
After the demonetisation was announced, about 800,000
truck drivers were aected with scarcity of cash, with
around 400,000 trucks stranded at major highways across
India were reported.[211] While major highway toll junc-
tions on the Gujarat and Delhi-Mumbai highways also
saw long queues as toll plaza operators refused the old
banknotes.
Nitin Gadkari, the Minister of Transport, subsequently
announced a suspension of toll collections on all na-
tional highways across India until midnight of 11 Novem-
ber, later extended until 14 November and again un-
til midnight of 18 November, and yet again till 2
December.[212][213]
6.5 Agriculture
Transactions in the Indian agriculture sector are heav-
ily dependent on cash and were adversely aected by
the demonetisation of 500 and 1,000 banknotes.[214]
Due to scarcity of the new banknotes, many farmers
have insucient cash to purchase seeds, fertilisers and
pesticides needed for the plantation of rabi crops usu-
ally sown around mid-November.[215] Farmers and their
unions conducted protest rallies in Gujarat, Amritsar
and Muzaarnagar against the demonetisation as well
as against restrictions imposed by the Reserve Bank of
India on district cooperative central banks which were
ordered not to accept or exchange the demonetised
banknotes.[216][217][218][219]
6.6 Dumping of agricultural produce
The demonetisation led to unavailability of cash to pay
for food products. The reduction in demand that arose
in turn led to a crash in the prices of crops. Farm-
ers were unable to recover even the costs of transporta-
tion from their elds to the market from the low prices
oered.[220][221] The prices dropped as low as 50 paise
7
the farmers across the country to dump their products
in desperation.[222][223][224][225] Some farmers resorted to
burying unsold vegetables.[226] Agricultural produce such
as vegetables, foodgrains, sugarcane, milk and eggs were
dumped on roads.[227][228] Some farmers dumped their
A State Bank of India branch remained open at night, and a long
queue of people waited outside the ATM to withdraw money
In the rst four days after the announcement of the
step, about 3 trillion (US$45 billion) in the form of
old 500 and 1,000 banknotes had been deposited in
the banking system and about 500 billion (US$7.4 bil-
lion) had been dispensed via withdrawals from bank ac-
counts, ATMs as well as exchanges over the bank coun-
ters. Within these four days, the banking system has han-
dled about 180 million transactions.[37] The State Bank
of India reported to have received more than 300 bil-
lion (US$4.5 billion) in bank deposit in rst two days af-
ter demonetisation.[230][231][232] A spike in the usage of
debit card and credit card post demonetisation was also
reported.[233]
Between November 10 and November 27, banks reported
exchange and deposits of demonetised banknotes worth
8.45 trillion (US$130 billion) (exchange of 339.48
billion (US$5.0 billion) and deposits of 8.11 trillion
(US$120 billion)). During this period, an amount of
2.16 lakh crore (US$32 billion) had been withdrawn by
people from their accounts.[234]
In Malda, a district believed to be a transit-point for fake
Indian currencies,[235] a large sum of cash deposits in dor-
mant accounts were also reported. According to The Eco-
nomic Times, more than 80 percent of fake currency in
India originates from Malda district in West Bengal.[236]
6.8 Business
By the second week after demonetisation of 500 and
1,000 banknotes, cigarette sales across India witnessed
a fall of 3040%,[237] while E-commerce companies
saw up to a 30% decline in cash on delivery (COD)
orders.[238][239] Several e-commerce companies hailed
the demonetisation decision as an impetus to an increase
in digital payments. They believe that it would lead to a
decline in COD returns which is expected to cut down
their costs.[240]
8 6 NEGATIVE EFFECTS

The demand for point of sales (POS) or card swipe ma- 6.11 Income tax raids and cash seizures
chines has increased.[241] E-payment options like PayTM
and Instamojo Payment Gateway, PayUMoney has also The Finance Ministry instructed all revenue intelligence
seen a rise.[242] According to data of Pine Labs, the de- agencies to join the crackdown on forex traders, hawala
mand for its POS machines doubled after the decision. operators and jewellers besides tracking movement of de-
Further it states that the debit card transactions rose by monetised currency notes.[254] It was reported that the
108% and credit card transactions by 60% on 9 Novem- Prime Ministers Oce (PMO) and the Prime Minis-
ber 2016.[241] ter Modi himself were directly coordinating the raids
conducted by the Income Tax, Enforcement Directorate
(ED) and other agencies. As of 23 December, PMO re-
6.9 Forecast of GDP growth rate ceived around 700 calls giving information about black
money and it directly forwarded the information to vari-
Global analysts cut their forecasts of Indias GDP growth ous law enforcement agencies for further action.[255][256]
rate due to demonetisation.[243][244] Indias GDP in 2016
is estimated to be US$2.25 trillion, hence, each 1 per cent Income Tax departments raided various illegal tax-
reduction in growth rate represents a shortfall of US$22.5 evasive businesses in Delhi, Mumbai, Chandigarh, Lud-
billion (Rs. 1.54 lakh crores) for the Indian economy.[245] hiana and other cities that traded with demonetised
currency.[257] The Enforcement Directorate issued sev-
1 eral FEMA notices to forex and gold traders.[254] Large
2 sum of cash in defunct notes were seized in dierent parts
3 of the country.[258][259][260][261][262][263] In Chhattisgarh
4 liquid cash worth of 4.4 million (US$65,000) was
5 seized.[264]
6
7 As of December 28, ocial sources said that the In-
8 come Tax department detected over 4,172 crore of un-
Goldman Sachs disclosed income and seized new notes worth 105 crore
Ambit Capital as part of its country-wide operations. The department
Emkay Global carried out a total of 983 search, survey and enquiry oper-
ICRA ations under the provisions of the Income Tax Act and has
Fitch Ratings issued 5,027 notices to various entities on charges of tax
Morgan Stanley evasion and hawala-like dealings. The department also
HSBC seized cash and jewellery worth over 549 crore out of
World Bank which the new currency seized (majority of them 2000
ADB notes) is valued at about 105 crore. The department
also referred a total of 477 cases to other agencies like
the CBI and the Enforcement Directorate (ED) to probe
Before demonetisation other nancial crimes like money laundering, dispropor-
tionate assets and corruption.[265]
After demonetisation
[243][244][246][247][248][249][249][250]
6.12 Seizures of 2000 notes

6.10 Drop in industrial output
There was a reduction in industrial output as industries
were hit by the cash crisis. The Purchasing Managers
Index (PMI) fell to 46.7 in November from 54.5 in Oc-
tober, recording its sharpest reduction in three years.[251]
A reading above 50 indicates growth and a reading below
shows contraction. This indicates a slowdown in both,
manufacturing and services industries.[252] The PMI re-
port showed also showed that the reduction in ination in
November was due to shortage in money supply.[251]
The growth in eight core sectors such as cement, steel
and renery products, which constitute 38% of the
Index of Industrial Production (IIP), was only to 4.9
percent in November as compared with 6.6 percent in
October.[252][253]
Huge amounts of cash in the form of new
notes were seized all over the country after the
demonetisation.[266][267] As of December 2016, over
4 crore in new banknotes of 2000 were seized from
four persons in Bangalore,[268][269][270] 33 lakh in
2000 notes were recovered from Manish Sharma, an
expelled BJP leader in West Bengal,[271][272] and 1.5
crore was seized in Goa.[273] 900 notes of the new
2000 notes were seized from a BJP leader in Tamil
Nadu.[274] Around 10 crore in new notes were seized in
Chennai.[275]
As of 10 December, 242 crore in new notes had been
seized.[276] It was noted in the media that while people
were dying in queues to obtain a few thousand rupees
in cash, persons with the right connections were able to
amass crores of rupees in new notes, thus rendering the
7.3 Multiple bank transactions 9

demonetisation exercise futile.[276][277][278]
It was announced by the government that the seized notes
will be brought into the mainstream as soon as possible
to ease out the cash problem. Earlier, agencies kept all
seized material, including cash seizures, in their strong
rooms as evidence till the case was adjudicated by the
courts. The seized money was then deposited into the
Consolidated Fund of India. Sometimes, income tax 7.3 Multiple bank transactions
cases took years to resolve, still all seized material was
kept in safe lockers of the tax department.[279]
6.13 Railways
As of November 2016, Indian Railways did not have the at banks.
option to make payment with cards at the counters. After
the demonetisation move, the government announced to
make card payment options available at railway counters
in the country.[280]
note ban, there was a spike in donations in the form of
the demonetised notes in temples.[288][289][290] Authori-
ties of Sri Jalakanteswarar temple at Vellore discovered
cash worth 4.4 million (US$65,000) from the temple
hundi in the form of defunct notes.[291]
There have been reports of people circumventing the re-
strictions imposed on exchange transactions by conduct-
ing multiple transactions at dierent bank branches and
also sending hired people, employees and followers in
groups to exchange large amounts of banned currency
[292][293]
In response, the government announced
that it would start marking customers with indelible ink.
This was in addition to other measures proposed to en-
sure that the exchange transactions are carried out only
[294][295][296]
once by each person.

7 Evasion attempts 7.4 Railway bookings

As soon as the demonetisation was announced, it was

observed by the Indian Railways authorities that a large
number of people started booking tickets particularly in
classes 1A and 2A for the longest distance possible, to
get rid of unaccounted cash. A senior ocial said, On
November 13, 42.7 million passengers were nationally
booked across all classes. Of these, only 1,209 were 1A
and 16,999 for 2A. It is a sharp dip from the number of
passengers booked on November 9, when 27,237 passen-
gers had booked tickets in 1A and 69,950 in 2A.[297]
The Railways Ministry and the Railway Board responded
swiftly and decided that cancellation and refund of tick-
A jewellery store in a shopping mall with a notice We accept ets of value 10,000 and above will not be allowed by any
500 and 1000 notes, even after they were no longer valid means involving cash. The payment can only be through
banknotes.
cheque/electronic payment. Tickets above 10,000 can
be refunded by ling ticket deposit receipt only on surren-
dering the original ticket. A copy of the PAN card must
7.1 Gold purchases be submitted for any cash transaction above 50,000.
The railway claimed that since the Railway Board on 10
In Gujarat, Delhi and many other major cities, sales of November imposed a number of restrictions to book and
gold increased on 9 November, with an increased 20 cancel tickets, the number of people booking 1A and 2A
to 30% premium surging the price as much as 45,000 tickets came down.[297][298]
(US$670) from the ruling price of 31,900 (US$470) per
10 grams (0.35 oz).[281][282]
Income Tax ocials raided multiple branches of Axis 7.5 Municipal and local tax payments
Bank and found bank ocials involved in money laun-
dering acts, exchanging old notes for gold.[283][284][285] As the use of the demonetised notes had been allowed by
the government for the payment of municipal and local
body taxes, it led to people using the demonetised 500
7.2 Donations in temples and 1,000 notes to pay large amounts of outstanding and
advance taxes. As a result, revenue collections of the lo-
In India, the cash deposited into hundis, or cash col- cal civic bodies jumped. The Greater Hyderabad Munic-
lection boxes in temples and gurudwaras are exempted ipal Corporation reported collecting about 1.6 billion
from inquiry by the tax department.[286] This exemption (US$24 million) in cash payments of outstanding and ad-
is sometimes misused to launder money.[287] After the vance taxes, within 4 days.[299]
10
The tax collection by local bodies have surged over 260% [12]
[300]
and more than 15000 crore mare after 14 days of
demonetization.[301] The total indirect tax collection rose [13] Demonetisation: Opposition calls for countrywide
to 14.2% only in the month of December according to
[302]
Finance Minister Arun Jaitley.
7.6 Backdated accounting
The Enforcement Directorate raided several forex estab- [15] "'Demonetisation protest sure to succeed with peoples
lishments making back dated entries.[303] Money launder-
ing using backdated accounting was carried out by co-
[304] [305] [306]
operative banks, jewellers, sellers of iPhones,
and several other businesses.[307]
8 See also
Indian black money
Mahatma Gandhi New Series
Income declaration scheme, 2016
Pradhan Mantri Garib Kalyan Yojana
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 15

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[226] Glut forces Deesa farmers to bury potatoes.
[227] Farmers in Surat dump produce.
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[247] IANS (11 January 2017). Fitch revises GDP growth es-
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[232] Demonetisation drive windfall for banks, coers richer [252] 5 Bleak Numbers That Show Demonetisation Impact On
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[233] Saha, Manojit; Rukhaiyar, Ashish (13 November 2016). [253] Demonetisation impact: Three sets of numbers tell us
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[235] Exclusive: Bank accounts for sale in West Bengals [255] PMO coordinating black money crackdown post note
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[246] Mishra, Asit Ranjan (13 December 2016). [266] Rs 111.3 crore and counting: Here is a conservative list
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 17

[267] I-T department seizes Rs 130 crore cash, jewellery post [288] http://www.firstpost.com/india/
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[290] http://timesofindia.indiatimes.com/city/bhubaneswar/
[270] Bengaluru: Rs 2000 notes worth over Rs 4 crore seized Rush-to-offer-Rs-500-Rs-1000-donations-at-Puri-Temple/
by Income Tax dept. 1 December 2016. articleshow/55347249.cms
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washes hands o all linkages, calls it 'wasted time'". 7 The Hindu. 14 November 2016.
December 2016.
[292] Parmar, Beena (13 November 2016). Despite Rs 4000-
[272] Team, BS Web (7 December 2016). Several BJP men cap on money exchange, loophole allows multiple transac-
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[293] Demonetisation: In Chennai, To beat cash limit, they
[273] Demonetisation: Rs 1.5 crore in new Rs 2,000 notes send full teams to bank. The Indian Express. 15 Novem-
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[274] Over 900 new Rs 2000 notes seized from TN BJP leader [294] To reduce crowds at banks, ATMs, indelible ink to mark
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[277] Over Rs 164 crore black money seized in new notes. Has ernment is panicking?". The Indian Express. 15 Novem-
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[278] As India struggles for its next Rs 2,000, new currency [297] Rlys sets 5000 as cash refund limit for tickets. Retrieved
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[298] Railways say, no cash refund for tickets booked between
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[299] Demonetisation impact: Greater Hyderabad Municipal
[280] Railways gives green light to go cashless, The Economic Corporation collects over Rs 160 crore in just four days.
Times, 2 December 2016 india.com. 15 November 2016.
[281] Gold price recovers on renewed demand. Hindustan [300] Demonetisation windfall: Civic agencies record 268%
Times. 10 November 2016. Retrieved 10 November increase in tax collection. 23 November 2016.
2016.
[301] Demonetisation Impact, Over 13,000 Crores Collected
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[283] Pandey, Devesh. Two Axis Bank managers held in Delhi
for laundering Rs. 40 cr.. [303] Enforcement Directorate raids forex shops making back
date entries. The Economic Times. 16 November 2016.
[284] ED registers case against fake account holders in Axis
Banks Noida branch - Latest News & Updates at Daily [304] Netas using co-op banks for backdated FDs, DDs - Times
News & Analysis. 17 December 2016. of India.

[285] Axis Bank raided again, Rs 89 crore in 19 suspicious ac- [305] Jewellers issue backdated invoices to clients - The Eco-
counts found in Ahmedabad branch. 22 December 2016. nomic Times.

[286] http://www.thenewsminute.com/article/ [306] Rathi, Pranshu. Back-dated receipts used for Apple
rs-500rs-1000-demonetisation-temple-money-hundis-not-come-under-scanner-52701
iPhone sales after demonetisation: Report.

[287] http://www.huffingtonpost.in/2016/11/13/ [307] Tin service to dental implants: All tried to beat system,
13-ways-in-which-indians-will-convert-their-black-money-into-whi/
swap old notes. 5 December 2016.
18 10 EXTERNAL LINKS

10 External links
What the FAQ just happened! All your questions
about Rs 5001000 notes answered, India Today, 8
November 2016

FAQ answers and Guidelines on Reserve Bank of

India

Ministry of Finance, Government of India

 19

11 Text and image sources, contributors, and licenses

11.1 Text
2016 Indian banknote demonetisation Source: https://en.wikipedia.org/wiki/2016_Indian_banknote_demonetisation?oldid=761856885
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Swan So Fine, DaGizza, DVdm, Bgwhite, The Rambling Man, Wavelength, CambridgeBayWeather, Rsrikanth05, Malaiya, C.Fred, Ste-
vage, Jellyman, George Ho, WikiPedant, Soft coder, Rrburke, Stevenmitchell, Ohconfucius, Ser Amantio di Nicolao, John, Shyamsun-
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Yellowdesk, DuncanHill, MelanieN, Theroadislong, Dharmadhyaksha, Sachingm, Airbornemihir, Ranjit.goswami, Shellwood, Terrek,
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