Notes Of Rs. 500, Rs. 1000 Demonetised

In the evening on November 8, 2016, Prime Minister Mr. Narendra Modi addressed the nation at 8 p.m. The Prime Minister was much more focused on the menace of black money and had come out with something that would have a deep and long-lasting impact on the country's economy. After briefly touching on the concerns of his government on economy, he announced to a stunned nation that from the midnight of November 8, that is after four hours of the announcement, Rs. 500 and Rs. 1,000 notes would not remain the legal tender that they were and would be reduced to just a worthless piece of paper. He said, "A time comes in every nation's life when it has to take a decisive turn. There is a need for a decisive war against the menace of corruption, black money and terrorism...festering wounds which make the country and society hollow from within." It would not be much longer when the Government will come out with exact figures of how much black money it has managed to flush out of the system through the demonetisation of notes of Rs. 500 and Rs. 1000. The tzvo high-value currency notes of Rs. 500 and Rs. 1,000 account for nearly one-fourth of the notes in circulation. In value terms, however, their share was over 86 percent as of the end of March, 2016.


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