Demonetisation of Rs 500 and Rs 1000 Notes
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Official press release — a government communication announcing decisions, milestones, or initiatives. Signals intent and often precedes formal notification or legislative action.
Summary
Overnight withdrawal of 86% of currency in circulation to combat black money, counterfeit currency, and terror financing. Led to rapid growth of digital payments and formalisation of the economy, though debated for its economic impact.
Key Facts
TypePress release
SourceHistorical Record
PublishedTuesday, 8 November 2016
Affected Population1.4 billion citizens, 63 million MSMEs
Key Numbers
GDP: $3.9 trillion (2025 est.)
Fiscal deficit target: 4.4% of GDP
GST collection: Rs 1.87 lakh crore/month avg
20 million central + state government employees
Key Authorities
Key Stakeholders
Government Context
NDA IBJP-led NDA
LeftCentreRight
Amendment History
3 changes recorded for this policy.
TypeThursday, 9 July 2026via historical
announcement
TypeSunday, 19 July 2026via historical
release
SectorsTuesday, 11 August 2026via historical
Finance & Economy, Governance & Reform