Diabytes
One year of demonetisation News
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The biggest decision related to the Indian economy was taken 6 years ago. Prime Minister Narendra Modi gave an address to the nation on 8 November 2022 at 9 pm, under which the old notes of 500-1000 rupees were announced to be discontinued.
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The plan to demonetise rupee 500 and rupee 1000 bank notes was kept highly confidential.
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Among the main objectives of demonetisation was the flushing out of black money and also conversion of the non-formal economy into a formal economy to expand the tax base.
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More digital interface would help create a transaction history for the small retailers and enable them to get loans from banks.
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Rs 1,000 and higher denomination notes were first demonetised in January 1946 and again in 1978. Know more interesting facts.
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The Finance Minister said he was "more than satisfied" with the new direction the economy is moving.
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