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Before demonetisation (November 2016), there were banknotes worth ₹17.97 trillion in the market. The demonetised banknotes constituted 86.4% of it. [67] The banknotes in circulation had reached to the level before demonetisation in March 2018. [86] By March 2018, there were banknotes worth ₹18.03 trillion in the market; an increase of 9.9%.
The Indian 500-rupee banknote (₹500) is a denomination of the Indian rupee. In 1987, the ₹500 note was introduced, followed by the ₹1,000 note in 2000 while ₹1 and ₹2 notes were discontinued in 1995. The current ₹500 banknote, in circulation since 10 November 2016, is a part of the Mahatma Gandhi New Series.
Post 2016 Indian banknote demonetisation, seven new currency notes have been announced by the Reserve Bank of India-- ₹2,000, ₹500, ₹200, ₹100, ₹50, ₹20, and ₹10. [7] [8] According to the RBI data, there were 3,285.87 million pieces of ₹2000 notes in circulation at end-March 2017.
The Mahatma Gandhi New Series of banknotes are issued by the Reserve Bank of India (RBI) as the legal tender of the Indian rupee (₹), intended to replace the Mahatma Gandhi Series of banknotes. Announced on 8 November 2016, it followed the demonetisation of ₹ 500 and ₹ 1000 banknotes of the original Mahatma Gandhi Series.
In January 2020 itself, well before India's lockdown or reactions to the pandemic, the International Monetary Fund reduced India's GDP estimates for 2019 and also reduced the 2020 GDP forecast. [190] The 2016 Indian banknote demonetisation and goods and services tax enactment in 2017 led to severe back to back disruptions in the economy. [190]
10 April – Puttingal temple fire caused 107 deaths. [17] 11 April – 2016 Assam Legislative Assembly election – BJP won the majority. 5 May - 2016 West Bengal Legislative Assembly election – Mamata Banerjee-led TMC won majority. 16 May - 2016 Tamil Nadu Legislative Assembly election- Jayalalithaa-led AIADMK won majority.
As part of the 2016 Indian banknote demonetisation, India introduced a new 2,000-rupee currency note. Following this, multiple fake news reports about "spying technology" added in the banknotes went viral on WhatsApp [75] and had to be dismissed by the government. [76] [better source needed]
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