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Global analysts cut their forecasts of India's real GDP growth rate for the financial year 2016–17 by 0.5 to 3% due to demonetisation. [147] [148] India's GDP in 2016 is estimated to be US$2.25 trillion, hence, each 1 per cent reduction in growth rate represents a shortfall of US$22.5 billion (₹1.54 trillion) for the Indian economy. [149]
Obverse of the ₹ 2000 banknote between October 2016 – November 2023. It was released by the Reserve Bank of India (RBI) on 8 November 2016 after the demonetisation of ₹500 and ₹1000 banknotes and has been in circulation since 10 November 2016. [2] It is a part of the Mahatma Gandhi New Series of banknotes with a completely new design.
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]
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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]
2020; 2021; Subcategories. This category has the following 2 subcategories, out of 2 total. I. ... 2016 Indian banknote demonetisation; 2016 Railway budget of India;
On 8 November 2016, the Government of India announced the demonetisation of ₹ 500 and ₹ 1,000 banknotes [68] [69] with effect from midnight of the same day, making these notes invalid. [70] A newly redesigned series of ₹ 500 banknote , in addition to a new denomination of ₹ 2,000 banknote is in circulation since 10 November 2016.