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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]
The first demonetisation of India was carried out in the year 1946 when, under the then Governor General of India, Field Marshal Archibald Wavell, 1st Earl Wavell, the Reserve Bank of India demonetised notes of ₹500, ₹1000, and ₹10,000 in order to check black market operations and tax evasions. This was done via 2 ordinances.
Pakodanomics was also a result of demonetization which was the sudden banning of 86% of currency in India in November 2016 that led to major economic upheaval. [9] Pakodanomics also became a light-hearted reference to the economic policies of the government and there were many comedic references at campaign rallies and on television.
The 2000 rupee note was introduced by the Reserve Bank of India on 8 November 2016. The introduction of this denomination of the Indian rupee was part of the government's demonetization exercise aimed at curbing corruption, black money and counterfeit currency.
In Oct 2018, summoning the RBI governor for the third time, Chairperson Moily said, "[a]fter our meetings with the RBI chief and other senior officials of the RBI, it had given us a report. Now, we have called RBI governor Urjit Patel to come and brief us on demonetization and a legislative bill.
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 the year. The current ₹500 banknote, in circulation since 10 November 2016, is a part of the Mahatma Gandhi New Series.
I do what I Do is a non fiction book authored by economist and former Governor of the Reserve Bank of India, Raghuram Rajan published by HarperCollins India in 2017. The book is a collection of speeches delivered by Rajan during his stint as the Governor of the Reserve Bank of India along with his commentary on the economic and political context prevalent at that time.
Demonetization may refer to one of the following: Demonetization (currency), the act of stripping a currency unit of its status as legal tender;