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ActHistoricalTuesday, 8 November 2016

Demonetisation of Rs 500 and Rs 1000 Banknotes

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Central or state Act — primary legislation passed by the legislature. Carries binding force and shapes the rules under which citizens, institutions, and markets operate.
Summary
Government demonetised 86% of currency in circulation overnight, invalidating Rs 500 and Rs 1000 notes. Aimed at curbing black money, counterfeiting, and terror financing. Highly debated — accelerated digital payments adoption but caused significant economic disruption.
Key Facts
TypeAct
SourceHistorical Record (Curated)
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
Key Authorities
Ministry of FinanceRBISEBIDEA
Key Stakeholders
TaxpayersBanks & NBFCsInvestors
Government Context
NDA IBJP-led NDA
Centre-Right
LeftCentreRight
Explore Sectors
Finance & Economy671 tracked→
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