On November 08, 2016, Indian Prime Minister Narendra Modi announced that Rs 500 and Rs 1000 paper notes were no longer legal tender. The announcement took the country by storm as people rushed to nearby kiosks and banks to get the old currency exchanged. The move which was aimed at ending corruption and black money was both praiseworthy and troublesome.
Many economists and governors of top multinational banks argued that the anti-corruption step had done little to uplift the economy and it had rather pulled it down. While others counter-argued that demonetisation had shrunk the window for hoarding black money and had warned citizens of further action, if they failed to comply.
Photo Credits: BCCL