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Indian500and1000rupeenotedemonetisationWikipedia

Indian500and1000rupeenotedemonetisation
FromWikipedia,thefreeencyclopedia

Thedemonetisationof500and1000banknoteswasapolicy
enactedbytheGovernmentofIndiaon8November2016.All500
and1000banknotesoftheMahatmaGandhiSeriesceasedtobelegal
tenderinIndiafrom9November2016.[1]
TheannouncementwasmadebythePrimeMinisterofIndiaNarendra
Modiinanunscheduledlivetelevisedaddressat20:15Indian
StandardTime(IST)on8November.[2][3]Intheannouncement,Modi
declaredthatuseofall500and1000banknotesoftheMahatma
GandhiSerieswouldbeinvalidfrommidnightofthesamedayand
announcedtheissuanceofnew500and2000banknotesofthe
MahatmaGandhiNewSeriesinexchangefortheoldbanknotes.
However,thebanknotedenominationsof100,50,20,10and5
oftheMahatmaGandhiSeriesremainedlegaltenderandwere
unaffectedbythepolicy.
Thegovernmentclaimedthatthedemonetisationwasanefforttostop
counterfeitingofthecurrentbanknotesallegedlyusedforfunding
terrorism,aswellasacrackdownonblackmoneyinthecountry.[4][5]
Themovewasdescribedasanefforttoreducecorruption,theuseof
drugs,andsmuggling.[6][7]However,inthedaysfollowingthe
demonetisation,banksandATMsacrossthecountryfacedseverecash
shortages.[8][9]Thecashshortageshaddetrimentaleffectsonanumber
ofsmallbusinesses,agriculture,andtransportation,whilepeople
seekingtoexchangetheirnoteshadlengthywaits,andseveraldeaths
werelinkedtotherushtoexchangecash.[10][11]Also,followingModi's
announcement,theBSESENSEXandNIFTY50stockindices
crashedforthenexttwodays.[12]

Astoredisplayingthedemonetisation
message:"Withdrawaloflegaltender
statusfor500and1000notes",atthe
cashcounter

Thedemonetisationreceivedsupportfromseveralbankersaswellasfromsomeinternationalcommentators,
althoughitwascriticisedbymembersoftheoppositionparties,whichledtodebatesinbothhousesofparliament
andtriggeredorganisedprotestsagainstthecurrentgovernmentinfrontoftheparliamentandelsewhereacross
India.[13][14][15]

Contents
1 Background
1.1 Economic
1.2 Political
2 Televisedaddress
3 Exchangingoldnotes
4 Allegedpriorleakageofinformation
4.1 Allegationsandclaims
5 Reactions
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5 Reactions
5.1 Support
5.2 Criticism
5.3 Opposition
6 Aftermath
6.1 Cashrush
6.2 EffectsonEconomy
6.2.1 Stockmarket
6.2.2 Transportation
6.2.3 Agriculture
6.2.4 Banking
6.2.5 Business
6.3 Incometaxraidsandcashseizures
6.4 Effectonillegalactivities
6.5 Evasion
6.5.1 Goldpurchases
6.5.2 Donations
6.5.3 Multiplebanktransactions
6.5.4 Railwaybookings
6.5.5 Municipalandlocaltaxes
7 Seealso
8 Externallinks

Background
Economic
Similarbanknotedenominationshavebeentakeninthepast.InJanuary1946,banknotesof1000and10000rupee
werewithdrawnandnewnotesof1000,5000and10000rupeewereintroducedin1954.TheJanataPartycoalition
governmenthadagaindemonetisedbanknotesof1000,5000and10000rupeeon16January1978asameansto
curbcounterfeitmoneyandblackmoney.[16]
In2012,theCentralBoardofDirectTaxeshadrecommendedagainstdemonetisation,sayinginareportthat
"demonetisationmaynotbeasolutionfortacklingblackmoneyoreconomy,whichislargelyheldintheformof
benamiproperties,bullionandjewellery".[17][18]Accordingtodatafromincometaxprobes,blackmoneyholders
keeponly6%orlessoftheirillgottenwealthascash,hencetargetingthiscashmaynotbeasuccessful
strategy.[19]
On28October2016thetotalbanknotesincirculationinIndiawas17.77lakhcrore(US$260billion).Intermsof
value,theannualreportofReserveBankofIndia(RBI)of31March2016statedthattotalbanknotesin
circulationvaluedto16.42lakhcrore(US$240billion)ofwhichnearly86%(around14.18lakhcrore
(US$210billion))was500and1000banknotes.Intermsofvolume,thereportstatedthat24%(around
22.03billion)ofthetotal90266millionbanknoteswereincirculation.[20]

Political
Inthepast,theBharatiyaJanataParty(BJP)hadstronglyopposeddemonetisation.BJPspokespersonMeenakshi
Lekhihadsaidin2014that"Theaamauratsandtheaadmis,thosewhoareilliterateandhavenoaccesstobanking
facilities,willbetheonestobehitbysuchdiversionarymeasures."[21][22][23][24]ThiswasbeforePrimeMinister
NarendraModilaunchedJanDhanYojanatoincludethepoorintothebankingsystem.
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Televisedaddress
On8November2016,anannouncementwasmadebythePrimeMinisterofIndiaNarendraModiinan
unscheduledlivetelevisedaddresstothenationat20:15IST.[2][3]Intheannouncement,Modideclaredcirculation
ofall500and1000banknotesoftheMahatmaGandhiSeriesasinvalideffectivefromthemidnightofthesame
day,andannouncedtheissuanceofnew500and2000banknotesoftheMahatmaGandhiNewSeriesin
exchangefortheoldbanknotes.
AftertheofficialannouncementbyPrimeMinisterModi,theGovernoroftheReserveBankofIndia,UrjitPatel,
andEconomicAffairssecretary,ShaktikantaDasexplainedinapressconferencethatwhilethesupplyofnotesof
alldenominationshadincreasedby40%between2011and2016,the500and1000banknotesincreasedby76%
and109%respectivelyinthisperiodowingtoforgery.Thisforgedcashwasthenusedtofundterroristactivities
againstIndia.Asaresultthedecisiontoeliminatethenoteshadbeentaken.[25]
Patelalsoinformedthatthedecisionhadbeenmadeaboutsixmonthsago,andtheprintingofnewbanknotesof
denomination500and2000hadalreadystarted.However,onlythetopmembersofthegovernment,security
agenciesandthecentralbankwereawareofthemove.ButmediahadreportedinOctober2016aboutintroduction
of2000denominationwellbeforetheofficialannouncementbyRBI.Thisstatementhasledtomuchdebate,
becausetheReserveBankgovernorsixmonthsbeforetheannouncementwasRaghuramRajan,whilethenew
banknoteshavethesignatureofthenewlyappointedgovernor,UrjitPatel.[26][27]

Exchangingoldnotes
TheReserveBankofIndialaiddownadetailedprocedurefor
theexchangeofthedemonetisedbanknoteswithnew500and
2000banknotesoftheMahatmaGandhiNewSeriesand
100banknotesoftheprecedingMahatmaGandhiSeries.[1]
Followingarethekeypoints:
Citizenswillhaveuntil30December2016totender
theiroldbanknotesatanyofficeoftheRBIoranybank
branchandcreditthevalueintotheirrespectivebank
accounts.[1]
PeoplegatheredatATMofAxisBankinMehsana,
Cashwithdrawalsfrombankaccountswererestrictedto
Gujarattowithdrawcashfollowingdepositof
10,000perdayand20,000perweekperaccountfrom
demonetisedcurrencynotesinbankon15
[1]
10to13November2016. Thislimitwasincreasedto
November2016.
24,000perweekfrom14November.[28][29]
Forimmediatecashneeds,theoldbanknotescanbe
exchangedforthenew500and2000banknotesaswellas100banknotesoverthecounterofbank
branchesbyfillinguparequisitionformalongwithavalidIDproof.[1]Thisexchangeisrestrictedtoonce
perperson.
Initially,thelimitwasfixedat4000perpersonfrom8to13November2016.
Thislimitwasincreasedto4500perpersonfrom14to17November2016.[28][29]
Thelimitwasreducedto2000perpersonfrom18November2016.[30]
Initially,allATMsweredispensingbanknotesofonly50and100denominationsandcashwithdrawals
fromATMswererestrictedto2000perday.[31]From14Novemberonwards,ATMsrecalibratedto
dispensenew500and2000noteswillallowamaximumwithdrawalof2,500perday,whileotherATMs
dispensingbanknotesofonly50and100denominationswillallowamaximumwithdrawalof2000per
day.[28][29]
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However,exceptionsweregiventopetrol,CNGandgasstations,
governmenthospitals,railwayandairlinebookingcounters,state
governmentrecogniseddairiesandrationstores,andcrematoriumsto
accepttheold500and1000banknotesuntil11November2016,which
waslaterextendedto14November2016andonceagainto24November
2016.[32][33]Internationalairportswerealsoinstructedtofacilitatean
exchangeofnotesamountingtoatotalvalueof5000forforeigntourists
andoutboundpassengers.[34]
Undertherevisedguidelinesissuedon17November2016,familieswillbe
abletowithdraw250,000forweddingsfromoneaccountprovideditwas
KYCcompliant.Theruleswerealsobeenchangedforfarmerswhoare
permittedtowithdraw25,000perweekfromtheiraccounts.[30][35]

LongqueueinfrontofSBIATMat
ParavurnearthecityofKollamin
Kerala,19thNovember2016.

Allegedpriorleakageofinformation
Severalexactdetailspertainingtothedecisiontodemonetisethenoteshadbeenpublishedon1April2016ina
GujaratinewspapercalledAkila,includingforinstance,thattherewouldbearound2months'timetoexchange
bannednotes,andthatnewnotesinthe2000denominationwouldbeissued.[36][37]Theeditorofthenewspaper
claimedthatitwasonlyanAprilfoolsdayprank.[38]
Afortnightbeforetheofficialannouncement,anewsreportinHindidailyDainikJagranquotingRBIsources
mentionedaboutthecomingreleaseofnew2000rupeenoteandalongsidewithdrawalofprevailing500and1000
rupeenoteswhenitisreleased.[39][40]
Abusinessmanreportedlyadmittedinaninterview,thathehadreceivedpriorwarningoftheimpending
demonetisationfromasourceinthegovernment,andthathehadsufficienttimetoconvertmostofhismoneyinto
smallerdenominations.[41]
ThechairmanoftheStateBankofIndiahadalsoopenlyspokeninApril2016aboutthepossibilityof
demonetisationof500and1000notes.[42]
ABJPMLAfromRajasthan,BhawaniSinghRajawat,claimedinavideothat'AmbaniandAdani'wereinformed
aboutthedemonetisation,andmadearrangements.However,helatersaidthatitwasanofftherecord
conversation,andofficiallydeniedthecomments.[43][44]

Allegationsandclaims
TheCommunistPartyofIndia(Marxist)(CPI(M))allegedthattheBJPunitinWestBengalhadadvance
knowledgeabouttheimpendingannouncement,anddepositedmoneyjustbeforetheannouncement.[45][46]Aam
AadmiPartyleaderArvindKejriwalalsoclaimedthattherehadbeensomeleakageregardingthemove.[47][48]
KejriwalquestionedhowSanjeevKamboj,aBJPleaderinPunjab,postedaboutthe2000notesdaysbeforethe
officialannouncement,andallegedthatasuddenspikeinbankdepositsbetweenJulyandSeptember2016was
alsoduetoinformationleakage.[49]

Reactions
Support
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ThedecisionmetwithmixedreactionsSeveralbankerslikeArundhatiBhattacharya(ChairpersonofStateBankof
India),ChandaKochhar(MD&CEOofICICIBank)andDeepakParekh(ChairmanofHDFC)appreciatedthe
moveinthesensethatitwouldhelpcurbblackmoney.[50]BusinessmenAnandMahindra(MahindraGroup),
SajjanJindal(JSWGroup),KunalBahl(SnapdealandFreeCharge)alsosupportedthemoveaddingthatitwould
alsoaccelerateecommerce.[50]InfosysfounderN.R.NarayanaMurthypraisedthemove.[51][52]
FinanceMinisterArunJaitleysaidthatdemonetisationwouldcleanthecompleteeconomicsystem,increasethe
sizeofeconomyandrevenuebase.HementionedthedemonetisationalongwiththeupcomingGoodsandServices
Tax(GST)as"anattempttochangethespendinghabitandlifestyle."[53]
TheIndianNationalCongressspokespersonRandeepSurjewalawelcomedthemovebutremainedscepticalonthe
consequencesthatwouldfollow.[54]ChiefMinisterofBiharNitishKumarsupportedthemove.[55][56][57]The
demonetisationalsogotsupportfromChiefMinisterofAndhraPradeshNaraChandrababuNaidu.[58][59][60]
FormerChiefElectionCommissionerofIndiaS.Y.Quraishisaiddemonetisationcouldleadtolongtermelectoral
reforms.[61]IndiansocialactivistAnnaHazarehaileddemonetisationasarevolutionarystep.[62][63][64]The
PresidentofIndiaPranabMukherjeewelcomedthedemonetisationmovebycallingitboldstep.[65][66][67][68]The
opinionofthemassesvariedbothwaysonmicroblogsandsocialmediasiteslikeTwitter.[69]Ingeneral,themove
todemonetiseandtrytohinderblackmoneywasappreciated,butthemannerinwhichitwascarriedoutby
causinghardshipstocommonpeoplewascriticised.[70]
Byandlarge,internationalresponsewaspositivewhichsawthemoveasaboldcrackdownoncorruption.[71][72][73]
InternationalMonetaryFund(IMF)issuedastatementsupportingModi'seffortstofightcorruptionbythe
demonetisationpolicy.[71]
ChinesestatemediaGlobalTimespraisedthemoveandtermeditas"fiercefightagainstblackmoneyand
corruption."[72]FormerPrimeMinisterofFinlandandVicePresidentofEuropeanCommissionJyrkiKatainen
welcomedthedemonetisationmovestressingthatbringingtransparencywillstrengthenIndianeconomy.[74][75]
BBC'sSouthAsiaCorrespondentJustinRowlattinhisarticlepraisedthemoveforitssecrecyandsuccessand
elaboratedonreasonbehinddemonetisation.[76]TimWorstalltermedthedemonetisationaswelcome
macroeconomiceffectinhisarticleinForbesmagazine.[77]SwedishMinisterofEnterpriseMikaelDamberg
supportedthemovebycallingitbolddecision.[73]
SingaporebasedpaperTheIndependentpublishedalaudatoryarticleonthemovetitled"ModidoesaLeeKuan
YewtostampoutcorruptioninIndia."LeeKuanYewwastheSingaporeanPrimeMinisterandisconsideredthe
architectofmodernSingapore."Frommakinguphismindtorollingitout,anewLeeKuanYewisborninIndia.
ItwillbereflectedinthelegacyofthisPrimeMinister,"thearticlesaid.[78]

Criticism
On8November2016,ChiefMinisterofWestBengalMamataBanerjeecalledthenewdeclaration"drama".[79]A
PublicInterestLitigation(PIL)wasfiledinMadrasHighCourtbyMSeeniAhamed,GeneralSecretaryofthe
IndianNationalLeague,toscrapthedecision.TheHighCourtdismissedthePILstatingthatitcouldnotinterfere
inmonetarypoliciesofthegovernment.[80]SimilarPILswerealsofiledintheSupremeCourtofIndia.[81]
SupremeCourtofIndiaisyettodecideonthematter.Itislistedforhearingon2ndDecember2016.FormerWorld
BankChiefEconomist,KaushikBasu,saidthatthe'damage'islikelytobemuchgreaterthananypossible
benefits.[82][83]

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PrabhatPatnaik,aformerprofessorofeconomicsattheJawaharlalNehruUniversity,Delhicalledthemove
'witless'and'antipeople'.Hecriticisedthesimplewayinwhichblackmoneywasassumedas"ahoardofcash",
sayingthatitwouldhavelittleeffectineliminating"blackactivities"while"causingmuchhardshiptocommon
people."[84]

Opposition
ACongressledopposition,whichincludes13politicalparties,opposedthecurrentgovernmentonthe
demonetisationissueintheWinterSessionofParliamenton16November2016.TheChiefMinisterofWest
BengalMamataBanerjeealsometthePresidentPranabMukherjeetoopposethe
demonetisation.[85][86][87][88][89][90]ThedebateondemonetisationisknowntobeinitiatedbyIndianNational
Congress[91]andAnandSharmainRajyaSabhaon16November2016,[92][93]whileMamataBanerjeeisknownto
bethefirsttoopposethecurrentgovernmentonthedemonetisation.[94]
On16November2016,ChiefMinisterofWestBengalMamataBanerjeeledarainbowdelegationcomprising
politicalpartiesofTrinamoolCongress,AamAadmiParty,BJPallyShivSena,PatidarAnamatAndolanSamiti
(ofHardikPatel)andNationalConferencetoRashtrapatiBhawantoprotestagainstthedecisiontowithdraw500
and1000banknotes.AmemorandumwassubmittedtothePresidentofIndiaPranabMukherjeedemanding
rollbackofthedecision.[95]OutsidetheParliamentinarallythesameday,SaugataRoy,amemberofparliament
fromtheoppositionTrinamoolCongressParty,commented,"Peopleareinutterdistress,especiallytheinformal
sectoristotallydisrupted.Poorpeople,dailywageearners,they'reallfacingdifficulty"[10]
InthedemonetisationdebateonthefirstdayoftheWinterSessionofParliamentattheRajyaSabha,on16
November2016,PramodTiwarifromtheIndianNationalCongress,accusedNarendraModiforthe
demonetisationandcomparedNarendraModitoMussolini,HitlerandQadhafi,whilePremChandGupta
questionedastatementofModifromtheunscheduledTVbroadcaston8November,"Ifitwasplanned10months
ago,howdidRBIGovernorUrjitPatelsignonnewnote?".Whileontheotherside,PrafulPatelcriticisedthe
demonetisationbystating"thegovernmentwasnotevenpreparedtorecalibratetheATMswhileannouncingthe
move.People'ssufferingunimaginable.Nobodyisquestioningthegovernment'sintention,butyouareunprepared
toexecutethemove".Later,theformerChiefMinisterofUttarPradeshMayawatistatedthesituiationto"a
financialemergency",bysaying"ItlooksasifBharathasshutdown."Also,SitaramYechuryfromCommunist
PartyofIndia,questionedthecurrentgovernmentonthedemonetisationmovebystating"only6%ofblackmoney
inIndiaisincashtodrivehispointthatdemonetisationwon'tcurbillicitwealth."[96]
On17November2016,inarallyagainstdemonetisationof500and1000notes,ledbytheChiefMinisterof
DelhiArvindKejriwalandhisWestBengalcounterpartMamataBanerjeeatAzadpurMandi,thebiggestvegetable
andfruitswholesalehubinthenationalcapital,ArvindKejriwaldemandedthewithdrawofdemonetisationin3
days,orelsetherewouldbearebellion,hesaid.MamataBanerjeealsostated"Igivethegovernment3day
ultimatum,fixthingsorwithdrawthedemonetisationscheme".[97]
InthedemonetisationdebateonthesecondandthirddayoftheWinterSessionofParliamentattheRajyaSabha,
on17and18November2016,theoppositionandthecurrentgovernmentclashedoverthedemonetisationissue,
bringingthehousetocontinuoushalts.[98]
On24November2016,inthedemonetisationdebateinRajyaSabha,theformerprimeministerofIndia
ManmohanSinghsaid"thisschemewillhurtsmallindustries,thefarmingsector.TheGDPcandeclinebyabout3
percentduetothismove",whilehealsoquestioned"IwouldliketoaskthePrimeMinisterexamplesofcountries
wherepeoplehavedepositedtheirmoneyinthebanksandnotallowedtowithdrawtheirownmoney."andlater
alsosaid"Itisnogoodthatoneachdaybanksbringoutnewnotifications.Itdoesn'treflectproperlyonPrime
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Minister'sOffice,FinanceMinisterandtheReserveBankofIndia.Cooperativebankingsystemhasbeen
preventedfromhandlingcash".[99]Singhatlasttermedthedemonetisationmoveasan"organizedloot,legalized
plunderofthecommonpeople".[100]

Aftermath
Cashrush
Thescarcityofcashduetodemonetisationledtochaos,andmostpeople
holdingoldbanknotes,faceddifficultiestoexchangethemasendlesslines
outsidebanksandATMsacrossIndia,becameadailyroutineformillions
ofpeoplewaitingtodepositorexchangethe500and1000banknotes
since9November.[10][9][8][101]ATMswererunningoutofcashafterafew
hoursofbeingfunctional,andaroundhalftheATMsinthecountrywere
nonfunctional.[9]SporadicviolencewasreportedinNewDelhi,butthere
werenoreportsofanygrievousinjury,[102]peopleattackedbankpremises
andATMs,[103][104][105][106][107][108]andarationshopwaslootedinMadhya
Pradeshaftertheshopownerrefusedtoaccept500
banknotes.[109][110][111][112]

QueueatanATMfor100banknotes
inHowrah,on8November2016,
22:23(IST)

Severalpeoplewerereportedtohavediedfromstandinginqueuesfor
hourstoexchangetheiroldbanknotes.[113][114][115][116][117][118]Deathswere
alsoattributedtolackofmedicalhelpduetorefusalofoldbanknotesby
hospitals.[119][120][121]Asof15November2016,theattributeddeathtoll
was25.[122][123][11]
Inaninterview,ChiefMinisterofDelhiArvindKejriwallashedoutata
BBCreporterwhoaskedhimtojustifyhis19Novemberclaimthat55
deathswerelinkedtodemonetisation.[124]While,theCMDofPunjab
NationalBanksaidthatpanicafterdemonetisationstartedfadingon19
November2016.[125]

EffectsonEconomy

Peoplequeueoutsideaprivatebank
todepositandexchangeold500and
1000banknotesinKolkataon10
November2016.

Stockmarket
AsacombinedeffectofdemonetisationandUSpresidentialelection,thesharemarketindicesdroppedtoan
aroundsixmonthlowintheweekfollowingtheannouncement.Thedayafterthedemonetisationannouncement,
BSESENSEXcrashednearly1,689pointsandNIFTY50plungedbyover541points.[12]Bytheendofthe
intradaytradingsectionon15November2016,theBSESENSEXindexwaslowerby565pointsandtheNIFTY
50indexwasbelow8100intraday.[126]
Transportation
MajorhighwaytolljunctionsontheGujaratandDelhiMumbaihighwaysalsosawlongqueuesastollplaza
operatorsrefusedtheoldbanknotes.NitinGadkari,theMinisterofTransport,subsequentlyannounceda
suspensionoftollcollectionsonallnationalhighwaysacrossIndiauntilmidnightof11November,laterextended
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until14Novemberandagainuntilmidnightof18November,andyetagaintill2December.[127][128]
Agriculture
TransactionsintheIndianagriculturesectorareheavilydependentoncashandwereadverselyaffectedbythe
demonetisationof500and1000banknotes.[129]Duetoscarcityofthenewbanknotes,manyfarmershave
unsufficientcashtopurchaseseeds,fertilisersandpesticidesneededfortheplantationofrabicropsusuallysown
aroundmidNovember.[130]FarmersandtheirunionsconductedprotestralliesinGujarat,Amritsarand
MuzaffarnagaragainstthedemonetisationaswellasagainstrestrictionsimposedbytheReserveBankofIndiaon
districtcooperativecentralbankswhichwereorderednottoacceptorexchangethedemonetised
banknotes.[131][132][133][134]
Banking
Inthefirstfourdaysaftertheannouncementof
thestep,about3trillionrupeesintheformof
old500and1000banknoteshadbeen
depositedinthebankingsystemandabout
500billionrupeeshadbeendispensedvia
withdrawalsfrombankaccounts,ATMsaswell
asexchangesoverthebankcounters.Within
AStateBankofIndiabranchremainedopenatnight,andalong
thesefourdays,thebankingsystemhas
queueofpeoplewaitedoutsidetheATMtowithdrawmoney
handledabout180milliontransactions.[28]The
StateBankofIndiareportedtohavereceived
morethan300billioninbankdepositinfirsttwodaysafterdemonetisation.[135][136][137]Aspikeintheusageof
debitcardandcreditcardpostdemonetisationwasalsoreported.[138]
InMalda,adistrictbelievedtobeatransitpointforfakeIndiancurrencies,[139]alargesumofcashdepositsin
dormantaccountswerealsoreported.AccordingtoTheEconomicTimes,morethan80percentoffakecurrencyin
IndiaoriginatesfromMaldadistrictinWestBengal.[140]
Business
Bythesecondweekafterdemonetisationof500and1000banknotes,cigarettesalesacrossIndiawitnesseda
fallof3040%,[141]whileEcommercecompaniessawuptoa30%declineincashondelivery(COD)
orders.[142][143]Severalecommercecompanieshailedthedemonetisationdecisionasanimpetustoanincreasein
digitalpayments.TheybelievethatitwouldleadtoadeclineinCODreturnswhichisexpectedtocutdowntheir
costs.[144]
Thedemandforpointofsales(POS)orcardswipemachineshasincreased.[145]EpaymentoptionslikePayTM
andPayUMoneyhasalsoseenarise.[146]AccordingtodataofPineLabs,thedemandforitsPOSmachines
doubledafterthedecision.Furtheritstatesthatthedebitcardtransactionsroseby108%andcreditcard
transactionsby60%on9November2016.[145]

Incometaxraidsandcashseizures

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TheFinanceMinistryinstructedallrevenueintelligenceagenciestojointhecrackdownonforextraders,hawala
operatorsandjewellersbesidestrackingmovementofdemonetisedcurrencynotes.[147]
IncomeTaxdepartmentsraidedvariousillegaltaxevasivebusinessesinDelhi,Mumbai,Chandigarh,Ludhiana
andothercitiesthattradedwithdemonetisedcurrency.[148]TheEnforcementDirectorateissuedseveralFEMA
noticestoforexandgoldtraders.[147]Italsoraidedseveralforexestablishmentsmakingbackdatedentries.[149]
Largesumofcashwereseizedindifferentpartsofthecountry.[150][151][152][153][154]InChhattisgarhliquidcash
worthof4.4millionwasseized.[155]

Effectonillegalactivities
ThemovealsoreportedlycrippledCommunistguerrillagroups(Naxalites)financingthroughmoney
laundering.[156][157]On10NovemberthepolicearrestedapetrolpumpowneratRanchiwhenhereportedlytried
todeposit2.5billion,belongingtoapersonaffiliatedwiththebannedCommunistPartyofIndia.[158]According
toChhattisgarhPolicedemonetisationhasaffectedtheNaxaliteactivities.Itisreportedthatinsurgentshave
stashedmorethan70billionintheBastarregion.[157][159][160]MumbaiPolicereportedasetbacktoHawala
operations.[161][162]HawaladealersinKeralawerealsoaffected.[163]TheJammuandKashmirPolicereportedthe
effectofdemonetisationonhawalatransactionsofseparatists.[164][165]Morethan300Naxalshavesurrenderedto
thepolicevoluntarilyduetoshortageoffunds.

Evasion
Goldpurchases
InGujarat,Delhiandmanyothermajorcities,salesofgold
increasedon9November,withanincreased20to30%
premiumsurgingthepriceasmuchas45,000fromtheruling
priceof31,900per10grams(0.35oz).[166][167]
Donations
AuthoritiesofSriJalakanteswarartempleatVellorediscovered
cashworth4.4millionfromthetempleHundi.[168]

Ajewellerystoreinashoppingmallwithanotice
"Weaccept500and1000notes",evenafterthey
werenolongervalidbanknotes.

Multiplebanktransactions
Therehavealsobeenreportsofpeoplecircumventingtherestrictionsimposedonexchangetransactionsandalso
attemptingtoconvertblackmoneyintowhitebymakingmultipletransactionsatdifferentbankbranches.[169]
Peoplewerealsogettingridoflargeamountsofbannedcurrencybysendingpeopleingroupstoexchangetheir
moneyatbanks.[170]Inresponse,thegovernmentannouncedthatitwouldstartmarkingcustomerswithindelible
ink.Thiswasinadditiontoothermeasuresproposedtoensurethattheexchangetransactionsarecarriedoutonly
oncebyeachperson.[171][172][173]On17November,thegovernmentreducedtheexchangeamountto2000to
discourageattemptstoconvertblackmoneyintolegitimatemoney.[30]
Railwaybookings

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Assoonasthedemonetisationwasannounced,itwasobservedbytheIndianRailwaysauthoritiesthatlarge
numberofpeoplestartedbookingticketsparticularlyinclasses1Aand2Aforthelongestdistancepossible,toget
ridofunaccountedcash.Aseniorofficialsaid,"OnNovember13,42.7millionpassengerswerenationallybooked
acrossallclasses.Ofthese,only1,209were1Aand16,999for2A.Itisasharpdipfromthenumberofpassengers
bookedonNovember9,when27,237passengershadbookedticketsin1Aand69,950in2A."[174]
TheRailwaysMinistryandtheRailwayBoardrespondedswiftlyanddecidedthat:cancellationandrefundof
ticketsofvalue10,000andabovewillnotbeallowedbyanymeansinvolvingcash.Thepaymentcanonlybe
throughcheque/electronicpayment.Ticketsabove10,000canberefundedbyfilingticketdepositreceiptonlyon
surrenderingtheoriginalticket.AcopyofthePANcardmustbesubmittedforanycashtransactionabove
50,000.TheofficialclaimedthatsincetheRailwayBoardon10Novemberimposedanumberofrestrictionsto
bookandcanceltickets,thenumberofpeoplebooking1Aand2Aticketscamedown.[174][175]
Municipalandlocaltaxes
Theuseofthedemonetisednoteshadbeenallowedbythegovernmentforthepaymentofmunicipalandlocal
bodytaxes.Thisledtopeopleusingthebanned500and1000notestopaylargeamountsofoutstandingtaxes,
andalsoadvancetaxes.Asaresult,revenuecollectionsofthelocalauthoritieshavejumpedduetothe
demonetisation.[176]

Seealso
MonetaryreformintheSovietUnion,1991
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Externallinks
WhattheFAQjusthappened!AllyourquestionsaboutRs5001000
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notesanswered(http://indiatoday.intoday.in/story/rupees5001000c
mediarelatedtoIndian500
urrencynotefaqnarendramodi/1/805954.html),IndiaToday,8
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November2016
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g.in/Scripts/FAQView.aspx?Id=119)
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MinistryofFinance,GovernmentofIndia(http://www.finmin.nic.in/)
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odidemonetisesrs500andrs1000currencynotesinindia/)
2000andnew500bills
PMModi'swaronblackmoney:Pay50%taxonunaccounted
deposits,or85%ifcaught,saysGovt(http://www.newsnation.in/article/152414pmmodiswaronblackmo
neypay50taxonunaccounteddepositsor85ifcaughtsaysgovt.html)
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