When was demonetisation first implemented in India?

Queues outside a bank to exchange demonetised banknotes in Kolkata on 10 November 2016
Date 8 November 2016
Motive Curbing black money

When was the first demonetisation done in India?

On 16 January 1978, the then President of India Neelam Sanjiva Reddy introduced the High Denomination Bank Notes (Demonetisation), Ordinance 1978.

Who did demonetisation in 1946?

Demonetisation, 1946. On January 12, 1946, the Governor General of India promulgated the High Denomination Bank Notes (Demonetisation) Ordinance, 1946. It declared that the high denomination bank notes of Rs 500, Rs 1,000, and Rs 10,000, issued by the RBI would cease to be legal tender on expiry of January 12, 1946.

When did demonetisation happened before 2016?

The first instance was in 1946 and the second in 1978 when an ordinance was promulgated to phase out notes with denomination of Rs 1,000, Rs 5,000 and Rs 10,000. The media in terms of numbers was limited in 1946 and 1978 when compared to 2016.

Who did first demonetisation in India?

The first ordinance was the Bank Notes (Declaration of Holdings) Ordinance, which required all banks and government treasuries in British India to furnish to the Reserve Bank of India a statement of their holdings of banknotes of Rs 100, Rs 500, Rs 1,000 and Rs 10,000 as at the close of business on the previous day by …

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Is demonetisation a failure or a success?

That question has cropped up once again now that the Reserve Bank of India (RBI) annual report shows that 99.3 per cent of all the high value currency notes that were demonetized was deposited back, and with various government spokespersons rushing to babble out fresh reasons to explain that it was not a complete and

Who started demonetization?

The Union cabinet was informed about the plan on 8 November 2016 in a meeting in the evening called by the Indian Prime Minister Narendra Modi. Soon after the meeting, Modi announced the demonetisation in an unscheduled live national televised address at 20:15 IST.

Who is present PM of India?

What are the disadvantages of demonetization in India?

Disadvantages of Demonetisation

The biggest disadvantage of demonetisation has been the chaos and frenzy it created among common people initially. Everyone was rushing to get rid of demonetised notes while inadequate supply of new notes affected the day to day budgets of citizens.

The demonetisation notification is illegal because it goes beyond the scope of what is permitted under the Reserve Bank of India Act, 1934, (“RBI Act”), the stated source of authority for the notification.

Which countries did demonetisation?

Three countries in three continents: After Modi’s India, demonetisation is spreading around the world

  • Australia. On Dec. …
  • Pakistan. On Dec. …
  • Venezuela. On Dec. …
  • Tough times. In the past, countries such as Myanmar and Zimbabwe tried their luck with demonetisation with worrisome results.

How many times India has demonetized?

Hearing the appeal, a division bench of Justices N Kirubakaran and B Pugalendhi observed that the single judge had held that the Indian currency was devalued only three times though the expert opinion says it is done four times.

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