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India’s history with demonetisation: From 1946 to 2016
05
Dec
Dec
The whole country was taken aback when Prime Minister Narendra Modi on November 8 announced that the currencies in the denominations of Rs 500 and Rs 1,000 will be invalid post midnight. However, the lower denomination –Rs 10, Rs 20, Rs 50, Rs 100 and coins –will be valid. He further announced that new notes of Rs 500 and Rs 2,000 would introduce shortly. Thus, giving millions of Indians a panic attack.
But what do you think was this the first time an Indian currency was banned of a sudden?
Well, the answer is NO. A look into the past will make you realise that India is no new to demonetisation. Demonetisation has been implemented twice -1946 and 1978 – in the past.
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