History Of Demonetization In India

                
 HISTORY OF DEMONETIZATION IN INDIA 



Table:2 


                     CURRENCY BAN 





1.  In 1946 , the currency note of Rs 1000 and Rs 10,000 were removed from circulation. The ban really did not have much impact, as the currency of such higher denomination was not accessible to the common people. However, both the notes were reintroduced in 1954 with an additional introduction of Rs 5000 currency. Rs 500 and Rs 1000 notes were introduce in 1934 and after four years in 1938, Rs 10,000 notes were introduce.




2. That came in 1978; the then Prime Minister of India Morarji Desai announced the currency ban taking Rs1000, Rs 5000 and Rs 10,000 out of circulation. The sole aim of the ban was to curb black money generation in the country.




3. The Government of India on the 8 November 2016 announced demonetization of Rs 500 and Rs 1000 banknotes with effect from the same day's midnight, making these notes invalid. Apart from combating black money, the stated purpose is also to check fake currency (used to finance terrorism) and corruption. A new redesigned series of Rs 500 banknote, in addition to a new denomination of Rs 2000 banknote is in circulation since 10 November 2016.


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