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Dictionary definition of demonetisation is the act of stripping a currency unit of its status as legal tender. In simple terms, when demonetisation of a currency occurs, the currency loses its face value and is no longer to be used as legal money for any kind of transactions. On November 8, 2016, Narendra Modi let Government announced the demonetisation of all Rs 500 and Rs 1000 bank notes. The Prime Minister claimed that this would curtain the shadow economy, increase cashless transactions and reduce the use of illicit and counterfeit cash to fund illegal activity and terrorism. Did it really happen?
Here is the detailed conversation with Dr Rathin Roy, Economist and Former Member Prime Minister Economic Advisory Council on how wise was demonetisation decision as part of our series on 10 years of NDA.
Listen in!
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