8 November 2016,the government announced the demonetization of all 1000 and 500 notes , government also announced the issuance of new 500 notes and 2000 notes . according to 2019 reports the RESERVE BANK OF INDIA says approximately 15.30 lakh crore rupees are demonetized over the 15.45 lakh crore rupees so only 10,720 crore rupees are not deposited . analysis states that the effort had failed to remove black money from the economy . the nifty 50 stock indices fell over 6% on the day after announcement . though the talk is going on about demonetization from many days , the announcement is sudden and un-planned , the country faced sever cash shortage and faced many problems to pay bills and important transactions were stopped due to the shortage of cash , though digital money is implemented it is not a success for the government . And people seeking to change their bank notes had to stand in lengthy queues , while 2019 will bring the new government after the elections in April the effects of demonetization still haunt the people .
Is Demonetization Success or failure ?
The primary intention of the move is curbing unaccounted money and the secondary intention is to make India a cash less based economy. Though the primary intention is to curb unaccounted money immediately after note ban, digital transactions came to the picture by the acute cash shortage, so none of the original objectives have been met . some or the other laid out fighting terrorism and corruption. When demonetization is announced it was proclaimed as a move to take action on black money but lately it is projected as a move to encourage digital money, on all these fronts, it is unclear weather demonetization had made significant progress.