Demonetization

         Demonetization of all ₹500 and ₹1000 of Indian rupees which were announced by Indian Prime Minister "Narendra Modi" on 8th November 2016.The government has announced suddenly about the ban of currency on 8th nov at night.The rule has passed from midnight and has given chance to change the currency at the bank with the limited amount up to 31st December 2016.
         From 9th Nov 2016, the exchange of ₹500 and ₹1000 has started, in the place of that currency the new ₹500 and ₹2000 of Mahatma Gandhi New series has issued. 
         

The BSE SENSEX and NIFTY 50 stock tokens fell over 6 percent of the day after the announcement.During the demonetization time period, India faced money shortage problem across the economy.People to exchange their old notes they stood in front of banks and post offices in queues for hours and several deaths due to the heavy rush in the exchange of money.
         Many bankers and as well as international commentators have supported the move of demonetization.It was heavily condemned by the members of the opposition parties, leading to debates in both houses of Parliament and triggering organization against the government in several places in India.
         The main of demonetization was to reduce the country's GDP and Industrial Production.Due to the shortage of cash, it condemned by prominent economists and by world media.​