Demonetization and its Impact When a currency note of a particular denomination ceases to be a legal tender, it is termed as demonetisation. On 08 November 2016 late at night, the Government of India announced the demonetisation of all 500 and 1000 bank notes. The Government replaced the old Rs. 500 notes with newer ones and done away with the Rs. 1000 notes. The main objective of this move was to curb the black money, corruption and fake currency. The government estimated that around 1.40 lakh crores of black money became invalid due to demonetization. The hoarders of black money got harassed. The traditional systems of hoarding money at home eliminated and today all Indians deposit their money in banks. It will help to strengthen the economy of India and our country will emerge as a superpower in forthcoming years.
