Post demonetization impact on economy of India

Demonetization in India will be five years old on November 8, 2021. It was on this day in 2016, at 8 p.m., when Prime Minister Narendra Modi announced that the 500- and 1000-rupee notes - which together constituted 86% of the money in circulation - would no longer be considered legal tender in India. According to its initial stated goals, the policy of demonetization was meant to encourage the use of digital payments. A major promise of demonetisation was that hoarders of cash would be obliged to deposit it in the banks as a result of the currency being demonetized According to the Prime Minister's announcement of the policy, “Which honest person would not be saddened by news of crores of currency notes secreted beneath the mattresses of government officers? Or by stories of money recovered in “gunny sacks””. People who possessed unexplained cash were expected to either disclose it to the tax authorities or get rid of it. Demonstration has been regarded as a “surgical blow” against corruption by many.