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Demonetisation, a victory 125 crore Indians: PM Modi on first anniversary of note ban

PM Modi announced the scrapping of Rs 500 and Rs 1,000 notes on November 8 last year, in a surprise move.

LIVE Blog

NEW DELHI: On November 8, 2016, Prime Minister Narendra Modi appeared on our TV screens. In a surprise move, he scrapped currencies or notes with denominations of Rs 1,000 and Rs 500 from midnight. A turning point in the Indian economy, demonetisation or notebandi (in Hindi) was called an assault on black money, fake currency and corruption. In the weeks that followed, the economy faced severe cash shortage with new notes of Rs 2000 and Rs 500 being slowly circulated. Exactly a year later, the country is observing the first anniversary of demonetisation. The Opposition has termed today as "Black Day" while BJP-led centre is calling 'Anti-Black Money Day'. 

Here are the live updates on demonetisation anniversary 2017:

 

08 November 2017
12:52 IST

One of the main objectives of demonetisation was flushing out black money from the economy and expand the tax base. Here's how note ban impacted both. 

12:50 IST

Demonetisation may cost the BJP at least this one vote in Himachal Pradesh. Staying in the Great Himalayan National Park alone, octogenarian Chatri Devi is determined to vote against demonetisation as her three banknotes are no good. Read more here

 

10:47 IST

Tweeting in support of noteban, Railways Minister Piyush Goyal said, "Black money has been there for a long time. Demonetisation has pushed India towards a transparent, formal economy. #AntiBlackMoneyDay" 

 

09:37 IST

PM Modi posted a 7-minute video take us through India's economic progress a year after the demonetisation drive was announced. Watch

09:35 IST

Meanwhile, BJP leader and Patna MP Shatrughan Sinha took to the social media on Tuesday, to take a jibe at Centre and profess his loyalties to veteran party leader LK Advani.

"Tomorrow is November 08 the 'black day', oh sorry, black money eradication day. Our people celebrating the demon anniversary and its great or hollow effect of getting much hyped black money (which I'm sure RBI is not aware of) from Swiss Bank, Singapore, Germany, even Timbuktu," he tweeted.

08:06 IST

Congress vice-president Rahul Gandhi along with several other Opposition leaders will be in Surat on Wednesday to observe Black Day

08:05 IST

Asking citizens about their views, PM Modi tweeted: "What do you feel about the efforts to uproot corruption & black money. Tell me through this survey. http://nm4.in/dnldapp

08:05 IST

 

 

08:03 IST

Prime Minister Narendra Modi took to twitter, writing: "I bow to the people of India for steadfastly supporting the several measures taken by the Government to eradicate corruption and black money."

 

 

07:58 IST

Yesterday, finance minister Arun Jaitley, in an elaborate Facebook post, said the day (November 8) will be remembered as a “watershed moment in the history of Indian economy”. Read Jaitley's post

Later, addressing a press conference, he said demonetisation cannot be a one-stop solution to cleanse all corruption, but it did give a "new direction" to economic and financial decisions.

 

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