Demonetisation and it's Impact On 8 November 2016, Prime Minister Narendra Modi had announced the demonetisation of old 500 and 1000 rupees notes. It was one of the major step taken by our Prime Minister in order to improve the country's economy and to bring out crores of black money hidden in our country and stop the illegal funding of terrorist activity.Prime Minister had announced the denomination of 500 and 1000 rupees note would cease of legal tender from 9 November 2016.The whole country was stunned and especially people with black money. People had to deposit the banned notes in their possession by 30 December 2016, while the old notes were being replaced by new 500 and 2000 rupees note. Since the announcement people started crowding around banks to deposit the notes, there were limits imposed on how much money could be exchanged.Initially, people would exchange only rupees 4000 per person from 8 to 13 November , then it was increased to rupees 4500 per ...