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<p><span ><span ><strong><span >Y</span></strong></span></span>ou couldn’t fault the idea for mere ambition. On November 8, 2016, a day before America took a turn away from liberal politics and gave Donald Trump his first term, Narendra Modi announced the demonetisation of Rs 500 and Rs 1,000 notes in the country. The hope was to end all black money in one fell swoop, eliminate the shadow economy and fake currency, and turn off the tap for terror financing. What the move ended up in instead was mass inconvenience, as people stood outside banks and ATMs in long, serpentine queues, waiting to exchange cash even as the economy ran out of it, and the people themselves feared running out of time. Small businesses, daily wage workers and agriculturists did not know what hit them, nor did the larger economy. The shock registered in GDP growth too, as it decelerated from 8.3 per cent to 6.1 per cent in the last quarter of the 2017 financial year. As for the end of black money, the RBI reported a return of Rs 15.3 lakh crore of the Rs 15.41 lakh crore in circulation into the banking system. Was it nothing more than an exercise in vanity turned exercise in vain, then? It did have a redeeming factor: a shift towards digital payments.</p><div data-embed-button="ckeditor_image" data-entity-embed-display="view_mode:media.image" data-entity-type="media" data-entity-uuid="6a2f57cb-395f-4949-9553-012aa9d9de2c" data-langcode="en" class="embedded-entity"><article class="media media--type-ckeditor-image media--view-mode-image">
  
      
            <div class="field field--name-field-media-image field--type-image field--label-hidden field__item">  <div class="itgimage"><amp-img  src="https://akm-img-a-in.tosshub.com/indiatoday/styles/medium_crop_simple/public/2026-01/demonetisation-2.jpg?VersionId=3pLGwtP9Ed0YvUukWzmmRkgY7bIX51Fa&size=750:*&size=750:*" alt = "" height="401" width="770" class="image-style-medium-crop-simple" layout="responsive"></amp-img></div>


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  </article>
</div><div id="lrcmtcont"></div><div class="end_story">- Ends</div><div class="dottedimg"></div><div class="authors__container"><div class="authors__by"><div class="authlable">Published By: </div><div class="authdetaisl">Shyam Balasubramanian</div></div><div class="published__on"><div class="authlable">Published On: </div><div class="authdetaisl">Jan 3, 2026 19:08 IST</div></div></div>

50th ANNIVERSARY SPECIAL

2015-2025 | ASSERTIVE INDIA | 50th ANNIVERSARY SPECIAL

2015-2025 | ASSERTIVE INDIA

<p><span style="color:#c0392b;"><span style="font-family:verdana,geneva,sans-serif;"><strong><span style="font-size: 58px;">Y</span></strong></span></span>ou couldn’t fault the idea for mere ambition. On November 8, 2016, a day before America took a turn away from liberal politics and gave Donald Trump his first term, Narendra Modi announced the demonetisation of Rs 500 and Rs 1,000 notes in the country. The hope was to end all black money in one fell swoop, eliminate the shadow economy and fake currency, and turn off the tap for terror financing. What the move ended up in instead was mass inconvenience, as people stood outside banks and ATMs in long, serpentine queues, waiting to exchange cash even as the economy ran out of it, and the people themselves feared running out of time. Small businesses, daily wage workers and agriculturists did not know what hit them, nor did the larger economy. The shock registered in GDP growth too, as it decelerated from 8.3 per cent to 6.1 per cent in the last quarter of the 2017 financial year. As for the end of black money, the RBI reported a return of Rs 15.3 lakh crore of the Rs 15.41 lakh crore in circulation into the banking system. Was it nothing more than an exercise in vanity turned exercise in vain, then? It did have a redeeming factor: a shift towards digital payments.</p><div data-embed-button="ckeditor_image" data-entity-embed-display="view_mode:media.image" data-entity-type="media" data-entity-uuid="6a2f57cb-395f-4949-9553-012aa9d9de2c" data-langcode="en" class="embedded-entity"><article class="media media--type-ckeditor-image media--view-mode-image">
  
      
            <div class="field field--name-field-media-image field--type-image field--label-hidden field__item">  <div class="itgimage"><img  height="401"  title=""  width="770"  class="image-style-medium-crop-simple" alt="" src="https://akm-img-a-in.tosshub.com/indiatoday/styles/medium_crop_simple/public/2026-01/demonetisation-2.jpg?VersionId=3pLGwtP9Ed0YvUukWzmmRkgY7bIX51Fa&size=750:*" loading="lazy" /></div>


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  </article>
</div><div id="lrcmtcont"></div><div class="end_story">- Ends</div><div class="dottedimg"></div><div class="authors__container"><div class="authors__by"><div class="authlable">Published By: </div><div class="authdetaisl">Shyam Balasubramanian</div></div><div class="published__on"><div class="authlable">Published On: </div><div class="authdetaisl">Jan 3, 2026 19:08 IST</div></div></div>

The sudden invalidation of high-value notes to end black money sent people into a tizzy. Was the pain worth it? The debate continues

India Today

Demonetisation (2015-2025) | The currency emergency | 50th Anniversary Special - India Today

Demonetisation | The currency emergency

Iran is reviewing a fresh US proposal to end the conflict that began on February 28, while both sides weigh a 30-day negotiation framework. The push has stirred market optimism, but deep differences over Tehran's nuclear programme and the Strait of Hormuz remain.

ईरान के ना-नुकुर के बाद वेंस का पाकिस्तान दौरा टला. (Photo: AP)

US President Donald Trump struck an optimistic tone on Wednesday, saying negotiations with Iran had made progress over the past 24 hours.(Photo: AP)

Iran reviews US peace proposal as Trump says ‘they want to make a deal’

SunRisers Hyderabad have dethroned Punjab Kings at the top of the Indian Premier League 2026 table. The team's batting order, which endured a difficult season last year, has returned to its very best this season.

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Two IED explosions struck near the BSF headquarters in Jalandhar and Khasa Military Camp in Amritsar within hours on May 5. The blasts have prompted a statewide alert as investigators examine suspected ISI-linked hybrid terror networks.

NIA team at the blast site in Punjab. 

Pakistan renews proxy war in Punjab? 3 blasts in 10 days raise security concerns

The CBI has uncovered a trafficking network that sent Indians to scam compounds in Southeast Asia. The case points to a wider cyber slavery racket involving coercion, ransom demands and cross-border crime.

CBI busts alleged ‘cyber slavery’ trafficking racket, raids multiple states

A Mumbai sessions court ordered the release of Aniruddha Vijaykumar in a POCSO case after finding lapses in his arrest. The court said the grounds were not conveyed in a language he understood and sought an explanation from the investigating officer.

पुलिस की लापरवाही से POCSO आरोपी को मिली राहत

A Mumbai court freed a POCSO accused, saying a signature on a document not understood by the accused cannot be treated as valid compliance.

Arrest grounds in Marathi lead to release of POCSO accused who didn’t understand it

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TVK chief Vijay met Tamil Nadu Governor Rajendra Vishwanath Arlekar on Wednesday to stake claim to form a government.

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West Bengal BJP leader Suvendu Adhikari's personal assistant was shot dead in Madhyamgram, North 24 Parganas, amid ongoing post-poll violence in West Bengal.

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Congress leader Rahul Gandhi is likely to attend TVK chief Vijay's upcoming swearing-in ceremony. This move could result in the national party securing a cabinet position in the state government after several decades.

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Demonetisation | The currency emergency

The sudden invalidation of high-value notes to end black money sent people into a tizzy. Was the pain worth it? The debate continues

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