Why is it in the news ?
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8 November 2018 completes the two years of demonetisation.
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Prime minister 2 years back had announced that Rs.1,000 and Rs.500 currency notes would no longer be legal tender.
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These notes constituted over 86% of the currency in circulation, then.
Background
Objectives of Demonetization in India were:
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To unearth and curb the black money.
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To track fake currency, to cutoff the terror funding.
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To transform Indian economy into cashless/Lesscash economy.
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‘Less-cash’ society was one of the important objective of demonetization.
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However, two years down the line, it appears the objective has not been achieved.
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As per RBI data. with cash back in the system, ATM withdrawals have picked up.
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Cash withdrawals from ATMs grew 8% to Rs.2.75 lakh crore in August 2018 from Rs.2.54 lakh crore in October 2016.
Source
The Hindu.