One year of notes ban will going to be complete on 8th November and just before its completion, ABP News held an event Jan Man Dhan on how the country benefited from the demonetisation.
Here are other important things Ravi Shankar Prasad said during Jan Man Dhan:
- 50 lakh new accounts have been opened after Demonetization: Ravi Shankar Prasad
- Online railway reservation have gone up from 50% to 68% after Demonetisation: Ravi Shankar Prasad
- I will never say everything has changed but it is on a path of change: Ravi Shankar Prasad
- We will not leave anybody and take strict decision against fraudulents: Ravi Shankar Prasad
- Our govt has strong fundamentals: Ravi Shankar Prasad
- If there was slowdown how come automobile sales are growing after demonetization, air travel & mobile sales is up by 14%: Ravi Shankar Prasad
- Interest rate in real estate has fallen and fraud builders should go bankrupt: Ravi Shankar Prasad
On '8 November 2016', the Government of India under PM Narendra Modi announced the demonetisation, commonly called notebandi, of all ₹500 and ₹1,000 banknotes of the Mahatma Gandhi Series.
The Modi government claimed that the action would curtail the shadow economy and crack down on the use of illicit and counterfeit cash to fund illegal activity and terrorism.
However, sudden nature of the announcement—and the prolonged cash shortages in the weeks that followed—created significant disruption throughout the Indian economy, threatening economic output.