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 Piyush Goyal said during Jan Man Dhan:
- We have taken final step to convert informal economy into formal through GST: Piyush Goyal
- 56% transactions in digital form increased. It is extraordinary: Piyush Goyal
- People ask what did we achieve when all money came back in banks, but we have trail of all money into system: Piyush Goyal
- Our victory in Himachal will be bigger than UP & Uttarakhand: Piyush Goyal
- Trying to do away with merchant rate charged in online rail ticket booking: Piyush Goyal
- Demonetization aimed at awakening country that black money is of no use: Piyush Goyal
- We are working against black money: Piyush Goyal
- More than 1 crore PF accounts were opened in last year: Piyush Goyal
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.