Watch: Why Demonetisation Is One of the Biggest Economic Disasters Post Independence
Mukul Singh Chauhan
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On November 8, 2016, Prime Minister Narendra Modi had announced ‘demonetisation’ to 'weed out black money from the country'.
According to news reports, as on December 1, 2016, at least 82 people died, including an infant who died in the arms of his mother as she stood in a queue in a bank. More than eight million workers remained unpaid.
Two years later, the Union government finally admitted that people died due to reasons linked with the demonetisation move. It said four people, including three bank staff and one customer, died during the note-ban. However, questions were raised on the number of deaths due to the sudden announcement of banning Rs 500 and Rs 1,000 notes.
On November 8, 2018, The Wire had reported that the Union government continued to block demonetisation details from the public.
As the event completes its fifth year, we look back on the impact it had on the economy, small businesses and people.
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