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2016 Indian banknote demonetisation

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The demonetisation of ₹500 and ₹1000 banknotes was a step taken by the Government of India on 8 November 2016, ceasing the usage of all ₹500 and ₹1000 banknotes of the Mahatma Gandhi Series as a form of legal tender in India from 9 November 2016.[1]

The announcement was made by the Prime Minister of India Narendra Modi in an unscheduled live televised address to the nation at 20:15 Indian Standard Time (IST) the same day.[2][3] In the announcement, Modi declared circulation of all ₹500 and ₹1000 banknotes of the Mahatma Gandhi Series as invalid and announced the issuance of new ₹500 and ₹2000 banknotes of the Mahatma Gandhi New Series in exchange for the old banknotes.

The banknote denominations of ₹100, ₹50, ₹20, ₹10 and ₹5 of the Mahatma Gandhi Series continued to remain as legal tender and were unaffected by the policy. The demonetisation was done in an effort to stop the counterfeiting of the current banknotes alleged to be used for funding terrorism, as well as to crack down on black money in the country.[4][5] The move is also aimed at reducing corruption, drug menace and smuggling.[6][7]

Demonetisation

Background

Similar demonetisation of banknote denominations have been taken in the past. In January 1946, banknotes of 1000 and 10000 rupee were withdrawn and new notes of 1000, 5000 and 10000 rupee were introduced in 1954. The Janata Party coalition government had again demonetised banknotes of 1000, 5000 and 10000 rupee on 16 January 1978 as a means to curb counterfeit money and black money.[8]

In 2012, the Central Board of Direct Taxes had recommended against demonetisation, saying in a report that "demonetisation may not be a solution for tackling black money or economy, which is largely held in the form of benami properties, bullion and jewellery".[9][10]

On 28 October 2016 the total banknotes in circulation in India was ₹17.77 lakh crore (US$210 billion). In terms of value, the annual report of Reserve Bank of India (RBI) of 31 March 2016 stated that total bank notes in circulation valued to ₹16.42 lakh crore (US$190 billion) of which nearly 86% (around ₹14.18 lakh crore (US$170 billion)) was ₹500 and ₹1000 banknotes. In terms of volume, the report stated that 24% (around 2203 crore) of the total 9,026.6 crore banknotes were in circulation.[11]

Televised address

On 8 November 2016, an announcement was made by the Prime Minister of India Narendra Modi in an unscheduled live televised address to the nation at 20:15 IST.[2][3] In the announcement, Modi declared circulation of all ₹500 and ₹1000 banknotes of the Mahatma Gandhi Series as invalid effective from the midnight of the same day, and announced the issuance of new ₹500 and ₹2000 banknotes of the Mahatma Gandhi New Series in exchange for the old banknotes.

After the official announcement by Prime Minister Modi, the Governor of the Reserve Bank of India, Urjit Patel, and Economic Affairs secretary, Shaktikanta Das explained in a press conference that while the supply of notes of all denominations had increased by 40% between 2011 and 2016, the ₹500 and ₹1000 banknotes increased by 76% and 109% respectively in this period owing to forgery. This forged cash was then used to fund terrorist activities against India. As a result the decision to eliminate the notes had been taken.[12]

Patel also informed that the decision had been made about six months ago, and the printing of new banknotes of denomination ₹500 and ₹2000 had already started. However, only the top members of the government, security agencies and the central bank were aware of the move. But media had reported in October 2016 about introduction of ₹2000 denomination well before the official announcement by RBI. This statement has led to much debate, because the Reserve Bank governor six months before the announcement was Raghuram Rajan, while the new banknotes have the signature of the newly appointed governor, Urjit Patel.[13][14]

Exchanging old notes

People gathered at ATM of Axis Bank in Mehsana, Gujarat to withdraw cash following deposit of demonetised currency notes in bank on 15 November 2016.

The Reserve Bank of India laid down a detailed procedure for the exchange of the demonetised banknotes with new ₹500 and ₹2000 banknotes of the Mahatma Gandhi New Series and ₹100 banknotes of the preceding Mahatma Gandhi Series.[1] On 13 November 2016, the Ministry of Finance reviewed the procedure.[15][16] Following are the key points:

  • Citizens will have until 30 December 2016 to tender their old banknotes at any office of the RBI or any bank branch and credit the value into their respective bank accounts.[1]
  • Cash withdrawals from bank accounts were restricted to ₹10,000 per day and ₹20,000 per week per account from 10 to 13 November 2016.[1] This limit was increased to ₹24,000 per week from 14 November.[15][16]
  • For immediate cash needs, the old banknotes of value up to ₹4,000 per person could be exchanged for the new ₹500 and ₹2000 banknotes as well as ₹100 banknotes over the counter of bank branches by filling up a requisition form along with a valid ID proof.[1] This limit was increased to ₹4500 from 14 November 2016 onwards.[15][16]
  • Initially, all ATMs were dispensing banknotes of only ₹50 and ₹100 denominations and cash withdrawals from ATMs were restricted to ₹2000 per day.[17] From 14 November onwards, ATMs recalibrated to dispense new ₹500 and ₹2000 notes will allow a maximum withdrawal of ₹2,500 per day, while other ATMs dispensing banknotes of only ₹50 and ₹100 denominations will allow a maximum withdrawal of ₹2000 per day.[15][16]

However, exceptions were given to petrol, CNG and gas stations, government hospitals, railway and airline booking counters, state-government recognised dairies and ration stores, and crematoriums to accept the old ₹500 and ₹1000 banknotes until 11 November 2016, which was later extended to 14 November 2016 and once again to 24 November 2016.[18][19] International airports were also instructed to facilitate an exchange of notes amounting to a total value of ₹5000 for foreign tourists and out-bound passengers.[20]

On 17 November 2016, Economic Affairs Secretary Shaktikanta Das announced some modification on the demonetisation drive rules. Families were now able to withdraw Rs 2.5 lakh for weddings from one account provided it was KYC compliant. The rules were also been changed for farmers who were permitted to withdraw Rs 25,000 per week from their accounts. [21]

Prior leakage of information

Several exact details pertaining to the decision to demonetise the notes had been published on 1 April 2016 in a Gujarati newspaper called Akila, including for instance, that there would be around 2 months' time to exchange banned notes, and that new notes in the ₹2000 denomination would be issued.[22] The editor of the newspaper claimed that it was only an April fools day prank.[23] The story had also been published in Hindi daily Dainik Jagran, a fortnight before the official announcement, by the editor, Brajesh Dubey.[24] A businessman reportedly admitted in an interview, that he had received prior warning of the impending demonetisation from a source in the government, and that he had sufficient time to convert most of his money into smaller denominations.[25]

The chairman of the State Bank of India had also openly spoken in April 2016 about the possibility of demonetisation of ₹500 and ₹1000 notes.[26] The Communist Party of India (Marxist) (CPI ( M)) alleged that the BJP unit in West Bengal had advance knowledge about the impending announcement, and deposited money just before the announcement.[27][28] Aam Aadmi Party leader Arvind Kejriwal also claimed that there had been some leakage regarding the move.[29][30] Kejriwal questioned how Sanjeev Kamboj, a BJP leader in Punjab, posted about the ₹2000 notes days before the official announcement, and alleged that a sudden spike in bank deposits between July and September 2016 was also due to information leakage.[31]

Reactions

Domestic

In the past, the Bharatiya Janata Party (BJP) had strongly opposed demonetisation. BJP spokesperson Meenakshi Lekhi had said in 2014 that "The aam aurats and the aadmis, those who are illiterate and have no access to banking facilities, will be the ones to be hit by such diversionary measures."[32][33][34][35] This was before Prime Minister Narendra Modi launched Jan Dhan Yojana to include the poor into the banking system.

Finance Minister Arun Jaitley said that demonetisation would clean the complete economic system, increase the size of economy and revenue base. He mentioned the demonetisation along with the upcoming Goods and Services Tax (GST) as "an attempt to change the spending habit and lifestyle."[36]

The decision was both praised and criticised by businessmen, bankers and politicians. Several bankers like Arundhati Bhattacharya (Chairperson of State Bank of India), Chanda Kochhar (MD & CEO of ICICI Bank) and Deepak Parekh (Chairman of HDFC) appreciated the move in the sense that it would help curb black money.[37] Businessmen Anand Mahindra (Mahindra Group), Sajjan Jindal (JSW Group), Kunal Bahl (Snapdeal and FreeCharge) also supported the move adding that it would also accelerate e-commerce.[37] Infosys founder N. R. Narayana Murthy praised the move.[38][39]

Chief Minister of West Bengal Mamata Banerjee called the new declaration "drama".[40] Indian National Congress spokesperson Randeep Surjewala welcomed the move but remained sceptical on the consequences that would follow.[41] A Public Interest Litigation (PIL) was filed in Madras High Court by M Seeni Ahamed, General Secretary of the Indian National League, to scrap the decision. The High Court dismissed the PIL stating that it could not interfere in monetary policies of the government.[42] Similar PILs were also filed in the Supreme Court of India.[43] Supreme Court of India gave judgement that Government is free to change policy, taking into consideration the prevalent socio-economic conditions and that the courts have only a limited role to play.[44] Former World Bank Chief Economist, Kaushik Basu, said that the 'damage' is likely to be much greater than any possible benefits.[45][46] It has also been noted in the media that black money holders keep only a small fraction of their ill-gotten wealth as cash, hence targeting this cash may not be a successful strategy.[47]

Chief Minister of Bihar Nitish Kumar supported the move.[48][49][50] The demonetisation also got support from Chief Minister of Andhra Pradesh Nara Chandrababu Naidu.[51][52][53] Former Chief Election Commissioner of India S. Y. Quraishi said demonetisation could lead to long term electoral reforms.[54] Indian social activist Anna Hazare hailed demonetisation as a revolutionary step.[55][56][57] The President of India Pranab Mukherjee welcomed the demonetisation move by calling it bold step.[58][59][60][61]

The opinion of the masses varied both ways on micro-blogs and social media sites like Twitter.[62] In general, the move to demonetise and try to hinder black money was appreciated, but the manner in which it was carried out by causing hardships to common people was criticised.[63]

Prabhat Patnaik, a former professor of economics at the Jawaharlal Nehru University, Delhi called the move 'witless' and 'anti-people'. He criticised the simple way in which black money was assumed as "a hoard of cash", saying that it would have little effect in eliminating "black activities" while "causing much hardship to common people."[64]

Opposition in Parliament

A Congress-led opposition, which includes 13 political parties, plans to oppose the current government on the demonetisation issue in the Winter Session of Parliament on 16 November 2016. The Chief Minister of West Bengal Mamata Banerjee also plans to meet the President Pranab Mukherjee to oppose the demonetisation.[65][66][67][68][69][70] The debate on demonetisation is known to be initiated by Indian National Congress[71] and Anand Sharma in Rajya Sabha on 16 November 2016,[72][73] while Mamata Banerjee is known to be the first to oppose the current government on the demonetisation.[74]

On 16 November, Saugata Roy, an Member of Parliament from the opposition Trinamool Congress Party, commented, "People are in utter distress, especially the informal sector is totally disrupted. Poor people, daily wage earners, they're all facing difficulty"[75]

International

By and large, international response was positive which saw the move as a bold crackdown on corruption.[76][77][78]

International Monetary Fund (IMF) issued a statement supporting Modi's efforts to fight corruption by the demonetization policy.[76]

Chinese state media Global Times praised the move and termed it as "fierce fight against black money and corruption."[77] Former Prime Minister of Finland and Vice President of European Commission Jyrki Katainen welcomed the demonetisation move stressing that bringing transparency will strengthen Indian economy.[79][80]

BBC's South Asia Correspondent Justin Rowlatt in his article praised the move for its secrecy and success and elaborated on reason behind demonetisation.[81]

Swedish Minister of Enterprise Mikael Damberg supported the move by calling it bold decision.[78]

Singapore-based paper The Independent published a laudatory article on the move titled “Modi does a Lee Kuan Yew to stamp out corruption in India.” Lee Kuan Yew was the Singaporean Prime Minister and is considered the architect of modern Singapore. “From making up his mind to rolling it out, a new Lee Kuan Yew is born in India. It will be reflected in the legacy of this Prime Minister,” the article said.[82]

Aftermath

Cash rush

Queue at an ATM for ₹100 banknotes in Howrah, on 8 November 2016, 22:23 (IST)
People queue outside a private bank to deposit and exchange old ₹500 and ₹1000 banknotes in Kolkata on 10 November 2016.

Most people holding old banknotes, faced difficulties to exchange them as endless lines outside banks and ATMs across India, became a daily routine for millions of people waiting to deposit or exchange the ₹500 and ₹1000 banknotes since 9 November.[75][83][84][85] ATMs were running out of cash after a few hours of being functional, and around half the ATMs in the country were non-functional.[83] Sporadic violence was reported in New Delhi,[86] people attacked bank premises,[87][88][89] and ration shops were looted in Madhya Pradesh.[90][91][92][93] Several people have died standing in queues to exchange their old banknotes.[94][95][96][97][98][99] There have also been deaths attributed to lack of medical help due to refusal of old banknotes by hospitals.[100][101][102] The death toll was 25, as of 15 November.[103][104][105]

Stock markets

As a combined effect of demonetisation and United States presidential election, the share markets saw drop in stocks of software industry and real estate but slight improvements in the banking sector.[106]

Transportation

Major highway toll junctions on the Gujarat and Delhi-Mumbai highways also saw long queues as toll plaza operators refused the old banknotes. Nitin Gadkari, the Minister of Transport, subsequently announced a suspension of toll collections on all national highways across India until midnight of 11 November, later extended until 14 November and again until midnight of 18 November.[107][108]

Bank transactions

In the first four days after the announcement of the step, about 3 trillion rupees in the form of old ₹500 and ₹1000 banknotes had been deposited in the banking system and about 500 billion rupees had been dispensed via withdrawals from bank accounts, ATMs as well as exchanges over the bank counters. Within these four days, the banking system has handled about 18 crore transactions.[15] The State Bank of India reported to have received more than ₹30,000 crore in bank deposit in first two days after demonetisation.[109][110][111] A spike in the usage of debit card and credit card post demonetisation was also reported.[112]

In Malda, a district believed to be a transit-point for fake Indian currencies,[113] a large sum of cash deposits in dormant accounts were also reported. According to The Economic Times, more than 80 percent of fake currency in India originates from Malda district in West Bengal.[114]

Income tax raids and cash seizures

The Finance Ministry instructed all revenue intelligence agencies to join the crackdown on forex traders, hawala operators and jewellers besides tracking movement of demonetised currency notes.[115]

Income Tax departments raided various illegal tax-evasive businesses in Delhi, Mumbai, Chandigarh, Ludhiana and other cities that traded with demonetised currency.[116] The Enforcement Directorate issued several FEMA notices to forex and gold traders.[115] It also raided several forex establishments making back dated entries.[117]

Large sum of cash were seized in different parts of the country.[118][119][120][121] In Chhattisgarh liquid cash worth of ₹44 lakh was seized.[122]

Effect on illegal activities

The move also reportedly crippled Communist guerrilla groups (Naxalites) financing through money laundering.[123][124] On 10 November the police arrested a petrol pump owner at Ranchi when he reportedly tried to deposit ₹25 lakh, belonging to a person affiliated with the banned Communist Party of India (Maoist).[125] According to Chhattisgarh Police demonetisation has affected the Naxalite activities. It is reported that insurgents have stashed more than ₹7000 crore in the Bastar region.[124][126][127] Mumbai Police reported a setback to Hawala operations.[128][129] Hawala dealers in Kerala were also affected.[130] The Jammu and Kashmir Police reported the effect of demonetisation on hawala transactions of separatists.[131][132]

Evasion

A jewelry store in a shopping mall with a notice "We accept ₹500 and ₹1000 notes", even after they were no longer valid banknotes.

Gold purchases

In Gujarat, Delhi and many other major cities, sales of gold increased on 9 November, with an increased 20 to 30% premium surging the price as much as ₹45,000 from the ruling price of ₹31,900 per 10 grams (0.35 oz).[133][134]

Dumping

A bag of burnt notes was found in Uttar Pradesh following demonetisation.[135][136] Old ₹500 and ₹1000 notes were also found floating in the Ganga river near Mirzapur.[137]

Donations

Authorities of Sri Jalakanteswarar temple at Vellore discovered cash worth ₹44 lakh from the temple Hundi.[138]

Multiple bank transactions

There have also been reports of people circumventing the restrictions imposed on exchange transactions and also attempting to convert black money into white by making multiple transactions at different bank branches.[139] People were also getting rid of large amounts of banned currency by sending people in groups to exchange their money at banks.[140] In response, the government announced that it would start marking customers with indelible ink. This was in addition to other measures proposed to ensure that the exchange transactions are carried out only once by each person.[141][142][143]

Railway bookings

As soon as the demonetisation was announced, it was observed by the Indian Railways authorities that large number of people started booking tickets particularly in classes 1A and 2A for the longest distance possible, to get rid of unaccounted cash. A senior official said, "On November 13, 4.27 crore passengers were nationally booked across all classes. Of these, only 1,209 were 1A and 16,999 for 2A. It is a sharp dip from the number of passengers booked on November 9, when 27,237 passengers had booked tickets in 1A and 69,950 in 2A."[144]

The Railways Ministry and the Railway Board responded swiftly and decided that: cancellation and refund of tickets of value ₹10,000 and above will not be allowed by any means involving cash. The payment can only be through cheque/electronic payment. Tickets above ₹10,000 can be refunded by filing ticket deposit receipt only on surrendering the original ticket. A copy of the PAN card must be submitted for any cash transaction above ₹50,000. The official claimed that since the Railway Board on November 10 imposed a number of restrictions to book and cancel tickets, the number of people booking 1A and 2A tickets came down.[144][145]

Municipal and local taxes

The use of the demonetised notes had been allowed by the government for the payment of municipal and local body taxes. This led to people using the banned ₹500 and ₹1000 notes to pay large amounts of outstanding taxes, and also advance taxes. As a result, revenue collections of the local authorities have jumped due to the demonetization.[146]

See also

References

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