2016 Indian banknote demonetisation: Difference between revisions

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== Television Address ==
== Television Address ==
The announcement was made by the [[Prime Minister of India]] [[Narendra Modi]] in an unscheduled live televised address at 20:15 [[Indian Standard Time]] (IST) on 8 November.<ref name="auto">{{cite news|last1=Bhatt|first1=Abhinav|title=Watch PM Modi's Entire Speech on Discontinuing 500, 1000 Rupee Notes|url=http://www.ndtv.com/india-news/pm-modi-speaks-to-nation-tonight-at-8-pm-1622948|accessdate=8 November 2016|publisher=NDTV India|date=8 November 2016}}</ref><ref name="auto1">{{cite web |url=http://www.thehindu.com/news/national/live-narendra-modis-address-to-nation/article9320548.ece |title=Demonetisation of Rs. 500 and Rs. 1000 notes: RBI explains |date=8 November 2016 |website=The Hindu |access-date=10 November 2016}}</ref> In the announcement, Modi declared that use of all ₹500 and ₹1,000 banknotes of the [[Mahatma Gandhi Series]] would be invalid after midnight of that day, and announced the issuance of new ₹500 and [[Indian 2000-rupee note|₹2,000]] banknotes of the [[Mahatma Gandhi New Series]] in exchange for the old banknotes. However, the banknote denominations of ₹100, ₹50, ₹20, ₹10 and ₹5 of the [[Mahatma Gandhi Series]] and ₹2 and ₹1 remained legal tender and were unaffected by the policy.
The announcement was made by the [[Prime Minister of India]] [[Narendra Modi]] in an unscheduled live televised address at 20:15 [[Indian Standard Time]] (IST) on 8 November.<ref name="auto">{{cite news|last1=Bhatt|first1=Abhinav|title=Watch PM Modi's Entire Speech on Discontinuing 500, 1000 Rupee Notes|url=http://www.ndtv.com/india-news/pm-modi-speaks-to-nation-tonight-at-8-pm-1622948|accessdate=8 November 2016|publisher=NDTV India|date=8 November 2016}}</ref><ref name="auto1">{{cite web |url=http://www.thehindu.com/news/national/live-narendra-modis-address-to-nation/article9320548.ece |title=Demonetisation of Rs. 500 and Rs. 1000 notes: RBI explains |date=8 November 2016 |website=The Hindu |access-date=10 November 2016}}</ref> In the announcement, Modi declared that use of all ₹500 and ₹1,000 banknotes of the [[Mahatma Gandhi Series]] would be invalid after midnight of that day, and announced the issuance of new ₹500 and [[Indian 2000-rupee note|₹2,000]] banknotes of the [[Mahatma Gandhi New Series]] in exchange for the old banknotes. However, the banknote denominations of ₹100, ₹50, ₹20, ₹10 and ₹5 of the [[Mahatma Gandhi Series]] and ₹2 and ₹1 remained legal tender and were unaffected by the policy.

== Claims ==

The government claimed that the demonetisation was an effort to stop counterfeiting of the current banknotes allegedly used for funding [[terrorism in India|terrorism]], as well as a crack down on [[Indian black money|black money in the country]].<ref name="India Today">{{cite web|url=http://indiatoday.intoday.in/story/live-pm-narendra-modi-addresses-nation/1/805755.html |title=Here is what PM Modi said about the new Rs 500, Rs 2000 notes and black money |date=8 November 2016 |accessdate=9 November 2016 |work=India Today}}</ref><ref>{{cite web|url=http://timesofindia.indiatimes.com/india/Rs-500-and-Rs-1000-notes-pulled-out-of-circulation-immediately-PM-Narendra-Modi/articleshow/55315473.cms|title= Notes out of circulation|work= The Times of India|date= 8 November 2016}}</ref> The move was also described as an effort to reduce [[Corruption in India|corruption]], the use of drugs, and [[smuggling]].<ref>{{cite web|url=http://m.firstpost.com/india/rs-500-rs-1000-note-ban-narendra-modis-demonetisation-move-a-death-knell-to-hawala-trade-3101610.html|title= Corruption fight|work=first post|date=12 November 2016}}</ref><ref>{{cite web|url=http://timesofindia.indiatimes.com/india/BJP-hopes-demonetisation-will-pay-rich-dividends-in-state-polls/articleshow/55359573.cms|title=BJP policy|work= The Times of India|date=10 November 2016}}</ref>

However, in the days following the demonetisation, banks and ATMs across the country faced severe cash shortages.<ref name="dryatm" /><ref name="IEchaos" /> with severe detrimental effects on a number of small businesses, [[Agriculture in India|agriculture]], and transportation. People seeking to exchange their notes had to stand in lengthy queues, and several deaths were linked to the inconveniences caused due to the rush to exchange cash.<ref name="Aljazeera-1" /><ref name="death-ref1" /> Also, following the announcement, the [[BSE SENSEX]] and [[NIFTY 50]] stock indices crashed for the next two days.<ref name="stockcrash9nov" />

The move received support from several bankers as well as from some international commentators. But it was heavily criticised by members of the opposition parties, leading to debates in both houses of [[Indian Parliament|parliament]] and triggering organised protests against the [[Modi ministry|government]] in several places across India.<ref>{{cite web|url=http://indianexpress.com/article/india/india-news-india/demonetisation-oppostion-parties-countrywide-protest-bandh-call-november-28-4391208/|title=Demonetisation: Opposition calls for countrywide protest on November 28|publisher=[[The Indian Express]]|accessdate=23 November 2016}}</ref><ref>{{cite web|url=http://indianexpress.com/article/india/politics/demonetisation-opposition-parties-join-hands-to-hold-protest-day-on-november-28-4391937/|title=Demonetisation: Opposition parties join hands, to hold ‘protest day’ on November 28|publisher=[[The Indian Express]]|accessdate=24 November 2016}}</ref><ref>{{cite web|url=http://economictimes.indiatimes.com/news/economy/policy/demonetisation-protest-sure-to-succeed-with-peoples-support/articleshow/55607966.cms|title='Demonetisation protest sure to succeed with people's support'|publisher=[[The Economic Times]]|accessdate=24 November 2016}}</ref>


== History ==
== History ==

Revision as of 09:21, 21 December 2016

2016 Indian banknote demonetisation
Queue at Bank to Exchange INR 500 and 1000 Notes in Salt Lake City, Kolkata
Date8 November 2016
Time20:15 IST (2:45 UTC)
LocationEverywhere in India
Casualties
55 dead [1]
S.no Amendment in rule Date of amendment Status
1st Held
2nd Revoked
59th

The demonetisation of ₹500 and ₹1,000 banknotes was a policy enacted by the Government of India on 8 November 2016, ceasing the usage of all ₹500 (US$6.30) and ₹1,000 (US$13) banknotes of the Mahatma Gandhi Series as legal tender in India after 9 November 2016.[2]

Television Address

The announcement was made by the Prime Minister of India Narendra Modi in an unscheduled live televised address at 20:15 Indian Standard Time (IST) on 8 November.[3][4] In the announcement, Modi declared that use of all ₹500 and ₹1,000 banknotes of the Mahatma Gandhi Series would be invalid after midnight of that day, and announced the issuance of new ₹500 and ₹2,000 banknotes of the Mahatma Gandhi New Series in exchange for the old banknotes. However, the banknote denominations of ₹100, ₹50, ₹20, ₹10 and ₹5 of the Mahatma Gandhi Series and ₹2 and ₹1 remained legal tender and were unaffected by the policy.

History

Main article: The High Denomination Bank Notes (Demonetisation) Act, 1978

Historically, previous Indian governments had demonetised bank notes via an Ordinance and Parliamentary Act.[5] In January 1946, banknotes of 500, 1,000 and 10,000 rupees were withdrawn and new notes of 1,000, 5,000 and 10,000 rupees were introduced in 1954. The Janata Party coalition government had again Moraji Desai demonetisation 1978 banknotes of 1,000, 5,000 and 10,000 rupees on 16 January 1978, by an Ordinance and Act of Parliament, as a means of curbing counterfeit money and black money.[6]. The 8 November 2016, note ban , notification was issued under Reserve Bank of India , Act 1934, Section 26, notification.

Previous Information

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".[7][8] According to data from income tax probes, black money holders keep only 6% or less of their ill-gotten wealth as cash, hence targeting this cash may not be a successful strategy.[9]

On 28 October 2016 the total banknotes in circulation in India was ₹17.77 trillion (US$220 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 trillion (US$210 billion) of which nearly 86% (around ₹14.18 trillion (US$180 billion)) were ₹500 and ₹1,000 banknotes. In terms of volume, the report stated that 24% (around 22.03 billion) of the total 90266 million banknotes were in circulation.[10]

In the past, the Bharatiya Janata Party (BJP) had opposed demonetisation. BJP spokesperson Meenakshi Lekhi had said in 2014 that "The aam aurats and the aadmis (general population), those who are illiterate and have no access to banking facilities, will be the ones to be hit by such diversionary measures."[11][12][13][14]

The Government of India devised an Income Declaration Scheme (IDS), which opened on 1 June and ended on 30 September 2016. Under the scheme, the black money holders could come clean by declaring the assets, paying the tax and penalty of 45% thereafter.[15]

Modi said that the queues due to demonetisation were the last queues that would end all other queues.[16][17]

Alleged 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 ₹2,000 denomination would be issued.[18][19] The editor of the newspaper claimed that it was only an April fool's day prank.[20]

A fortnight before the official announcement, a news report in the Hindi daily Dainik Jagran quoting RBI sources mentioned about the coming release of new 2000 rupee note alongside withdrawal of 500 and 1000 rupee notes.[21][22] Similar news came in The Hindu Business Line on 21 October 2016 which also mentions about coming 2000 rupee note and about possible withdrawal of 500 and 1000 rupee notes.[23]

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.[24]

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.[25]

A BJP MLA from Rajasthan, Bhawani Singh Rajawat, claimed in a video that 'Ambani and Adani' were informed about the demonetisation, and made arrangements. However, he later said that it was an off-the-record conversation, and officially denied the comments.[26][27]

More than 30 politicians belonging to the BJP were arrested and investigated for having unaccounted money in the new 2000 rupee denomination.[28]

Allegations and claims

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.[29][30] Aam Aadmi Party leader Arvind Kejriwal also claimed that there had been some leakage regarding the move.[31][32] 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.[33] The Congress party demanded a probe into this huge jump in bank deposits before the demonetisation.[34]

Nitish Kumar,[35][36] Arvind Kejriwal[37] and Rahul Gandhi[38] alleged that the BJP made large purchases of land in Bihar ahead of the demonetisation because they had prior information.

Reactions

  • Criticism

The Indian Supreme Court while hearing one among a slew of cases filed against the sudden demonetisation decision in various courts,[39] observed that it "appears to be carpet bombing and not surgical strike" which government repeatedly claims it to be.[40]

Nobel laureate Indian economist Amartya Sen, severely critcized the demonetisation move calling it a "despotic action" among other things.[41][42]

Former Senior Vice-President and Chief Economist of the World Bank, Kaushik Basu, called it a 'major mistake' and said that the 'damage' is likely to be much greater than any possible benefits.[43][44][45]

Pronab Sen, former Chief Statistician and Planning Commision of India member, called it a "hollow move" since it did not really address any of the purported goals of tackling black money or fake currency.[46]

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.".[47]

Noted economist and journalist, T. N. Ninan wrote in the Business Standard that demonetisation 'looks like a bad idea, badly executed on the basis of some half-baked notions'.[48] Deepak Parekh (Chairman of HDFC) had initially appreciated the decision to ban the Rs. 500 and Rs. 1000 notes, but later said that the move had derailed the economy, and expressed skepticism about its outcome.[49][50]

Chief Ministers of several Indian states like Mamata Banerjee,[51] Arvind Kejriwal[52] and Pinarayi Vijayan[53] have criticized and led major protests against the decision in their states and in parliament. Initially, 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.[54] 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.[55] Similar PILs were also filed in the Supreme Court of India.[56] Supreme Court of India is yet to decide on the matter. It is listed for hearing on 2 December 2016.

Several government ministers had declared before the demonetisation that they were holding large amounts of cash, including Arun Jaitley, who had more than 65 lakh rupees in cash. This led to speculation about whether and when the ministers had deposited the cash they held.[57][58]

  • Opposition

A Congress-led opposition, which includes 13 political parties, opposed the current government on the demonetisation issue in the Winter Session of the Indian Parliament on 16 November 2016. The Chief Minister of West Bengal Mamata Banerjee also met the President Pranab Mukherjee to oppose the demonetisation.[59][60][61][62][63][64] The debate on demonetisation is known to be initiated by Indian National Congress[65] and Anand Sharma in the Rajya Sabha on 16 November 2016,[66][67] while Banerjee is known to be the first to oppose the current government on the demonetisation.[68]

On 16 November 2016, Banerjee led a rainbow delegation comprising political parties of Trinamool Congress, Aam Aadmi Party, BJP ally Shiv Sena, Patidar Anamat Andolan Samiti (of Hardik Patel) and National Conference to Rashtrapati Bhawan to protest against the decision to withdraw the ₹500 and ₹1000 banknotes. A memorandum was submitted to the President of India Pranab Mukherjee demanding rollback of the decision.[69] Outside the Parliament in a rally the same day, Saugata Roy, a 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"[70]

In the demonetisation debate on the first day of the Winter Session of Parliament at the Rajya Sabha, on 16 November 2016, Pramod Tiwari from the Indian National Congress, accused Narendra Modi for the demonetisation[clarification needed] and compared him to Mussolini, Hitler and Qadhafi, while Prem Chand Gupta questioned a statement of Modi from the unscheduled TV broadcast on 8 November, "If it was planned 10 months ago, how did RBI Governor Urjit Patel sign on new note?". While on the other side, Praful Patel criticised the demonetisation by stating "the government was not even prepared to recalibrate the ATMs while announcing the move. People's suffering unimaginable. Nobody is questioning the government's intention, but you are unprepared to execute the move". Later, the former Chief Minister of Uttar Pradesh Mayawati Prabhu Das stated the situiation to "a financial emergency", by saying "It looks as if Bharat has shut down." Also, Sitaram Yechury from Communist Party of India, questioned the government on the demonetisation move by stating "only 6% of black money in India is in cash to drive his point that demonetisation won't curb illicit wealth."[71]

On 17 November 2016, in a rally against demonetisation of ₹500 and ₹1000 notes, led by the Chief Minister of Delhi Arvind Kejriwal and his West Bengal counterpart Mamata Banerjee at Azadpur Mandi, the biggest vegetable and fruits wholesale hub in the national capital, Arvind Kejriwal demanded the withdraw of demonetisation in 3 days, or else there would be a rebellion, he said. Banerjee also stated "I give the government 3 day ultimatum, fix things or withdraw the demonetisation scheme".[72]

In the demonetisation debate on the second and third day of the Winter Session of Parliament, on 17 and 18 November 2016, the opposition and the government clashed over the demonetisation issue, bringing the house to continuous halts.[73]

  • Strikes


As the demonetisation was opposed in both houses of the parliament, it triggered organised nationwide strikes across India.The Opposition involving parties like Indian National Congress, Bahujan Samaj Party, Trinamool Congress,[74] DMK, JD(U), AIADMK, Nationalist Congress Party, Left, Rashtriya Janata Dal and the Samajwadi Party[75] decided to observe ‘Aakrosh Diwas’ as, a protest campaign day on November 28 [76][77] and launch protests in front of banks, demanding that money be returned to people.[78] In the state of Bihar, 15 trains were blocked and stranded, while the states of West Bengal, Maharashtra and Uttar Pradesh saw protest marches and rallies led by opposition parties.[79] In the state of Kerala, shops and business establishments were shut, with school and colleges closed throughout the state, while movements of private vehicles were also disrupted in Northern Kerala.[79]

Effects and aftermath

  • Stock market crash

As a combined effect of demonetisation and US presidential election, the stock market indices dropped to an around six-month low in the week following the announcement. The day after the demonetisation announcement, BSE SENSEX crashed nearly 1,689 points and NIFTY 50 plunged by over 541 points.[80] By the end of the intraday trading section on 15 November 2016, the BSE SENSEX index was lower by 565 points and the NIFTY 50 index was below 8100 intraday.[81]

  • Transportation halts

After the demonetisation was announced, about 800,000 truck drivers were affected with scarcity of cash, with around 400,000 trucks stranded at major highways across India were reported.[82] While 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, and yet again till 2 December.[83][84]

  • Agriculture

Transactions in the Indian agriculture sector are heavily dependent on cash and were adversely affected by the demonetisation of ₹500 and ₹1,000 banknotes.[85] Due to scarcity of the new banknotes, many farmers have unsufficient cash to purchase seeds, fertilisers and pesticides needed for the plantation of rabi crops usually sown around mid-November.[86] Farmers and their unions conducted protest rallies in Gujarat, Amritsar and Muzaffarnagar against the demonetisation as well as against restrictions imposed by the Reserve Bank of India on district cooperative central banks which were ordered not to accept or exchange the demonetised banknotes.[87][88][89][90]

  • Banking
A State Bank of India branch remained open at night, and a long queue of people waited outside the ATM to withdraw money

In the first four days after the announcement of the step, about ₹3 trillion (US$38 billion) in the form of old ₹500 and ₹1,000 banknotes had been deposited in the banking system and about ₹500 billion (US$6.3 billion) 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 180 million transactions.[91] The State Bank of India reported to have received more than ₹300 billion (US$3.8 billion) in bank deposit in first two days after demonetisation.[92][93][94] A spike in the usage of debit card and credit card post demonetisation was also reported.[95]

Between November 10 and November 27, banks reported exchange and deposits of demonetised banknotes worth ₹8.45 trillion (US$110 billion) (exchange of ₹339.48 billion (US$4.3 billion) and deposits of ₹8.11 trillion (US$100 billion)). During this period, an amount of ₹2.16 lakh crore (US$27 billion) had been withdrawn by people from their accounts.[96]

In Malda, a district believed to be a transit-point for fake Indian currencies,[97] 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.[98]

  • Business

By the second week after demonetisation of ₹500 and ₹1,000 banknotes, cigarette sales across India witnessed a fall of 30–40%,[99] while E-commerce companies saw up to a 30% decline in cash on delivery (COD) orders.[100][101] Several e-commerce companies hailed the demonetisation decision as an impetus to an increase in digital payments. They believe that it would lead to a decline in COD returns which is expected to cut down their costs.[102]

The demand for point of sales (POS) or card swipe machines has increased.[103] E-payment options like PayTM and PayUMoney has also seen a rise.[104] According to data of Pine Labs, the demand for its POS machines doubled after the decision. Further it states that the debit card transactions rose by 108% and credit card transactions by 60% on 9 November 2016.[103]

  • Insurgent groups

The move also reportedly crippled Communist guerrilla groups (Naxalites) financing through money laundering.[105][106] On 10 November the police arrested a petrol pump owner at Ranchi when he reportedly tried to deposit ₹2.5 billion, belonging to a person affiliated with the banned Communist Party of India (Maoist).[107] According to Chhattisgarh Police demonetisation has affected the Naxalite activities. It is reported that insurgents have stashed more than ₹70 billion in the Bastar region.[106][108][109] Mumbai Police reported a setback to Hawala operations.[110][111] Hawala dealers in Kerala were also affected.[112] The Jammu and Kashmir Police reported the effect of demonetisation on hawala transactions of separatists.[113][114] While Manohar Parrikar claimed that the move has also helped in reducing the incidents of stone-pelting in valley,[115][116][117] his claim has been disputed.[118][119][120][121] More than 300 Naxals have surrendered to the police voluntarily due to shortage of funds.[citation needed]

  • Railways

As of November 2015, Indian Railways did not have the option to make payment with cards at the counters. After the demonetisation move, the government announced to make card payment options available at railway counters in the country.[122]

Evasion attempts

A jewellery 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 (US$560) from the ruling price of ₹31,900 (US$400) per 10 grams (0.35 oz).[123][124]

  • Donations

Authorities of Sri Jalakanteswarar temple at Vellore discovered cash worth ₹4.4 million (US$55,000) from the temple Hundi.[125]

  • 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.[126] People were also getting rid of large amounts of banned currency by sending people in groups to exchange their money at banks.[127] 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.[128][129][130] On 17 November, the government reduced the exchange amount to ₹2,000 (US$25) to discourage attempts to convert black money into legitimate money.[131]

  • Railway bookings

As soon as the demonetisation was announced, it was observed by the Indian Railways authorities that a 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, 42.7 million 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."[132]

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 railway claimed that since the Railway Board on 10 November imposed a number of restrictions to book and cancel tickets, the number of people booking 1A and 2A tickets came down.[132][133]

  • Municipal and local tax payments

As the use of the demonetised notes had been allowed by the government for the payment of municipal and local body taxes, it led to people using the demonetised ₹500 and ₹1,000 notes to pay large amounts of outstanding and advance taxes. As a result, revenue collections of the local civic bodies jumped. The Greater Hyderabad Municipal Corporation reported collecting about ₹1.6 billion (US$20 million) in cash payments of outstanding and advance taxes, within 4 days.[134]

  • Axis Bank

Income Tax officials raided multiple branches of Axis Bank and found bank officials involved in money laundering acts.[135][136]

See also

References

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  15. ^ "Rs 500, Rs 1000 banned; Rs 2000 to come: Did we miss these Twitter, RBI hints?". Firstpost. 9 November 2016. Retrieved 29 November 2016.
  16. ^ http://indianexpress.com/article/india/pm-narendra-modis-top-quotes-parivartan-rally-moradabad-this-queue-is-the-last-queue-to-end-all-queues-4408467/
  17. ^ http://timesofindia.indiatimes.com/india/A-queue-to-end-all-queues-PM-Narendra-Modi-hard-sells-demonetisation-in-Moradabad/articleshow/55770739.cms
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  21. ^ "ePaper link from Hindi daily Dainik Jagran of 27th Octomber 2016". Dainik Jagran Epaper. Retrieved 23 November 2016.
  22. ^ "Journalist broke story about currency demonetisation a fortnight back". Hindustan Times. Retrieved 12 November 2016.
  23. ^ "The Hindu business line article about coming 2000 Rupee note and possible withdrawal of 500 and 1000 rupee notes".
  24. ^ Aman Sethi (6 November 2016). "Before PM's Announcement, Rumours of Demonetisation Abounded". The Quint. Retrieved 12 November 2016.
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