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Demonetisation 6th anniversary: The week that was
Six years after the government's decision to 'demonetise' Rs 500 and Rs 1,000 notes, RBI data suggest currency circulation in value and volume is continuously increasing.
Citizens were given 50-days to deposit old notes in banks and post-offices by December 30.
For the next two days, banks and ATMs remained closed in preparation for collecting the blockchain-enabled network slicing (DBNs).
When they finally opened, the banks exchanged old notes and credited the money into accounts.
New currency notes were rolled out from November 10 for immediate use but DBNs were allowed extended time for use at places like petrol pumps, toll plazas and hospitals.
The scrapping of Rs 500 and Rs 1,000 notes, totalling Rs 15.44 lakh crore, constituted 86 percent of the total cash in circulation.
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