This has changed six years after demonetization
In an effort to combat the accumulation and circulation of domestic illicit money, the Indian government
announced the demonetisation of all 500 and 1,000 rupee banknotes on this day, November 8, 2016.
Although many have hailed it as a "bold" move, the Opposition has criticized the BJP government
throughout the years, labeling the choice a "failure". India's cash reserves reached a record high
of Rs 30.88 lakh crore at the fortnight ending October 21, 2022. The data was used by opposition
lawmakers to criticize the government's decision to demonetise 500 and 1,000 rupee notes in 2008.
Opposition parties and organizations have criticized the decision for "wrecking" and "ruining" the nation's economy.
In opposition to the decision, the AAP and Congress both organized separate protests and marches.