Demonetisation Was 10 Years Ago. Indians Now Hold More Cash Than Ever. Both Sides Are Spinning It.
Ten years ago, on November 8, 2016, Prime Minister Narendra Modi pulled ₹500 and ₹1,000 notes out of India's wallets overnight. One televised speech wiped out 86% of the country's cash. Queues snaked around banks. Small shops shut their shutters. Daily-wage workers lost days of pay. The government promised to crush black money, fake notes and terror funding. Supporters predicted that ₹3 lakh crore to ₹5 lakh crore would never return to banks. The data tells a different story. More than 99.3% of the cancelled notes came back. Currency with the public stood at ₹17.97 lakh crore just before the ban. It climbed to ₹42.55 lakh crore by October 15, 2026, according to RBI data reported by The Indian Express. The cash-to-GDP ratio returned to 12.1%, exactly where it sat in March 2016. The ₹500 note again dominates India's cash. The Hindu reports that detection of fake ₹500 notes has grown. Now watch both camps spin the anniversary. The BJP points to UPI. When UPI turned 10 in A...
