Demonetisation Anniversary: From long queues to 'out of cash' signs, a look back at India's 2016 cash crisis in images
Eight years ago, India's demonetisation announcement marked a turning point in the nation's history, a day etched in public memory. It's not every day that people wake up to find that their hard-earned cash has suddenly become worthless paper. As the nation scrambled to exchange old notes, long queues, rising panic, and profound uncertainty unfolded, making this event one of the most dramatic economic shifts in recent times.?
Here's a look back at 2016, revisiting the story of demonetisation through powerful images.
The old currency notes, and the newly issued notes:
The lines to exchange money stretched endlessly for days and even months after the announcement, with ordinary citizens bearing the greatest burden of the upheaval:
Markets across the country wore a deserted look after demonetisation due to shortage of cash:
'Out of cash' signs were commonly seen on walls of banks:
When Narendra Modi announced demonetisation
On November 8, 2016, India witnessed an unprecedented financial upheaval when Prime Minister Narendra Modi announced the demonetisation of Rs 500 and Rs 1,000 currency notes, rendering nearly 86% of the country's cash invalid overnight.?
In a sudden and unexpected address to the nation, Modi explained that the move aimed to curb black money, reduce counterfeit currency, and tackle corruption.?
"This step will strengthen the hands of the common man in the fight against corruption, black money and fake currency," Modi had announced.
People were given a limited timeframe to deposit or exchange the invalid notes, and in the days that followed, millions of Indians queued outside banks and ATMs, with many facing significant hardships due to cash shortages.?
The move sparked intense debate and mixed reactions nationwide¡ªsome praised it as a bold strike against corruption, while others criticised the lack of planning and the economic impact on small businesses and daily wage earners.?
The country faced weeks of cash shortages, and the initial disruption led to a lasting transformation in payment systems, with digital transactions and mobile banking seeing a surge as a result.
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