night of Nov. 8, 2016, there was a surprise announcement on Indian television. In a live telecast to the nation, Prime Minister Narendra Modi declared that the country’s two highest-denomination currency notes (Rs 1,000 and Rs 500) would be withdrawn immediately from the market. The plan, termed demonetization by the press, was planned in secrecy and announced DRAMATICALLY, as Modi’s masterstroke against black money.On the night of Nov. 8, 2016, there was a surprise announcement on Indian television. In a live telecast to the nation, Prime Minister Narendra Modi declared that the country’s two highest-denomination currency notes (Rs 1,000 and Rs 500) would be withdrawn immediately from the market. The plan, termed demonetization by the press, was planned in secrecy and announced dramatically, as Modi’s masterstroke against black money.As ECONOMIC experiments go, it was a big, bold move. There was no precedent, anywhere in the world, for a sudden economic shock of this scale. The withdrawn notes, amounting to US$320 billion at the time, represented 86 percent of the total currency value in circulation in India. By making the notes worthless almost overnight, the government hoped to destroy large piles of black money hidden away by tax evaders. In addition, the government claimed the plan would strike a major blow against corruption and counterfeiting and would kick-start India’s transition into a digital, cashless world. In a country with a huge informal economy, dependent on cash transactions, demonetization was a big political gamble, too.The immediate fallout was chaos, as the country scrambled to cope. There was a rush at banks and ATMs to exchange old notes and withdraw new currency. Queues at banks grew; many people suffered, especially the poor, who had no access to credit CARDS or mobile wallets; and dozens of deaths resulting from the crisis were reported.The immediate fallout was chaos, as the country scrambled to cope. There was a rush at banks and ATMs to exchange old notes and withdraw new currency. Queues at banks grew; many people suffered, especially the poor, who had no access to credit cards or mobile wallets; and dozens of deaths resulting from the crisis were reported.Two years later, the DUST has settled, and it has become obvious that demonetization was not the resounding success the government expected it to be. India’s black money problem has not gone away. The economy has taken a beating, huge financial losses have been incurred, and the marginalized poor, least able to withstand adversity, have been negatively affected. There have been some gains in tax collections, and the country has progressed toward digital payments, but these advances could have been achieved through other, less drastic means.The immediate fallout was chaos, as the country scrambled to cope. There was a rush at banks and ATMs to exchange old notes and withdraw new currency. Queues at banks grew; many people suffered, especially the poor, who had no access to credit cards or mobile wallets; and dozens of deaths resulting from the crisis were reported.Two years later, the dust has settled, and it has become obvious that demonetization was not the resounding success the government expected it to be. India’s black money problem has not gone away. The economy has taken a beating, huge financial losses have been incurred, and the marginalized poor, least able to withstand adversity, have been negatively affected. There have been some gains in tax collections, and the country has progressed toward digital payments, but these advances could have been achieved through other, less drastic means.For countries tackling black money or promoting a cashless economy, India’s experience with demonetization provides rich lessons. Although the long-term social, economic, and political consequences of demonetization are still playing out in India, answers to many complex QUESTIONS are now aapparentlyHOPE THIS HELPS U PLEASE MARK ME AS THE BRAINLIEST ANSWER AND DON'T FORGET TO FOLLOW ME I WILL FOLLOW YOU BACK