Who is Anil Bokil?
Anil Bokil is the man credited for providing the idea of demonetisation to PM Narendra Modi. Bokil is a mechanical engineer by profession and the founder of Pune-based think-tank Arthakranti. Bokil’s biodata describes him as a mechanical diploma holder by education and “an Entrepreneur in full sense of the world”.
Who’s idea was demonetisation?
Anil Bokil
Demonetisation is believed to be the brainchild of 59-year-old Anil Bokil, the founder of Pune-based think tank called ArthaKranti Pratisthan.
Who announced demonetization in India?
Prime Minister Narendra Modi
Prime Minister Narendra Modi had on November 8, 2016, announced the demonetization of Rs 500 and Rs 1000 banknotes.
Who announced demonetisation in 2016?
On 8 November 2016, the Government of India announced the demonetisation of all ₹500 and ₹1,000 banknotes of the Mahatma Gandhi Series. It also announced the issuance of new ₹500 and ₹2,000 banknotes in exchange for the demonetised banknotes.
How did demonetization affect India?
Currency in circulation was 12.1% of India’s nominal GDP in 2015-16, the year before demonetisation. It plummeted to 8.7% in 2016-17 as the banking system was struggling to put cash back into the system after demonetisation. Since then, this ratio has climbed steadily and it reached 12% in 2019-20.
What is the role of RBI bank?
Role of Reserve Bank of India: – The central bank issues and regulates currency notes. It keeps reserves with a view to securing monetary stability and is called banker to banks. It regulates and supervise banks and other financial institutions.
Which country started demonetisation?
INDIA (1978) Even before the 2016, India demonetised its currency in 1978. The then Janata party coalition in order to counter black money in the economy decided to scrap Rs 10,000, Rs 1,000 and Rs 500 currency notes.
Who announced demonetisation in 1946?
Kuwait: Exactly 70 years before the Indian demonetization act of 2016, on January 12, 1946, the Viceroy and Governor General of India, Sir Archibald Wavell, promulgated the High Denomination Bank Notes (Demonetisation) Ordinance, 1946.
Who was the prime minister of India during the demonetisation of 2016?
In a televised address, Prime Minister Narendra Modi had announced the demonetisation initiative at 8 pm on November 8, 2016 to fulfil four objectives of checking terror-funding by Pakistan, printing of counterfeit currency, black money and corruption.
Was demonetisation good for India?
– Demonetisation has made India a lesser cash-based economy. At the end of the financial year 2015-16, Rs. 16.41 lakh crore worth of notes were in circulation, registering a YoY growth of 14.51 per cent over 2014-15. At this rate, notes in circulation would have been increased to Rs.
Is demonetisation a success or failure?
In 2015-16, the value of transactions for debit and credit cards was ₹1.6 lakh crore and ₹2.4 lakh crore, respectively; in 2016-17, it was ₹3.3 lakh crore for each. Thus digital transactions have increased by around 50-55% points since demonetisation.
Is RBI a government job?
Power (Authority) of RBI Grade B Officers They do have some say in banking operations but everything depends on how they make use of it. Apart from this, they are considered just like any other employee of the government. We will now have a comparative analysis of RBI Grade B with various other government job posts.
Who banned notes in 1946?
Sir Archibald Wavell
Kuwait: Exactly 70 years before the Indian demonetization act of 2016, on January 12, 1946, the Viceroy and Governor General of India, Sir Archibald Wavell, promulgated the High Denomination Bank Notes (Demonetisation) Ordinance, 1946.
Who are responsible for black money?
The black money is accumulated by the criminals, smugglers, hoarders, tax-evaders and other individuals opposed to theft. Around ₹22,000 crores are supposed to have been accumulated by the criminals for vested interests, though writ petitions in the supreme court estimate this to be even larger, at ₹900 lakh crores.
Was demonetisation a good move in India?
With the present demonetization move put properly in place, the banking system will improve in a considerable manner. The economy will slowly start moving towards a completely cashless direction. Moving towards a cashless economy also implies better access to credit and revamping of financial operations.