Currency circulating in the country’s economy and used in trade and by its people at large has been witnessing unprecedented intervention by the government, the recognised authority for its issue as legal tender. First of all, coins of face value equal to less than one rupee have become part of the coinage in the land. The next landmark event that resulted in nearly 86 percent of total paper currency in the country demonetised happened 26 months and one week ago. Those who could declare bank notes of Rs. 500 and Rs.1,000 in their possession that were legal tender until the midnight of Nov. 8, 2016, rushed to the banks to get the amount in legal currency. The gentry who had hoarded wealth in the form of demonetised notes and unable to declare resorted to beat the law-keeping agencies of the government in their own game by various means that the media reported with graphic details.
Money in the form of coins and notes in multiple denominations had been taken for granted by all sections of population until that day of jolt. Replenishing currency in circulation to fill the gap taking time, the masses experienced a financial choke and the small traders were the worst affected, unable to exchange their wares for money.
