Demonitisation: On November 8, 2016, Prime Minister Narendra Modi announced the move to withdraw Rs 500 and Rs 1,000 denomination notes as a legal lender with the intention to reduce corruption and black money in the economy and make a less cash economy. Although, the currency with the public has touched a new high of Rs 30.88 lakh crore as of October 21, reflecting the circulation of the rupee in India has remained strong even after 6 years of demonetisation. On November 4, 2016, the currency with the public was reported to be at Rs 17.77 lakh crore. With these numbers, the currency with the public is now over 70 percent higher than in comparison to that of the initial demonetization period. Was demonitisation a good move to curb black money?
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