Prime Minister Narendra Modi took the country by surprise when he banned old notes of Rs 500 and Rs 1000 on November 8, 2016. However, PM Modi’s master stroke has finally paid off as more than 90% of the black money has been recovered according to the . The latest RBI report revealed that demonetization has helped recover 90% of the black money and this stunning news has led to the legalization of the old tenders effective from April 1, 2017. Starting Monday, people can claim their old Rs 500 and Rs 1000 notes with a copy of their Aadhar card and the cash deposit slip. This move has been termed as Remonetisation by PM Modi. This new move by the Prime Minister will come as a relief for many who have been struggling to find liquid cash.
The Indian economy is expected to grow in multiple folds as the old currency hit the market once again. The introduction of the new currency clubbed with the return of the old Rs 500 and Rs 1000 notes will increase the cash circulating in India, thereby giving the economy a boost. The high denomination notes of Rs 2000 will remain in circulation as of now. Considering there is no deadline to collect the old notes, it is expected that there will not be any long lines at banks in this phase of remonetisation!