On 8th november 2016 when the clock struck 8, PM Modi addressed the nation live with a mind boggling step. The move which shocked the people of India and that was “Demonetisation”. Demonetisation is nothing but transforming the world into cashless economy. It is said that a rigorous decision is always required for increasing the chances of a plan to be successful. The move has its own pros and cons but in my opinion taking this decision was no less than taking an unplanned decision. Many people specially those engaged in unorganised sectors criticised and disdained Narendramodi ji but on the other hand many people specially those who are internet friendly acted on whim. Demonetisation had a huge impact on the stock market as it crashed and dropped to an around six-month low in the week following the announcement. BSE SENSEX crashed nearly 1689 points and NIFTY 50 plunged by over 541 points. We faced the problem of cash shortage on numerous days. Several deaths were too reported because of people standing and waiting in long queues. But on the other hand this move was backed by many as it would curtail parallel economy and crack down on the use of illicit and counterfeit cash.
source :https://en.wikipedia.org/wiki/2016_Indian_banknote_demonetisation