This is a story of how the cashless economy of demonisation came to be.
It is an interesting tale of how an economic policy which was supposed to take time and effort and which could be implemented in a couple of years is now becoming an instant gratification experience for all.
The story begins with a government decision to change the face of the currency.
A couple of months after demonetization was announced, the RBI changed the face value of Rs 500 notes.
The RBI had previously given the impression that the change would be a “soft pull”.
The RBI did not want to be seen as pulling money from the people.
It was the intention of the RBI to make the change as a way to avoid being seen as making money from money.
The decision to make it a soft pull was the brainchild of former RBI governor Raghuram Rajan.
This was also the decision which allowed the government to get away with making the change without a massive public backlash.
The RBI decision to convert the old Rs 500 note into the new Rs 500, with a new face value, was announced in September, 2016.
This decision was made in response to an urgent call from the Reserve Bank of India, which was worried about the “risk of loss” of the cash.
The central bank has been concerned that if the new currency is not used quickly, it could end up in the wrong hands.
The new Rs 1,000 note, which replaced the old notes, had the face-value at Rs 500.
The new Rs 2,000, which replaces the old note, has the face at Rs 1.5 lakh.
The old Rs 2 and Rs 5 notes, the two major denominations of cash in circulation, had a face value at Rs 50.
In the new notes, this value is reduced to Rs 1 and Rs 500 respectively.
The old Rs 10 note was worth Rs 2 lakh.
The Rs 500 denomination was worth less than Rs 1 lakh.
It is worth pointing out that the old denomination of Rs 1 was the old currency of India.
The newly created Rs 1 notes were also the new old currency, and hence, the new denomination of the old denominations was also new currency.
The idea was that the government would keep the old money in the banks for easy use and deposit.
The government could then keep it for use in the future.
The problem was that these old notes were in high demand and were very easy to counterfeit.
The counterfeiters used the old coins to buy new Rs 1000 notes and the counterfeiters could easily get rid of the counterfeit notes with a simple swipe of the finger.
The government was worried that a large number of counterfeit notes would appear in circulation and that it would lead to huge losses.
The Reserve Bank could not afford to be left behind.
It therefore decided to make this change, and the RBI announced that it was the new money.
The first thing that happened when this decision was announced was a rush of new notes to the banks.
Many banks immediately started selling them.
The banks were very eager to start trading, because the new note was in high supply and could be exchanged quickly for old notes.
The demand for the new 500 and 1000 notes soared.
By September, the number of transactions on these notes had reached over 2 lakh transactions per day.
The value of the new banknotes was at a peak.
But the RBI also realised that this demand was not going to be met by the old banknotes.
The currency was not good enough for them.
It would take too long for the old banks to convert them into new notes.
Therefore, they started to sell the old 500 and 100 notes.
Many people started selling the old 50 and 10 notes too.
There was an outcry against this decision, which is understandable.
The demand for old currency was very high, and they wanted it for the future use.
The change in face value did not make sense.
The decision was taken to change India’s monetary policy to make cash a “luxury” currency.
The policy is called Reserve Bank Note De-Monetisation.
The aim of the policy is to keep the value of currency in the hands of the people at a time when they need it most.
The policy aims to reduce the amount of money in circulation.
The Bank of England and the European Central Bank have already done this by using a policy of monetary stimulus.
The reason for demonetising the old, and replacing it with a cashless system, is to make currency a luxury currency.
It reduces the number in circulation so that the currency is less valuable.
It also reduces the risk of money being lost or stolen.
The goal of this policy is that people can spend it and earn a return on it.
The move to make Rs 500 and Rs 1 per Rs 10 notes a “luxury” note was an easy one to implement.
The cashless society was already existing.
It just needed to be put in place.