Lion’s share put out of circulation

According to the RBI’s (Reserve Bank of India) Annual Report for April 2015 to March 2016, the value of the currency notes at the end of March 2016 was 16.42 trillion Indian rupees. The 500 rupee and 1,000 rupee currency notes formed 86.4% of the value. In one stroke, the government removed 86.4% of the currency in circulation by value. In terms of volume, the currency notes of these two denominations formed 24.4% of a total 90.27 billion pieces.

Also, RBI data showed that as of March 2016, 632,926 currency notes were counterfeit—known as an FICN (Fake Indian Currency Note). As a proportion of NIC (Notes in Circulation), the 1,000 rupee and 500 rupee notes were the highest. Nullifying these FICNs was also part of the demonetization move.

For more details and graph you can visit the website:marketrealist.com
Here you will get graph of our currency notes.

         Basic definition of demonetization

  Demonetization is the act of stripping a currency unit of its status as legal tender. Demonetization is necessary whenever there is a change of national currency. The old unit of currency must be retired and replaced with a new currency unit.

   

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Demonetization: My views

DEMONETIZATION

         Nowadays, this topic is being a part of discussion of society. If we see before few years then there are some people who are talking against corruption but they are unable to take any action just because they don't have that much power or that much courage to raise the voice against any rich corrupted person. But now the situation has been changed from notes banned that the black money kept inside automatically came into the picture of media and in front of general people.
    Now if we think as an Indian and as a common man then this decision taken by government is quiet good and appreciable for the betterment of our society. I watched one video came on whats app after this announcement that there were two soldiers talking at the borders about this decision that our India was fighting with the monster of corruption also Indian people too fighting as they are fighting with the terrorist at the border. this decision is going to help all that people who are honestly doing their job and living in India wisely as well as fighting against corruption.
      I liked that video and somewhere in my mind i thought that they are actually right we are fighting against the monster of corruption. Now moving towards the reality after taking this decision common people getting into trouble for cash. On time they are unable to get cash just because new notes are not getting available in the bank and it is necessary to get every person the same amount of money so that everyone needs some sort of get solved. I agree that because of this decision bank workers getting big load of work and distribution of money but if we see in future it will be easy to live for common people in India. Current situation is that many people are in support of the decision of government but some are still against with the decision. This is the need for the development of or country and mainly for the humanity.
       I too in support of the decision because of this decision if we see in news lots of cash is takeover by government. RBI put the raid they found lots of cash in the houses also they found the new Rs 2000 notes on large amount it is still not known where from it came?...