Overnight, currency notes with the denominations of Rs. 1,000 ($14 approx.) and Rs.500 ($7 approx.) that comprised 86 per cent of the total currency circulation in India, were declared invalid.
Although Prime Minister Modi said the decision aimed to counter terror funding and black money in the country, for a significant amount of time, people in the country struggled with their day-to-day lives because ATMs struggled to dispense the new currency, and over-crowded banks and inadequate currency notes of smaller denominations made cash-transactions quite challenging for common people.
Friday marks the 3rd anniversary of the government’s demonetisation decision, netizens took to social media to timeline and discuss how the resolution actually impacted India's current financial situation.
While some people believe the "bold" decision displayed foresight and was for the best, others have attacked Prime Minister Modi, blaming him for the ongoing economic slump in the country.
While Modi aims to make India a $5 Trillion economy by 2025, India’s GDP growth is currently recorded as the slowest in over six years.
Hashtags on the subject including -- #BlackDay, #आओ_मोदी_चौराहे_पर, #DeMonetisationDisaster, #NotebandiSeMandiTak, #Demonetisation and #3YearsOfDeMoDisaster are trending with over 3,500, 226,000, 590,000, 245,000 and 15,000 tweet mentions respectively in India.
Here is 3 years old speech of Bluff master Modi ...— Md Asif Khan آصِف (@imMAK02) November 8, 2019
"Give me 50 days, I'm ready to face punishment if I'm guilty"
So when Modi will come to Chauraha for the punishment?? #DeMonetisationDisaster#आओ_मोदी_चौराहे_पर pic.twitter.com/5PG2uGJAhr
Citing a recent survey by citizen engagement platform LocalCircles, media reported that 66 per cent of respondents voted against demonetisation, saying it had a negative impact on the economy, labour and employment especially in unorganised sectors.
In a lighter vein, some netizens wished the new colourful Indian currency notes that came into existence post-demonetisation a #HappyBirthday.
Was pulling an all nighter in office & making memes on #Demonetisation because NOBODY had any clue how fucked up things were going to get the next day. I have NEVER missed a Modi speech after that...naye memes ka material aur kahaan se milta warna? pic.twitter.com/wRTbfna8fg— Abhishek Rao (@AbhiKyaScene) November 8, 2019
Others made it a point to note that it was because of demonetisation that India finally moved to digital payments for day-to-day financial transactions.
From close to 1.5 million digital payment acceptance locations in 2016-17, the number of Indian merchants accepting digital payment modes has increased to over 10 million in three years, “Fintech in India - Powering mobile payments” had said earlier in August.
With a population of over 1.7 billion, there was a percentage of Indians who praised Prime Minister Modi's bold decision intended to curb the terror and black money engulfing the country.
Nehru was a disaster.— vas (@v2l2b2) November 8, 2019
Perhaps no single family in independent India has caused so much misery and hardship to so many as Nehru-Gandhi family did. And all for zilch gain!#demonitisation was the bestest decision ever by any PM of India! https://t.co/xsCepupCQt
What a bold decision it was from @narendramodi !— vas (@v2l2b2) November 8, 2019
Already 3rd year anniversary!!!
All media and press will speak ill about it but that’s exactly how a BOLD PM will take stern decisions and curb corruption! pic.twitter.com/r4nwlocLSf
Congrats on the 3rd anniversary of #demonetization. Like the govt said, it has helped in the following ways:— PuNsTeR™ (@Pun_Starr) November 8, 2019
Ended black money
Shifted us to digital transactions
Boosted tax collections
Boosted world economy
India is now a superpower