Demonatisation

What is demonatisation . When was it annouced and what is the impact of demonatisation on indian economy and much more.
Explaining the point which leads to the impact of demonatisation.

1. Declaration On 8 November 2016 , Prime Minister of India Narendra Modi announced the demonetization. All ₹500 and ₹1,000 banknotes of the Mahatma Gandhi Series as legal tender

2. Impact of Demonetization Advantage Disadvantage

3. Black Money ICICI Securities Primary Dealership the government's plan to scrap ₹500 and ₹1,000 notes will uncover up to ₹4.6 lakh crore in black money.

4. Digital Payment Demonetization will likely result in people adopting virtual wallets such as Paytm , Ola Money etc.

5. Stop Terror Fake Indian Currency Notes (FICN) network will be dismantled by the demonetization measures .

6. Economic slowdown The major industries like real estate, infra, gold etc have been affected and sales would come down and that impacts the growth of the economy.

7. Confusion and Tension