An analysis of demonetization (8th november 2016) after two years- without any prejudice
The RBI act empowers the central government to demonetise any series of bank notes, but the government can take this decision only on the recommendation of RBI (the monetary authority of India). The government and RBI in consultation took the decision to demonetise 86 percent of India’s cash in circulation (500 and 1000 rupee bank notes) to tackle endemic corruption and counterfeits used by terrorist and other anti- social groups.