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5 years of Demonetisation: Social media users trend black day of Indian Economy, know why

Demonetisation is the act of removing a currency unit’s legal tender status. It takes place whenever a national currency is changed.

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Demonetisation is the act of removing a currency unit's legal tender status. It takes place whenever a national currency is changed.

By Tarannum

It has been five years since demonetisation took place on November 8, 2016. The announcement came later in the evening that surely shocked the people of the country. In the announcement, PM Modi said that Rs 500 and Rs 1000 currency notes will no longer be used as legal tenders. However, on this day, what came to our notice was a bit peculiar. Some of the users on social media started trending the hashtag ‘black day in Indian Economy’, in which it was mentioned that demonetisation was the black day of the economy.

One of the users wrote on Twitter that Demonetisation is a case of intentional looting and legalised plunder of our country. It has ruined our country’s economy and many small business owners and poor people have suffered greatly as a result of the government’s rash action.

Another user wrote that despite demonetisation, the cash circulation increased as well as the cash with the public also increased. He further said that no major black money was recovered that led to a negative impact on GDP.

Yet another user said that it was a masterstroke in which 99.8% of the money returned to circulation and millions of people lost their jobs and businesses. Adding further to it, he said that demonetisation has caused the death of innocent lives, distress to the working class and destruction of the economy.

What is Demonetisation?

Demonetisation is the act of removing a currency unit’s legal tender status. It takes place whenever a national currency is changed. It entails removing the current form or forms of money from circulation and replacing them with new notes or coins.

Read Also: Five years of demonetisation: A quick look at how it affected the economy

What was the reason for implementing demonetisation in India?

Demonetisation was done to minimise the amount of counterfeit cash in the economy, which is used to fund criminal activity. As soon as the announcement of demonetisation came, people started rushing to exchange their Rs 500 and Rs 1000 currency notes, resulting in cash shortages around the country.

Long queues were seen outside the banks, ATMs and small firms experienced temporary cash loss. The situation was considerably worse in rural India, where residents struggled to exchange and withdraw money due to a shortage of banks and ATMs in their area.

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Assam proposes Rs 77,353 crore investment to strengthen power infrastructure

Assam has announced a Rs 77,353 crore investment plan in its 2026-27 Budget to expand power generation, renewable energy, storage and transmission infrastructure across the state.

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The Assam government has announced an extensive investment plan worth Rs 77,353 crore to expand the state’s power infrastructure under the 2026-27 Budget. The proposals cover electricity generation, renewable energy, storage facilities and transmission networks as the government looks to improve energy availability and support future demand.

Presenting the Budget on Friday, Finance Minister Jayanta Mallabaruah said the state aims to significantly increase its power generation capacity through a combination of thermal, hydroelectric and solar projects while strengthening the electricity transmission system.

Among the largest proposals is an investment of Rs 40,000 crore for a 3,200 MW ultra-supercritical thermal power plant, expected to become one of Assam’s biggest power generation facilities. Another Rs 27,100 crore has been earmarked for pumped storage projects with a combined capacity of 4,900 MW.

Renewable energy projects receive boost

The Budget also places emphasis on renewable energy development. It includes plans for 137 MW of small hydropower generation, 75 MW of solar power capacity and a 25 MW Battery Energy Storage System (BESS) in Kamrup district.

In addition, the 120 MW Lower Kopili Hydroelectric Project has reached the trial commissioning stage.

The government has also proposed setting up 11 small hydropower projects across Karbi Anglong, West Karbi Anglong, Dima Hasao, Udalguri, Biswanath and Sivasagar districts. New solar power installations are also planned in Sonitpur and Namrup to further expand the state’s clean energy capacity.

Transmission network to be modernised

Apart from increasing power generation, the government has proposed major investments to strengthen electricity transmission infrastructure.

Around Rs 4,600 crore has been allocated for new 400 kV transmission corridors and grid substations aimed at improving power supply across Assam.

Over the next five years, the state plans to add nearly 15,000 circuit kilometres of transmission and distribution lines, establish 120 substations and install around 20,000 High Voltage Distribution Systems (HVDS). The government also aims to reduce transmission and distribution losses from 13.4 per cent to 8 per cent.

Private sector projects to support capacity expansion

The Budget announcement comes alongside major private sector investments in Assam’s power sector. Projects awarded to the Adani Group, including a 3,200 MW thermal power plant and 2,700 MW of pumped storage capacity, are expected to contribute significantly to the state’s future electricity generation capacity.

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27-year-old dies after falling into open drain in Noida amid heavy rainfall

A 27-year-old worker died after falling into an uncovered drain in Noida during heavy rainfall. The incident has sparked allegations of civic negligence as widespread rain disrupted life across Noida and Ghaziabad.

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A 27-year-old man died after falling into an open drain in Noida on Thursday as heavy rainfall lashed the city, leading to severe waterlogging, traffic congestion and damage to infrastructure in several areas.

The deceased, identified as Aryan, son of Sanjay Kumar, was a resident of Village Chaura in Sector 22. According to police, he was on his way to work in Sector 58 when he fell into an open drain in Sector 57.

A colleague, Shubham, rushed him to the District Hospital in Sector 39, where doctors declared him dead on arrival. Police at Sector 58 Police Station registered the case, completed the inquest proceedings and sent the body for post-mortem examination. Further legal action is under way.

Family alleges negligence over uncovered drain

Aryan’s family has accused the Noida Authority of negligence, alleging that the drain had been left uncovered without adequate safety measures. The incident has sparked concern among local residents, many of whom say several open drains across the city continue to pose safety risks.

The death has also triggered public outrage, with residents demanding improved civic infrastructure and preventive measures to avoid similar incidents.

Heavy rain causes widespread disruption in Noida and Ghaziabad

The fatal accident occurred as heavy rainfall affected normal life across Noida and neighbouring Ghaziabad.

Several areas, including Sectors 16, 33 and 12, witnessed severe waterlogging, with water accumulating up to knee level in some locations. Commuters, especially pedestrians and two-wheeler riders, struggled to navigate flooded roads.

Many motorcycles and scooters broke down after water entered their exhaust systems, forcing riders to push their vehicles through submerged stretches. Some people were seen walking along roadside dividers to cross waterlogged roads safely.

Traffic movement was also severely affected during the morning rush hour near the Botanical Garden area, where long queues of vehicles moved at a slow pace. Police personnel were deployed to regulate traffic and reduce congestion.

In another rain-related incident, a company’s boundary wall collapsed in Sector 63 due to the downpour. No injuries were reported.

Meanwhile, authorities in Ghaziabad declared a holiday for government schools following the heavy rainfall.

A separate incident was reported from Vasundhara Sector 13, where a portion of the road caved in beside an under-construction basement after continuous rain. A parked car and a scooter fell into the crater, while a nearby electricity pole tilted towards the damaged section. Although no injuries were reported, both vehicles sustained extensive damage.

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Maharashtra removes loan cap under farm waiver scheme, extends benefits to 56 lakh farmers

Maharashtra has expanded its farm loan waiver scheme by removing the earlier eligibility ceiling and extending coverage to overdue loans until the 2026-27 financial year, benefiting around 56 lakh farmers.

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Maharashtra CM Fadnavis vows to recover damage cost from rioters, warns of bulldozer action

The Maharashtra government has announced major changes to its latest farm loan waiver programme, removing the earlier eligibility ceiling linked to outstanding dues and extending the cut-off period for overdue loans.

Chief Minister Devendra Fadnavis made the announcement in the state legislative assembly while replying to a debate on the opposition-sponsored ‘last week motion’. He said the revised provisions under the Punyashlok Ahilyadevi Holkar Farm Loan Waiver Scheme are expected to benefit around 56 lakh farmers across the state.

Loan waiver eligibility expanded

Fadnavis said the previous condition under which farmers with dues exceeding Rs 2 lakh were excluded has been removed. According to him, this change will allow thousands of farmers who had earlier missed out on the benefits because of the eligibility ceiling to receive assistance.

The chief minister also announced that the scheme’s cut-off for overdue loans has been extended. Earlier applicable to pending dues until the 2025-26 financial year, the scheme will now include loans outstanding up to the 2026-27 financial year.

Government defends need for loan waiver

Defending the decision, Fadnavis said farm loan waivers are intended to help financially distressed farmers regain access to institutional credit and prevent them from falling into the hands of private moneylenders.

He said the government chose to introduce the scheme despite there being no state elections until 2029, as farmers were facing financial challenges.

The chief minister also highlighted that Maharashtra provides an annual electricity subsidy of around Rs 25,000 crore to farmers, while agricultural subsidy schemes together account for nearly Rs 95,000 crore.

Scheme to provide Rs 36,000 crore in assistance

Rejecting criticism that only a limited number of farmers would benefit, Fadnavis said the revised scheme would provide assistance worth approximately Rs 36,000 crore to around 56 lakh farmers.

He recalled that the Mahatma Jyotirao Phule farm loan waiver scheme launched in 2019 limited eligibility to overdue loans of up to Rs 2 lakh, with farmers losing eligibility even if their dues exceeded the cap by a single rupee. Around 32 lakh farmers had benefited under that programme, he added.

According to the chief minister, Maharashtra has implemented major farm loan waiver schemes in 2017, 2020 and 2026.

Government seeks balance between farmer relief and banking stability

Fadnavis acknowledged that repeated loan waivers could encourage delayed repayments and affect the financial health of cooperative banks.

He said the government considered suggestions to prevent previous beneficiaries from availing future loan waiver schemes but ultimately decided to maintain a balance between supporting farmers and safeguarding the banking system.

The chief minister noted that beneficiaries of the 2017 state loan waiver were excluded from the 2019 Mahatma Phule scheme, while farmers covered under the 2008 national loan waiver were also excluded from Maharashtra’s 2009 programme.

Farmers under earlier scheme also to receive expanded benefit

Responding to demands from ruling alliance legislators, Fadnavis said removing the existing Rs 50,000 repayment-related condition would increase the financial burden on the state by an estimated Rs 4,000-5,000 crore.

However, he announced that farmers who had received benefits under the Mahatma Phule loan waiver scheme would now also be eligible for waiver benefits of up to Rs 2 lakh under the revised framework.

He added that representatives from the banking sector were consulted before finalising the scheme. The state plans to spend Rs 20,000 crore during the first year, Rs 22,000 crore in the second year and Rs 25,000 crore thereafter as part of its broader support for the agriculture sector.

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