Counterpoint's latest report on Impact of demonetization on India Handset Market.
On Nov 8th 2016 India’s Prime Minister Mr. Narendra Modi announced that INR 500 and INR 1,000 notes – that make up 86% of cash in circulation – could no longer be used as legal tender to buy goods and services. India’s central bank would start issuing new notes of INR 500 and INR 2,000 starting 10 November. A grace period to the end of December 2016 allows citizens to exchange the now illegitimate notes for new money, provided they can account for the source of substantial amounts.
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