Final answer:
The government of India's announcement of demonetization on November 8, 2016, is true, and it aimed to tackle black money and corruption.
Step-by-step explanation:
The statement that the government of India announced the demonetization of ₹ 500 and ₹ 1,000 currency notes with effect from the midnight of November 8, 2016, is True. This action was part of a government initiative to tackle black money and corruption in the economy. It was a drastic and sudden move that required citizens to exchange their old notes for newly issued currency.
This measure, similar to historical instances of significant currency changes, had varied effects on the economy, some immediate, such as long queues at banks, and others more long-term, including shifts in the ways businesses and individuals transacted. The demonetization in India represented a significant economic reform with far-reaching implications.