2016 Indian banknote demonetisation
On 8 November 2016, the Government of India announced the demonetisation of all and ₹1,000 banknotes of the Mahatma Gandhi Series. It also announced the issuance of new  and  banknotes in exchange for the demonetised banknotes. Prime Minister Narendra Modi claimed that the action would curtail the shadow economy and reduce the use of illicit and counterfeit cash to fund illegal activity and terrorism.