when was 500 and 1000 rupee notes banned in india
2016 Indian banknote demonetisation On 8 November 2016, the Government of India announced the demonetisation, commonly called notebandi, of all ₹500 (US$7.80) and ₹1,000 (US$16) banknotes of the Mahatma Gandhi Series.[2] The government claimed that the action would curtail the shadow economy and crack down on the use of illicit and counterfeit cash to fund illegal activity and terrorism.[3][4] The sudden nature of the announcement—and the prolonged cash shortages in the weeks that followed—created significant disruption throughout the economy, threatening economic output.[5][6]