On 8 November 2016, the Government of India announced the demonetisation of all ₹500 and ₹1,000 banknotes of the Mahatma Gandhi Series.

When was demonetisation was announced?

PM Modi had made the demonetisation announcement during a televised speech delivered at 8:15 pm on November 8, 2016, scrapping two of the highest valuing notes – accounting for 86 per cent of all currency notes in circulation in value – with immediate effect.

When was first demonetisation in India?

Though not comparable in scale and magnitude to the problems faced in 2016, India's first demonetisation caused considerable difficulties to people. On 12 January 1946, ₹1,000, ₹5,000 and ₹10,000 notes were demonetised through the passage of the High Denomination Bank Notes (Demonetisation) Ordinance.