On 8 November 2016, the Government of India announced the demonetisation of all ₹500 and ₹1,000 banknotes of the Mahatma Gandhi Series. It also announced the issuance of new ₹500 and ₹2,000 banknotes in exchange for the demonetised banknotes.

How many times has demonetisation happened in India?

The Indian government had demonetised banknotes on two prior occasions—once in 1946 and once in 1978—and in both cases, the goal was to combat tax evasion via "black money" held outside the formal economic system.

How many years is demonetisation in India?

Four years after the government announced demonetisation on November 8, 2016, the currency with public for the fortnight ended October 23, 2020 stood at a record high of Rs 26.19 lakh crore — up 45.7 per cent or Rs 8.22 lakh crore from a level of Rs 17.97 lakh crore on November 4, 2016.