- 8 November 2016
- 500 and 1000 banknotes demonetized - by executive decision
- earlier in 1946 and 1978 - by ordinance
Benefits
- attack black money
- prevent funding terrorism, gambling, human trafficking, speculation in real estate, gold, other social evils
- formalize and digitalize the economy
- widen tax net
Cons
- inconvenience
- logistical nightmare for large economy
- cost of printing new currency
- cash very miniscule part of black money