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Demonetisation in India

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The  demonetisation  of  ₹500  and  ₹1,000  banknotes was a policy enacted by the  Government of India  on 8 November 2016, ceasing the usage of all  ₹500  (US$7.40) and  ₹1,000  (US$15) banknotes of the  Mahatma Gandhi Series  as  legal tender  in India from 9 November 2016. [2] The announcement was made by the  Prime Minister of India   Narendra Modi  in an unscheduled live televised address at 20:00  Indian Standard Time  (IST) on 8 November. [3] [4]  In the announcement, Modi declared that use of all ₹500 and ₹1,000 banknotes of the  Mahatma Gandhi Series  would be invalid past midnight, and announced the issuance of new ₹500 and  ₹2,000  banknotes of the  Mahatma Gandhi New Series  in exchange for the old banknotes. The banknotes of ₹100, ₹50, ₹20, ₹10 and ₹5 of the  Mahatma Gandhi Series  and ₹2 and ₹1 remained legal tender and w...