In Which Year Demonetisation Happened?

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 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.

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.