The Impact of India’s Demonetization of ₹500 and ₹1,000 Notes

    View Authors November 2016

    In an unprecedented announcement by Prime Minister Narendra Modi, in a live televised address to the nation at 8:15 p.m. IST on November 9, 2016, the Indian government declared circulation of all ₹500 and ₹1,000 banknotes of the Mahatma Gandhi Series as invalid. The prime minister also announced the issuance of new ₹500 and ₹2,000 banknotes of the Mahatma Gandhi New Series in exchange for the old banknotes.