27285752161_9bde985f11_zAbove is the  link to an article about the impact of the demonetisation of ₹500 (US $7.40) and ₹1,000 bank notes   (US $15).    On November 8th,  the Prime Minister of India Narendra Modi in an unscheduled live televised address at 20:15 Indian Standard Time (IST) declared that use of all ₹500 and ₹1,000 banknotes of the Mahatma Gandhi Series 26749132004_05415b085e_zwould be invalid after midnight of that day, and announced the issuance of new ₹500 and ₹2,000 banknotes of the Mahatma Gandhi New Series in exchange for the old banknotes. However, the banknote denominations of ₹100, ₹50, ₹20, ₹10 and ₹5 of the Mahatma Gandhi Series and ₹2 and ₹1 remained legal tender and were unaffected by the policy.  The move was also described as an effort to reduce corruption, the use of drugs, and smuggling.

27080974270_e2fb309c47_zIn the days following the demonetisation, banks and ATMs across the country faced severe cash shortages. with severe  effects on a number of small businesses, agriculture, and transportation. People seeking to exchange their notes had to stand in lengthy queues, and several deaths were linked to the inconveniences caused due to the rush to exchange cash.*