Demonitization 2016, India

On 8 November 2016, the Government of India announced the demonetization of all ₹500 and ₹1,000 banknotes of the Mahatma Gandhi Series. ... The banknotes that were not deposited were only worth ₹10,720 crore (107.2 billion), leading analysts to state that the effort had failed to remove black money from the economy. On the night of 8 November 2016, Prime Minister Narendra Modi announced in a dramatic televised program the decision of demonetization in India to eradicate black money.
Read less