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Detailed explanation-1: -Taking the nation by surprise, Prime Minister Narendra Modi on Tuesday night announced demonetisation of Rs. 1000 and Rs. 500 notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency and corruption. In his first televised address to the nation, Mr.

Detailed explanation-2: -On 8 November 2016, the Government of India announced the demonetization 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 demonetized banknotes. The main objective of this demonetization is to curb black money.

Detailed explanation-3: -On November 8, 2016 Prime Minister Narendra Modi had announced demonetisation of old Rs 1, 000 and Rs 500 banknotes and one of the key objectives of the unprecedented decision was to promote digital payments and curb black money flows.

Detailed explanation-4: -In an attempt to rid India’s economy of black money, benami transactions and corruption, Prime Minister Narendra Modi on the evening of November 8, 2016 announced demonetization – a move that banned high-value currency notes of Rs 500 and Rs 1, 000.

Detailed explanation-5: -On November 8, 2016, the Government of India announced the demonetization of all Rs 500 and Rs 1000 banknotes of the Mahatma Gandhi Series. The Government also announced the issuance of new Rs 500 and Rs 2000 banknotes in exchange for the demonetized banknotes.