Demonetisation is the process of robbing a monetary unit of its legal tender status.
Narendra Damodardas Modi, the Indian prime minister, adopted the demonetization concept to halt the flow of black money.
The Rs. 500 and Rs. 1000 notes have been removed by the Indian Reserve Bank.
An extension until January 2017 was granted to those who had these higher value notes.
When the Indian Prime Minister announced that these notes would no longer be legal tender as of midnight on November 8, 2016.
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