During an unannounced live broadcast address in 2016, Indian Prime Minister Narendra Modi announces the demonetization of all 500 and 1,000 banknotes, scrapping 86 percent of the notes in circulation in a fight against corruption.
On November 8, 2016, Prime Minister Narendra Modi went on national television and said that all Rs 500 and Rs 1,000 high-value notes will become worthless by midnight. The statement at 8 p.m., aimed at flushing out money concealed from the taxman, known as black money, caused about 86 percent of cash in circulation to become worthless by midnight. As expected, mayhem ensued. Demonetisation wreaked havoc on broad swaths of the population, forcing many to form serpentine lines in front of banks to exchange money. Several small enterprises that relied on cash took a beating.
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