<Tr> <Td> <Ul> <Li> </Li> <Li> </Li> <Li> </Li> </Ul> </Td> </Tr> <Ul> <Li> </Li> <Li> </Li> <Li> </Li> </Ul> <P> On 8 November 2016, the Government of India announced the demonetisation, commonly called notebandi, of all ₹ 500 (US $7.80) and ₹ 1,000 (US $16) banknotes of the Mahatma Gandhi Series . The government claimed that the action would curtail the shadow economy and crack down on the use of illicit and counterfeit cash to fund illegal activity and terrorism . The sudden nature of the announcement--and the prolonged cash shortages in the weeks that followed--created significant disruption throughout the economy, threatening economic output . </P> <P> Prime Minister of India Narendra Modi announced the demonetisation in an unscheduled live televised address at 20: 00 Indian Standard Time (IST) on 8 November . In the announcement, Modi declared that use of all ₹ 500 and ₹ 1000 banknotes of the Mahatma Gandhi Series would be invalid past midnight, and announced the issuance of new ₹ 500 and ₹ 2000 banknotes of the Mahatma Gandhi New Series in exchange for the old banknotes . </P>

When was 500 and 1000 rupee notes banned in india