Narendra Modi is the second Indian Prime Minister to demonetise high-esteem rupee notes in autonomous India. In any case, he will be the main PM to present the Rs 2,000 note.
In 1978, the then Prime Minister Morarji Desai had banned all cash above Rs 100.
In both examples, it was the threat of dark cash that had constrained the administration to scrap the current high-esteem coin notes.
On Tuesday, Modi reported that the present 500 and 1000 rupee notes won't be legitimate from midnight. Rather, he said they were being supplanted with new notes of Rs 500 and 2000.
The most noteworthy money note ever printed by the Reserve Bank of India (RBI) was a Rs 10,000 note amid the British Raj. It was printed first in 1938 and another variant came in 1954.
As indicated by RBI information, these notes were demonetised in January 1946 and again in January 1978.
At the point when Desai came to power, banknotes of Rs 1,000, Rs 5,000 and Rs 10,000 were available for use. Be that as it may, the PM, who likewise held the fund portfolio, demonetized every one of these notes in January 1978.
Amid the Atal Behari Vajpayee time, the Rs 1,000 note made a rebound. In November 2000, these notes were re-presented on the ground that it would be simpler for business exchanges. The Rs 500 notes had as of now returned into flow in October 1987. The move was then advocated as an endeavor to contain the volume of banknotes available for use because of swelling.