Rs 10,000 note that was discontinued in 1978. While Prime Minister Narendra Modi might have taken India by surprise, the move to demonetise high denomination notes in not unprecedented in Indian history. In January 1978, the Indian government had demonetised that Rs 1,000, Rs 5,000 and Rs 10,000 notes in a bid to counter black money in the economy. The move was enacted under the High Denomination Bank Note (Demonetisation) Act, 1978. People who possessed these notes were given till January 24 the same year — a week’s time — to exchange any high denomination bank notes.

Source: Indian Express November 08, 2016 18:06 UTC