The announcement came suddenly and gave people only until the end of 2016 to exchange their money. Economic problems ensued in the months after the demonetization including large falls in stock indices, cash shortages, and a rise in unemployment, before the currency gained back value from mid 2017 to early 2018. The rupee fell in value at the end of 2018, but the rate was mostly steady during my November survey.
Demonetization in India: What's the impact 2 years later?
In November of 2016, the government of India decided to demonetize all the 500- and 1000-rupee banknotes and issued new 500- and 2000-rupee banknotes.
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