@dpreacher @clacke That was a traumatic experience for the whole country.

Many people did not have bank accounts, and the government decided to recall and declare not-valid the largest value bills.

If I recall correctly, they gave people about 3 months to bring in their old paper bills, to a bank, with ID, to get it cashed in.

Replacement new bills were not available in the huge quantity needed, and there were huge lines at banks to wait and get your money in.

Sicne ID was required, the fiscal authorities could also know who was coming in and exchanging large amounts of cash, and cross check that with the person's previous tax filings.

The country has a population of 1.3 Billion people (I might be lowballing), the scale of this undertaking is phenomenal.

And of course, it was bungled. People wanting food, but having no cash to buy, Sellers having food, but buyers not having cash, food goes to waste. Huge disruption to the economy.

I am not an Indian citizen, but this made headlines in all the major international papers and magazines.