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On 8 November 2016, the Government of India declared the two largest denomination bills invalid, abolishing over 80 percent of circulating cash by value. The government claimed that the action would curtail 'black money' and counterfeit cash to fund illegal activity and terrorism.
The demonetisation drive had cost India 1.5m jobs but failed to uncover 'black money'. It was a massive failure. 99% of the 'invalid currency' was returned to the country's bank in subsequent weeks.
According to the former Reserve Bank of India (RBI) governor Raghuram Rajan, the demonetisation and the Goods and Services Tax (GST) had held back the economic growth of the country.
Why did this happen? Who's behind this. It is a well-kept secret that Washington was behind India's demonetisation. The US is waging a global war against cash.
References
A Well-Kept Open Secret: Washington Is Behind India’s Brutal Demonetization Project