Republic of India, 1000 rupee bank note issued by the Reserve Bank of India(Governor: NC Sen Gupta)

Another memorable demonetisation. The Janata Party coalition government cancelled notes of 1,000, 5,000 and 10,000 rupees overnight on 16 January 1978. The motive was to target ‘black money’, as advocated by the Wanchoo Committee Report of 1970. Treasuries and banks were shut the next day to catch cash-holders off guard. The move didn’t impact the general public as most ordinary Indians weren’t in possession of such high-value notes.