7 Years Ago On This Day Demonetisation Happened. A Throwback | IN PICS

Demonetisation 2016 sent shockwaves across the nation as the people tried to understand the new reality of the Indian economy they had just entered into. Getty

Rs 500 and Rs 1000 currency notes, now invalidated, made up a major portion of the currency in circulation at the time, causing panic and amazement amongst the public. Getty

People stood in lines for months to deposit their money and daily life was disrupted across the country. Getty

Banks extended the timeline to accept all the now invalidated Rs 500 and Rs 1,000 notes till well into 2017. Getty

From senior citizens to young adults, everyone waited to deposit their money and the cash dependent informal economy bore the brunt of this sudden announcement. Getty

The PM urged the people to accept this measure as a shift towards a digital economy to help maintain transparency in the financial system and create a cleaner economy. Getty

The government launched the new currency of Rs 2000 notes, which was withdrawn from circulation after RBI announcement in May, 2023. Getty