On November 8, 2016, at 8:15 p.m., Prime Minister Narendra Modi announced on television that 500 and 1,000 rupee notes would no longer be legal tender. According to Business Standard, “only 10 people in the system were aware of the plan in its entirety.”
The board of the Reserve Bank of India met at 5:30 that afternoon. The cabinet was informed that evening, and ministers were told to keep their mobile phones outside the room. “When I went to the cabinet meeting, I had no idea such a big move would be announced,” said the minister Piyush Goyal.