At 8 p.m. on November 8, 2016, Prime Minister Narendra Modi announced that 500 and 1,000 rupee notes would no longer be legal tender. The central board of the Reserve Bank of India had met that day at 5:30 p.m.
Its minutes, reported in March 2019, record an observation on figures the government had given: “The growth rate of the economy mentioned is real rate, while the growth in currency in circulation is nominal.”