A photo posted by Old BOMBAY (@oldbombay) onNov 15, 2016 at 1:27pm PST

India's previous experience with demonetisation was when the then President of India N Sanjiva Reddy promulgated the demonetisation ordinance on January 16, 1978, demonetising the Rs 1,000, Rs 5,000 and Rs 10,000 currency notes with the objective of eliminating "the possible use of such notes for financing illegal transactions."