Describing demonetisation as an "economic genocide" and a "criminal act", Opposition parties slammed the BJP-led Centre for its decision taken on this day in 2016 to scrap high-value currency notes.

On November 8, 2016, Prime Minister Narendra Modi announced the demonetisation of the old Rs 1,000 and Rs 500 banknotes. The key objectives of the decision were to promote digital payments and curb black money, besides eliminating terror funding.