On 8 November 2016, the eyes of the world may have been fixed on the US, where a momentous presidential election was taking place, but that day also heralded the start of a radical monetary experiment in the world's seventh largest economy - India. Prime Minister Narendra Modi declared on state television that the 500 and 1,000 rupee bank notes would no longer be legal tender from the next day, and that this 'demonetisation' would help tackle corruption and illegal cash holdings.
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