People in India are still struggling to access cash on a regular basis after the recent demonetisation of ₹500 and ₹1,000 notes was announced by Prime Minister Narendra Modi on November 8. However, this was not the first time India saw demonetisation.
Earlier governments have demonetised currency notes in January 1946, and January 1948. An Indian man in Dubai reportedly still has a ₹10,000 note that was demonetised in 1978.
Gulf News reports that professional numismatist Ramkumar, who is the founder of the numismatic company Numisbing, bought the rare note from a collector in India in 2015 and that it was on display at a the company showroom at the Doha Centre.
The report says that according to the RBI, while 346 of these notes existed before the demonetisation, now only less than 10 of them exist.
According to a report in The Indian Express, while the demonetisation in 1978 was also carried out to curb black money, the common man did not posses notes of such high domination because of the value.
Notes of ₹500, ₹1000 and ₹10,000 were also demonetised in 1946 creating panic among the public, but was termed as a 'death blow' to the black market.
Here's what the ₹10,000 note looked like:
Suggest a correction— Nataraj VR (@vrnataraj) November 9, 2016