Demonetisation is referred to as the economic process in which country's currency unit is legal tender. This decision has taken by the Central Government. When demonetisation occurs the country's currency unit is worthless, as it can no longer be used to purchase goods and services. Demonetisation in India has taken on 8th November, 2016. The Indian government cancelled the legal tender status of ₹ 500 and ₹ 1000 notes.