Demonetisation was announced on 8th November, 2018 to stop the existing ₹ 500 and ₹ 1000 notes continue as legal tender. The objective of this move was to eliminate black money from the system, however in the annual report of RBI, it is reported that 99.3% of the demonetised notes returned in the system. Immediately after announcing demonetisation ₹ 2000 note was introduced in the system.