Write a brief note on Partial Demonetisation of Indian currency in 2016?

The Partial Demonetisation of Indian currency took place in Nov 2016. On the 8th day of November, a live public announcement was made by the Prime Minister of India, Mr. Narendra Modi at 8.00 pm that the Rs.500 and Rs.1000 denomination notes were demonetised and can only be used till 12 midnight the same day. The new series of Rs.500 and Rs.2000 notes were introduced and the time limit of 50 days was given for the exchange of the demonetised notes. During this time, some limits were put on exchange of demonetised notes per day and withdrawal per day (and week). The opposition strongly criticized the step of Demonetisation whereas there were mixed reactions among the people of India. It was appreciated by the people on one hand but also faced criticism by some.