Which country is known for a program of demonetisation?

India is well-known for its program of demonetisation that took place in November 2016. The Indian government decided to invalidate the 500 and 1,000 rupee notes, which accounted for about 86% of the total currency in circulation at that time. This bold move aimed to combat issues such as black money, counterfeit currency, and corruption within the economy.

The demonetisation policy was meant to encourage a transition toward a cashless economy, prompting the population to utilize banking and digital payment channels. This decision impacted various sectors and led to significant changes in financial transactions and the way people approached money handling in India.

The actions and outcomes of India's demonetisation efforts have become a significant case study in monetary policy, showcasing both the challenges and objectives that such a strategy entails.