Advertiser: State Bank of India
Brand: State Bank of India
Agency: Adfactors PR
The Indian government, on the evening of November 8, 2016, announced that currency notes of ₹1,000 and ₹500 denominations would cease to be legal tender from midnight, and those currencies would have to be compulsorily deposited in banks and exchanged with new currencies. In a country with a population of 1.3 billion and where close to 90% of transactions are done in cash, the 'demonetisation' announcement meant a humongous amount of monies – ₹16,415 billion in ₹500 notes and ₹1,000 notes, representing more than 86% of the value of total notes in circulation – would have to be physically exchanged at banks.