At 8:15pm on the 8th of November 2016, Indian Prime Minister Narendra Modi appeared on live television to announce that the two highest banknote denominations of the Indian Rupee had become worthless. Citizens had until the New Year’s Eve of 2016 to either bank deposit their 500 and 1000 Indian Rupee (Rs) banknotes (~AUD$10/$20 respectively) or swap them for lower banknotes at registered banks.