On November 8, 2016, Prime Minister Narendra Modi announced that Rs 500 and Rs 1,000 currency won't be legal tender. Demonetisation had its impact on the economy and the public. Here's a gallery on how note ban impacted India.

How India coped with notebandi

On the evening of November 8, 2016, India lost its top two highest currencies. Rs 1,000 and Rs 500 notes got banned.

ATMs and banks remained close for the next two days and the nation felt the need for cash.

Several regulations and restrictions were announced regarding deposit of old currency notes and withdrawal of money. ATMs went dry.

Old notes were acceptable at petrol pumps, highway tolls were suspended. Reports of people dying while standing the queues outside banks became a daily affair.

The Supreme Court refused to stay the Central govt's move to scrap currency notes. Farmers were allowed to buy seeds using the banned notes

82,500 ATMs were recalibrated to dispense new Rs 500 and Rs 2,000 currency notes. Queues were not getting shorter. Digital transactions picked up pace.

The government kept changing the narrative for demonetisation. It swung from black money to fake currency to digital transaction to less-cash economy. Meanwhile, deposits in Jan Dhan Accounts soared to Rs 27,000 cr within a month

Economic Survey for 2016-17 showed that note ban had slowed the GDP growth by 0.5 per cent.

As frustration with the ever-changing regulations kept growing, Economic Affairs Secretary Shaktikanta Das said the government first discussed the note ban with the Reserve Bank in February 2016.

A nationwide strike in February 2017 brought the banking operations to a standstill. Also, India's GDP slowed down to 7% in the October-December quarter of FY17.

While the crisis seemed to be fading away, raids by Income tax department kept increasing. Old currency worth crores were seized. Siphoned off cash was retrieved from various places in the country

RBI lifted all the restriction on withdrawal of money from ATM and banks.

On March 31, 2017, Reserve Bank closed the window for depositing old currency notes for Indians. However, window was open till June 30, 2017 for NRIs.

Finance Minister Arun Jaitley said that it was wrong to link economic slowdown with demonetisation However, small businesses were impacted by it.

Govt asked banks to deposit scrapped notes with RBI by July.

Central government said that people will not be given another chance to deposit old notes.

277 million Jan Dhan accounts by the end of February 2017. Amount of money in these accounts was Rs 64, 721 crore.

Reserve Bank data shows that between August 2015 and August 2016 the rise in usage of PoS machines was as steep as 25.6 per cent.

In August 2017, government came out with new Rs 50 and Rs 200 note. The old Rs 50 note was not discontinued.