When the demonetisation of notes of Rs 500 and Rs 1,000 denomination was announced in 2016 – the main objective of which was to curb black money – 86.4% of the currency in circulation was formed by those two high value notes. This, because people generally tend to hoard currencies with higher value.

       A new Rs 500 bank note was put into circulation after the earlier Rs 500 notes were rendered invalid. The Rs 1,000 note was never printed again, instead a Rs 2,000 note got pumped into the system. Value remains high Five year later, the high value notes – the Rs ...