Option 1: November 2016 -> The Government of India announced demonetization on November 8, 2016, when Prime Minister Narendra Modi declared that ₹500 and ₹1000 currency notes would cease to be legal tender from midnight. This was a major economic reform aimed at curbing black money, corruption, and counterfeit currency. The initiative required citizens to deposit old notes and exchange them for new ₹500 and ₹2000 notes. -> correct