This is not the first time notes were demonetised in India

This day the whole nation is stranded by PM Modi  move on black money , But this is not only the first time notes Were Demonetised

The notes of value 1,000 rs and above denomination notes were demonetised in January 1946 for first time in Indian History and again in 1978 and 2016.

The highest denomination note of 10000 Rs was printed by the Reserve Bank of India was in 1938 and were demonetised in 1946 but have been printed again in 1954 in January 1978 Rs 10000 Note was completely Demonetised .

1978 When 10000,1000,5000Rs Notes were demonetised 

In 1978 PM Morarji Desai shocked the nation on the night of January 16, 1978, with his decision to demonetise Rs 1,000, Rs 5,000 and Rs 10,000 notes.

Just like the modern day times 

The intention was to eradicate blackmoney in the late 70s, But the corruption was a invisible enemy of the state the 1000s came back in 1998 and we know how cunning were our political parties, But as long as there is paper currency there would be no change in corruption 

2016 Modi s war on black money was really a great attempt and I guess his next move will be to make transactions digital 
and where only debits and ecash or digital currency is exchanged 

Then we will have a corruption free India