The High Denomination Bank Notes (Demonetisation) Act, 1978

The High Denomination Bank Notes (Demonetisation) Act, 1978
Parliament of India
  • An Act to provide in the public interest for the demonetisation of certain high denomination bank notes and for matters connected therewith or incidental thereto
CitationAct XI of 1978
Territorial extentIndia
Passed byLok Sabha
Passed16 January 1978
Enacted byRajya Sabha
Legislative history
First chamber: Lok Sabha
Bill titleNumber 20 of 1978
Amended by
High Denomination Bank Notes (Demonetisation) Amendment Act, 1998
Related legislation
  • Bank Notes (Declaration of Holdings) Ordinance, 1946
  • High Denomination Bank Notes (Demonetisation) Ordinance, 1946
: 5 
Status: Repealed

The High Denomination Bank Notes (Demonetisation) Act, 1978 was an act of the Indian Parliament that demonetized the high-denomination banknotes of ₹1000, ₹5000, and ₹10000. It was first introduced as the High Denomination Bank Notes (Demonetisation) Ordinance, 1978, by the then President of India Neelam Sanjiva Reddy. The then Prime Minister of India, Morarji Desai of Janata Party, and Finance Minister Hirubhai M. Patel were considered key architects of the policy, while RBI Governor I. G. Patel was opposed to it.: 128 

As a result of this legislation, 93% of the total currency notes in circulation were exchanged, while the remaining went out of circulation or were not exchanged.: 34  It was repealed by the Jan Vishwas (Amendment of Provisions) Act, 2023.

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