The finance ministry has responded in parliament that after demonetization, the value of currency notes has increased. On November 8, 2016, Indian Prime Minister Narendra Modi announced demonetization. Circulation of Rs 500 and Rs 1000 notes was banned from midnight on that day. In place of this money, new Rs.500 and Rs.2000 notes were issued, allowing people to exchange their old notes with banks for new notes.