Do You Know? About 1978 Demonetization Drive in Bombay
On Januray 16,1978 the then President of India N Sanjiva Reddy announced the policy of demonetising Rs 1,000, Rs 5,000 and Rs 10,000 currency notes with the objective of eliminating use of these notes for financing illegal transactions.
It was informed to people through the All India Radio’s (AIR) 9 am news bulletin . It also added that all banks and treasuries would be closed the next day, on 17 January.
People who possessed these notes were given only a week’s time till January 24 to exchange bank notes.
Police having to hold back the milling crowds outside the RBI waiting to exchange notes