Table 1 Global experience on demonetization.

Brazil (1990 and 1993), Ghana (1982), Myanmar (1985 and 1987), Russia (1993), Venezuela (2016), Zimbabwe (2015)

To control hyperinflation

Positive effects

Banking system regained its strength

Gradual control over inflation

Stabilization of consumer prices

Gradual stabilization of economy

The inception of counterfeit-resistant polymer notes in Australia

Negative effects

Loss of confidence in banking system

Public unrest

Public protest

Contraction of output

Drying of liquidity

Loss of jobs

North Korea (2009)

To curb the market of black money

Soviet Union (1991)

To fight against unearned income, smuggling and corruption

Iraq (1993)

To finance fiscal deficit

Greece (2013) and Cyprus (2015)

To manage fiscal and banking crisis

Australia (1988 and 2015) and Denmark (2012)

To prevent counterfeiting

Euro Region (2016)

To create common currency for the EU

Singapore (1967,1999 and 2014)

To mitigate high money laundering risk

Pakistan (2015)

To fight corruption and black money