January 1946
The first was
when Rs1,000, Rs5,000, and Rs10,000 notes were taken out of circulation in
January 1946, a year and a half before the country won independence from the
British. The Rs10,000 notes were the largest currency denomination ever printed
by the Reserve Bank of India, introduced for the first time in 1938.
On 12 January
1946, High Denomination Bank Notes (Demonetisation) Ordinance 1946 was passed
by the then Governor General of India, Field Marshal Archibald Wavell, 1st Earl
Wavell ceasing ₹ 500, ₹ 1000, and ₹10000 to be legal tender.
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