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One Lakh (100,000) Indian Rupees; all denomination notes & coins, India: 1st May 2012 INDIAN CASH MONEY NEWSFLASH UPDATE: 10th November 2016 - India Prime Minister scraps 500 and 1,000 rupee bank notes overnight. The honest common man has become a bit richer with this announcement. In a major step to check and control black money, Prime Minister Narendra Modi on Tuesday 8th November 2016 announced demonetization of Rs 500 and 1000 currency - it has caused panic among the public. India's Finance Minister Arun Jaitley says "honest people" have no need to worry about decision to scrap 500 and 1000 rupee notes. For those "fat cats" who have hoarded their wealth in cash, this will be a real headache as to how to convert it. Link ups between bank accounts and the income tax department already exists. A rich man with enormous cash, if he approaches the bank to convert, the spot light will be on him.