On 8 November 2016, the Government of India announced the demonetisation of all ₹500 (US$7.40) and ₹1,000 (US$15) banknotes. Overnight, 86% of cash in circulation was voided in a country almost 90% cash reliant. Subsequently the government announced that the banks would change a limited amount of money each day per person. This led to long lines at every bank all over the country.