I am an Indian , I know old 500rs and 1000rs have been taken out of circulation and u have to exchange with banks to get new 500rs and 2000rs note .
Second this has been done to tackle corruption and black money .
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But if there are not enough bills to exchange, like we see the shortage happening. Then you are persuaded to open a bank account and keep your money in bank.
I think its a covert marketing in order to make many people there open a bank account. This is in order for banks to have control over your finances.
i agree with you @profitgenerator. it was a necessary move as 80% of india economy is cash, and most of it black. It was poorly manage as they don't have enough new bills ready in time to exchange the old, this show the willingness to keep all the money in the Banks and an incentive to open new account in the future.( they are not accepting new account right now.) even if you get 500 and 2000 new bill in this moment you can't get change as the 100 rs notes are disappearing very fast . it is definitely an example of how government can decide from one day to the next what value the money you have is. Cryptocurrency is indeed the future for now praying that the net doesn't crash. Then gold remain the most stable.