▁in ▁both ▁cases , ▁the ▁goal ▁was ▁to ▁combat ▁tax ▁ev asion ▁via ▁" black ▁money " ▁held ▁outside ▁the ▁formal ▁economic ▁system . ▁In ▁ 1 9 7 8 , ▁the ▁Jan ata ▁Party ▁coal ition ▁government ▁demon et ised ▁bank notes ▁of ▁, ▁ ▁and ▁, ▁again ▁in ▁the ▁hopes ▁of ▁cur bing ▁counter fe it ▁money ▁and ▁black ▁money . ▁ ▁In ▁ 2 0 1 2 , ▁the ▁Central ▁Board ▁of ▁Direct ▁Tax es ▁recommended ▁against ▁demon et isation , ▁saying ▁in ▁a ▁report ▁that ▁" dem on et isation ▁may ▁not ▁be ▁a ▁solution ▁for ▁tack ling ▁black ▁money ▁or ▁ ▁shadow ▁economy , ▁which ▁is ▁largely ▁held ▁in ▁the ▁form ▁of ▁ben ami ▁properties , ▁b ull ion ▁and ▁j ew el ry ." ▁According ▁to ▁data ▁from ▁income ▁tax ▁prob es , ▁black ▁money ▁hold ers ▁kept ▁only ▁ 6 % ▁or ▁less ▁of ▁their ▁wealth ▁as ▁c ash , ▁suggesting ▁that ▁target ing ▁this ▁c ash ▁would ▁not ▁be ▁a ▁successful ▁strategy . ▁ ▁Dem on et isation ▁process ▁ ▁Pre par ation ▁and ▁announ cement ▁ ▁The ▁plan ▁to ▁demon et ise ▁the ▁ ▁and ▁ ▁bank notes ▁was ▁initi ated ▁between ▁six ▁and ▁ten ▁months ▁before ▁it ▁was ▁ ▁a ▁report ▁by ▁the ▁State ▁Bank ▁of ▁India ▁anal ys ed ▁possible ▁strateg ies ▁and ▁effects ▁of ▁demon et isation . ▁In ▁May ▁ 2 0 1 6 , ▁the ▁Reserve ▁Bank ▁of ▁India ▁had ▁started ▁prepar ing ▁for ▁new ▁bank notes ▁and ▁confirmed