Warning upfront: This is a long long post..
One is trying to break his head over both ongoing effects of demonetization (demon) and the historic bit as well. There are so many articles on the history bit that one is just confused. So here is more to the confusion.
Let me start with some trivia. It is interesting to see the similarities in the dates of previous two demons. Both were in Jan with just four days away from each other – 12 Jan 1946 and 16 Jan 1978. One could call it the Jan demon! Even the days are just seperated by the Sunday. In the third one, the date is 8 Nov 2016 which was a Tuesday. So you have 8, 12, 16 series. Next one whenever could be on 4th or 20th of perhaps December!
First Denom — 12 Jan 1946 (Source: RBI History 1935-51, pg 706)
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