[arch-choot]

Funnily enough, India did something similar to that - they overnight made 500 & 1000 rupee bills (the two highest value denomination - approx ~8 & 16USD at the time) illegitimate. There were ways to convert those to the new bills, slowly, and capped at a certain amount iirc.

The goal was to "make illegal money" (i.e. tax evasion / sourced from corruption) useless.

https://en.wikipedia.org/wiki/2016_Indian_banknote_demonetis...