1000 Rupees

The high-denomination 1000 Rupee note was demonetized in India in January 1978 under the High Denomination Bank Notes (Demonetisation) Act, with just three days' notice given to the public for redemption. The stated aim was to curb black money and counterfeit currency. The policy's actual effectiveness was widely disputed — large holders with banking access exchanged their notes without difficulty, while the measure fell hardest on those in remote areas or without accounts.

Two governors signed across this series: Sen Gupta's tenure was brief, making his signature variant the scarcer of the two. Notes bearing Puri's signature cover the longer run through 1977, one year before demonetization rendered the entire issue void.