On November 8th, Prime Minister of India Narendra Modi announced that small denomination bills will no longer be considered valid starting four hours after his announcement. The banned bills could be exchanged for larger denominations at banks as long as proof of how the money was earned is given. There were also limits placed on how much cash one could withdraw daily from bank accounts. The demonetization is an attempt to end black market trading and tax fraud. Given that farmers are paid in cash, the changes have had an impact on Indian essential oils. Theoretically, without cash on hand transactions could not proceed. One would imagine that a new barter trade would be created, encouraging a new black market situation.