Yes, but they just pushed the reset button. Years and years worth of 1000 and 500 notes will have to come out of hiding.

Quote: "At the moment you can exchange up to 4,000 (£48) of the old rupees every day in cash for new 500 (£6) and 2,000 (£24) rupee notes."

Quote: "There is no limit to the amount that can be deposited in bank accounts until the end of December, but the government has warned that the tax authorities will be investigating any deposits above 250,000 rupees (£2,962)."

So, if you have a safe full of 1000 rupee notes, you have to deposit them. You just can't exchange them, because the rules make it impractical.