Illustration/Devdutt Pattanaik

A stone, a statue, a lump of turmeric, a pot, anything can be turned into a deity, in Hindu rituals. The process is called prana-prathishtha. Ritually, an object is made divine for a finite period of time. After that period, the divinity leaves the venerated object, and the object — like a corpse — is consigned to water. Thus, the ritual mimics the cycle of life and death. So it is with currency notes. One day, a piece of paper has value. Rupees 500. Rupees 1,000. The next day it does not. Only here, the avahan (invocation) and the visarjan (farewell) is done by the state, embodied in the Prime Minister and implemented through the Reserve Bank of India.