On November 8, 2016, Prime Minister Narendra Modi demonetized 86 percent of the cash circulating in India. While citizens were allowed to deposit and exchange notes for a limited (and shifting) period of time, the fallout of the executive order included a large-scale cash crunch and an atmosphere of crisis throughout the nation. This Hot Spots series analyzes demonetization as a critical event that revealed and produced changing relations of citizenship and sovereignty. Contributors analyze the immediate aftermath of and the longer temporalities through which demonetization arose in order to consider the effects of executive decision-making, the meanings people draw from it, and local attempts to grapple with the transition from informal to formal finance. The series also critically comments on the relation of finance and banking to a political anthropology.