Didn't hear such action in our country though there are some instances that old printed bills exchange to a new one is especially if a new admin is seated but I guess this is common to any country as well, but not for such reason like op.
Whats the reason for such an immediate decision ?
The government stated it a reason to fight illegal funding to terrorism and recove the black money.
That won't prevent the use of black money and not too much help either, cash money can be obtained by anyone even without declaring it to the authority so it will be transferred person to person and that would be a pain in the ass to identify such money as black money so it makes no sense.