Do you mean the 2016 demonetisation? It was allegedly aimed at reducing counterfeit notes, and involved removing the largest value notes in circulation and replacing them with new notes at a 1:1 exchange. It failed to stop counterfeiting, and resulted in at least 80 deaths, 15 lakh job losses and a measurable fall in GDP growth.
Counterpoint: advanced chips aren’t as important geopolitically as people think.
Older chips are more than enough for missiles and drones, so there’s no military advantage.
There is an industrial advantage in things like datacentres and big data analysis, but older chips can do these things if you put enough of them together and give them enough electricity.
Bleeding edge chips shine in consumer electronics, but WW3 isn’t going to start over whether Huawei Mate 69 Pro or Samsung S42+ is superior.