In a case of alleged suicide, a farmer and his father died in Telangana's Siddipet district on Wednesday, after consuming food that was laced with pesticide.
The farmer's wife and son, who also ate the food, are undergoing treatment.
According to reports, the incident occurred at Dharmaram village, where 45-year-old Balaiah took the step over the "fall" in the rate of his land, after the demonetisation of Rs 500 and Rs 1,000 notes.
Speaking to TNM Dubbak police station Circle Inspector said, "Balaiah was planning to sell his six acres of land and was expecting a good price, but was apparently told that the rates had dropped drastically over the past few days."
He had received an offer of Rs 12 lakh for the land a few weeks ago but the land prices in the region fell drastically following the central government's move.
Heartbroken over a 50 per cent fall in his land value and fearing that he may never be able to repay the loan, the farmer ended the life in what appears to be a suicide pact.
Local legislator S. Ramalinga Reddy of the Telangana Rashtra Samithi (TRS) said the central government should own responsibility for the suicide of the farmers.
The demonetisation move has so far claimed four lives in Telangana.
While an elderly person died of cardiac arrest while standing in a queue to deposit spiked notes at a bank in Hyderabad, an auto rickshaw driver in Nizamabad district immolated himself after the financier refused to accept the scrapped currency notes towards repayment of his vehicle loan.
Balaiah's daughter, who was also present did not consume the food as she was vegetarian.
She has since registered a case under Section 174 of the CrPC, with the police.
"We will get more clarity once we record the statement of Baliah's wife and son. An investigation is underway,"the police officer added.