This Article is From Nov 08, 2016

New Rs 500, 2000 Notes From November 10, Says Reserve Bank Of India

Highlights

  • Other denomination notes to be issued over a period of time
  • Banks, ATMs to be closed on Wednesday
  • Cancelling Rs 500, Rs 1000 notes decisive to fight black money, says RBI
New Delhi:

The Reserve Bank of India is briefing on the big announcement of the scrapping of Rs 500, Rs 1000 notes.

Following are the highlights:

  • As of today and over past months, we have ramped up production
  • Hence it was decided to introduced the scheme that PM has announced
  • Decision of government to cancel legal tender status of rupee notes is a very bold and power and decisive step to fight black money
  • There have been reports that lots of law enforcement agencies have been getting that money has been used to fund terrorism
  • RBI has been concerned over the growing fake Indian currency notes
  • Along with this notification, RBI will be launching new currency from Nov 10 onwards
  • Tomorrow is a bank holiday, treasury will also be closed
  • Between 2011 to 2016, the circulation of Rs 500 notes has gone up by 76% and Rs 1000 by 109%, but the economy has only expanded by 30%
  • Please do not allow yourself to be used by anybody else to exchange illegal cash. You are free to do that for your friends and relatives and family
  • Other denomination notes will also be issued over a period of time, including Rs 1000 notes
  • PM has described in sufficient detail why this step is necessary. For economic integrity, if you want real economy to grow, this shadow economy, this ghost economy has to stop

 

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