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Before demonetisation (November 2016), there were banknotes worth ₹17.97 trillion in the market. The demonetised banknotes constituted 86.4% of it. [67] The banknotes in circulation had reached to the level before demonetisation in March 2018. [86] By March 2018, there were banknotes worth ₹18.03 trillion in the market; an increase of 9.9%.
Obverse of the ₹ 2000 banknote between October 2016 – November 2023. It was released by the Reserve Bank of India (RBI) on 8 November 2016 after the demonetisation of ₹500 and ₹1000 banknotes and has been in circulation since 10 November 2016. [2] It is a part of the Mahatma Gandhi New Series of banknotes with a completely new design.
Like the other Indian rupee banknotes, the ₹ 1000 banknote had its value written in 17 languages. On the obverse, the denomination was written in English and Hindi . On the reverse is a language panel which displayed the denomination of the note in 15 of the 22 official languages of India , displayed in alphabetical order.
Fake Indian Currency Note (FICN) is a term used by officials and media to refer to counterfeit currency notes circulated in the Indian economy. [1] In 2012, while responding to a question in parliament, the Finance Minister, P. Chidambaram, admitted that there is no confirmed estimate of fake currency in India. [ 2 ]
In January 2020 itself, well before India's lockdown or reactions to the pandemic, the International Monetary Fund reduced India's GDP estimates for 2019 and also reduced the 2020 GDP forecast. [190] The 2016 Indian banknote demonetisation and goods and services tax enactment in 2017 led to severe back to back disruptions in the economy. [190]
Text and/or other creative content from was copied or moved into Indian 500 and 1000 rupee note demonetisation with this edit on 13 December 2016. The former page's history now serves to provide attribution for that content in the latter page, and it must not be deleted as long as the latter page exists.
As part of the 2016 Indian banknote demonetisation, India introduced a new 2,000-rupee currency note. Following this, multiple fake news reports about "spying technology" added in the banknotes went viral on WhatsApp [75] and had to be dismissed by the government. [76] [better source needed]
The High Denomination Bank Notes (Demonetisation) Act, 1978 was an act of the Indian Parliament that demonetized the high-denomination banknotes of ₹1000, ₹5000, and ₹10000. It was first introduced as the High Denomination Bank Notes (Demonetisation) Ordinance, 1978, by the then President of India Neelam Sanjiva Reddy . [ 3 ]