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This was the highest currency note printed by RBI that was in active circulation, ever since the 1,000 rupee note was demonetised in November 2016. [3] [4] [5] Before the official announcement by RBI, the media reported that ₹2000 notes had been printed from the currency printing press in Mysuru by the end of October 2016. [6]
The government continued issuing the ₹1 note, while the Reserve Bank of India (RBI) issued other denominations (including the ₹ 5,000 and ₹ 10,000 notes introduced in 1949). All pre-independence banknotes were officially demonetised with effect from 28 April 1957.
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 ]
Global analysts cut their forecasts of India's real GDP growth rate for the financial year 2016–17 by 0.5 to 3% due to demonetisation. [147] [148] India's GDP in 2016 is estimated to be US$2.25 trillion, hence, each 1 per cent reduction in growth rate represents a shortfall of US$22.5 billion (₹1.54 trillion) for the Indian economy. [149]
The Reserve Bank of India has announced on 26 April 2019 that it would shortly issue a new ₹ 20 note. [8] The new denomination has a motif of Ellora Caves , a UNESCO World Heritage site in Aurangabad district , Maharashtra , India on the reverse, depicting the country's cultural heritage continuing with the theme in the Mahatma Gandhi New ...
The Indian 20-rupee coin (₹ 20) is a denomination of the Indian rupee. The ₹20 coin is the highest-denomination circulation coin minted in India since its introduction in 2019. The present ₹20 coin is released for circulation. The release of the coin was supposed to be in March 2020, but it was shifted to May 2020 because of the COVID-19 ...
It was first introduced by the Reserve Bank of India in 1938 under British rule and subsequently demonetized in 1946. Post-independence, the denomination was re-introduced in 1954. In January 1978, all high-denomination banknotes of ₹ 1000, ₹ 5000, and ₹ 10000 were demonetized in order to curb unaccounted cash money. [1] [2]
The Indian 500-rupee banknote (₹500) is a denomination of the Indian rupee. In 1987, the ₹500 note was introduced, followed by the ₹1,000 note in 2000 while ₹1 and ₹2 notes were discontinued in 1995. The current ₹500 banknote, in circulation since 10 November 2016, is a part of the Mahatma Gandhi New Series.