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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%.
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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.
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The high-value note will remain a legal tender, the country’s central bank has said
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]
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 ]
The Mahatma Gandhi New Series of banknotes are issued by the Reserve Bank of India (RBI) as the legal tender of the Indian rupee (₹), intended to replace the Mahatma Gandhi Series of banknotes. Announced on 8 November 2016, it followed the demonetisation of ₹ 500 and ₹ 1000 banknotes of the original Mahatma Gandhi Series.