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The first demonetisation of India was carried out in the year 1946 when, under the then Governor General of India, Field Marshal Archibald Wavell, 1st Earl Wavell, the Reserve Bank of India demonetised notes of ₹500, ₹1000, and ₹10,000 in order to check black market operations and tax evasions. This was done via 2 ordinances.
During the demonetisation, police and tax officials across India seized ₹6.1 billion in unaccounted money, including ₹1.1 billion in new banknotes. [117] Reports in the media noted that although the general public faced a severe cash shortage, some individuals were able to amass tens of millions of rupees in new banknotes; they thus ...
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. Languages included on the panel were Assamese , Bengali , Gujarati , Kannada , Kashmiri , Konkani , Malayalam , Marathi , Nepali , Odia , Punjabi , Sanskrit , Tamil , Telugu and Urdu .
Post 2016 Indian banknote demonetisation, seven new currency notes have been announced by the Reserve Bank of India-- ₹2,000, ₹500, ₹200, ₹100, ₹50, ₹20, and ₹10. [ 7 ] [ 8 ] According to the RBI data, there were 3,285.87 million pieces of ₹2000 notes in circulation at end-March 2017.
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 the year. The current ₹500 banknote, in circulation since 10 November 2016, is a part of the Mahatma Gandhi New Series.
The Reserve Bank of India announced on 26 April 2019 that it would shortly issue a new ₹ 20 note. [8] The new denomination has on the reverse a motif of Ellora Caves , a UNESCO World Heritage site in Aurangabad district , Maharashtra , depicting India's cultural heritage, continuing with the theme in the Mahatma Gandhi New Series banknotes.
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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]