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The demonetisation also came in for sharp criticism from media outside India, [254] [255] with The New York Times saying that the demonetisation was "atrociously planned" and that it did not appear to have combatted black money, [256] [257] while an article in The Guardian stated that "Modi has brought havoc to India". [254]
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.
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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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 .
As like the other Indian rupee banknotes, the ₹ 5 banknote has its amount written in 17 languages. On the obverse, the denomination is written in English and Hindi.On the reverse is a language panel which displays the denomination of the note in 15 of the 22 official languages of India.