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The number of counterfeit ₹500 and ₹1,000 (demonetised version) banknotes saw an increase in 2016–17 and subsequently a decline in 2017–18. But in 2017–18, there was an increase in counterfeit ₹500 and ₹2,000 (new version) banknotes than the previous year. [84]
On 8 November 2016, Indian Prime Minister Narendra Modi announced that the hitherto existing 500 and 1000 rupee notes cease to be legal tender. He said that the move is taken to curb black money and widespread counterfeit currency in the country. He introduced new ₹500 and ₹2000 notes, and discontinued the existing ₹1000 note.
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.
The second ordinance, the High Denomination Bank Notes (Demonetisation) Ordinance, 1946, demonetised bank notes of denominations ₹500 and above. While the exchanging of notes was initially allowed only until 9th February, 1946, it was extended multiple times. [2]: 5 By the end of 1947, out of a total of Rs. 143.97 crore of high denomination ...
The first banknotes issued in the New Series were the denominations of ₹ 500 and ₹ 2000, and are in circulation since 10 November 2016. While the ₹ 500 note is still being printed, the ₹ 2000 note was last issued date 2017. [1] [2] [3] The RBI announced on 18 August 2017 that it would soon issue a new ₹ 50 note. [4]
Following recommendations from the OECD on curbing black money on 22–23 February 2014 and previous moves by the RBI, on the night of 8 November 2016 the Indian Government decided to ban old notes and change them with new 500 and 2000 rupee notes.
The Reserve Bank of India (RBI) introduced the series in 1996 with ₹10 and ₹500 banknotes. As of 10 November 2016, the RBI issues banknotes in this series in denominations from ₹5 to ₹100. Printing of five-notes, which had stopped earlier, restarted in 2009.
The RBI is authorised to issue notes with face values of up to ₹ 10,000 and coins up to ₹ 1,000 rupees. New ₹ 500 and ₹ 2,000 notes were issued on 8 November 2016. The old series of ₹ 1,000 and ₹ 500 notes were banned on 8 November 2016, and are no longer in use. Earlier ₹ 1,000 notes have been discarded by the RBI.