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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 ]
Demonetisation adversely affected transactions in the agriculture sector, which are heavily dependent on cash. [132] Due to scarcity of the new banknotes, many farmers had insufficient cash to purchase seeds, fertilisers and pesticides needed for the plantation of rabi crops usually sown around mid-November. [133]
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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.
Demonetisation is currently prohibited in the United States, and the Coinage Act of 1965 applies to all US coins and currency regardless of age. The closest historical equivalent in the US, other than Confederate money, was from 1933 to 1974, when the government banned most private ownership of gold bullion , including gold coins held for non ...
The Indian 1000-rupee banknote (₹ 1000) is an obsolete denomination of the Indian rupee.It was first introduced by the Reserve Bank of India in 1938 under British rule and subsequently demonetized in 1946.
Monetary reform of 1991 (known also as Pavlov Reform) was the last such reform in the Soviet Union.The reform retired and confiscated large-denomination bills to attempt to dampen inflation and combat the black market within the Soviet Union. [1]
2016 saw the discontinuation of ₹500 and ₹1,000 notes due to the 2016 Indian bank note demonetisation and consequently the introduction of new a ₹500 note, and a ₹2,000 note- a first for the currency. Later on, new notes of old denominations viz. ₹10, ₹20, ₹50 and ₹100 were issued with old notes of the same value still being ...