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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.
According to a 2018 report from the Reserve Bank of India ₹15.3 lakh crore (15.3 trillion rupees on the short scale) of the ₹15.41 lakh crore in demonetised bank notes, or approximately 99.3%, were deposited in banks, leading analysts to state that the effort had failed to remove black money from the economy.
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Scammers are trying harder than ever to take advantage of unwitting victims via text message scams. According to "The RoboKiller Report: 2022 Mid-Year Phone Scam Insights," more than 147 billion...
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The notes contains the words 'Bharat' in Devanagari and RBI. The ₹1000 denomination contains the number 1000 as well. Older notes, however, are not readable. Latent image: When held against the light at an angle of 45 degrees, an inscription of the value of the denomination is seen on the right side of Mahatma Gandhi's image.