India: Rs 500 & Rs 1000 Currency Notes Now Illegal. RBI To Issue New 500 and 2000 Rupee Notes From Thursday, November 10

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In November 9, 2016
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Source: BBC News – 9.11.2016;   NDTV

Indian Prime Minister Narendra Modi has announced that the 500 and 1,000 rupee banknotes will be withdrawn from the financial system overnight.

The surprise move, announced on Tuesday evening (8 of Nov 2016), is part of a crackdown on corruption and illegal cash holdings.

The 500 and 1,000 rupee notes are the highest denomination notes in the country and are extremely common in India. Airports, railway stations and hospitals will only accept them until 11 November.

People will be able to exchange their money at banks between 10 November and 30 December.

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India is overwhelmingly a cash economy. New 500 and 2,000 rupee denomination notes will be issued to replace those removed from circulation.

Senior government officials and Reserve Bank of India chief Urijit Patel revealed what the new Rs. 500 and 2000 notes will look like, announcing that these will be launched on Thursday, November 10.

The new series of Rs. 500 notes, said economic affairs secretary Shaktikanta Das, will be called the Mahatama Gandhi series of bank notes and they also carry a picture of Delhi’s Red Fort.

The 2000 rupee note that is being introduced carries an image of the Mangalyaan to celebrate India’s Mars mission, he said.

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Photos: Times of India