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New 500 Rupee & 2000 Rupee Notes

1,636 views · Published 9 November 2016 · 2:23 · Indexed 4 November 2026

Channel: Chinmay Kole · 2016 · Travel & Events

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PM Modi said this was being done to tackle the menace of black money in the country, which has sapped the economy.

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.

Control rooms are being set up at the Reserve Bank and the Department of Economic affairs in the finance ministry to help in the transition.

Tomorrow, Wednesday,  the officials said, will be a bank holiday and the treasury will also be closed. Mr Patel said the production of the new high denomination notes had been ramped up "as of today and over the past months... hence it was decided to introduce the scheme that the PM has announced.

Mr Das called the government's decision to cancel the Rs. 500 and 1000 notes "a very bold, powerful and decisive step" to fight black money.

The Centre's decision to do away with Rs 500 and Rs 1000 currency notes from midnight Tuesday to fight against black money was welcomed by the Janata Dal United JD (U) on Wednesday. It hoped that this step would curtail the counterfeit currency economy in the country. JD (U) leader Pawan Varma told ANI, however, that the blueprint has to be studied and an assessment has to be made on both the substantive measures taken and its implementation and what inconvenience it may cause on the citizen. "However, certain issues comes to my mind on a tentative basis, the first is that the cause of the black money in our country is the nexus between politics and unaccounted money. Now, so long as you don't initiate electoral reforms to short-circuit that nexus, somehow the black marketers in our country are ingenious than laws. And politics and politicians are complicit in this.....I am yet not clear as to how the new currency that has been introduced will not be also counterfeited," he said.

The Indian rupee (sign: ₹; code: INR), is the official currency of the Republic of India. The rupee is subdivided into 100 paise (singular paisa), though as of 2011 only 50 paise coins are legal tender.[3][4] The issuance of the currency is controlled by the Reserve Bank of India.[5] The Reserve Bank manages currency in India and derives its role in currency management on the basis of the Reserve Bank of India Act, 1934. The rupee is named after the silver coin, rupiya, first issued by Sultan Sher Shah Suri in the 16th century and later continued by the Mughal Empire.

In 2010, a new symbol '₹', was officially adopted. It was derived from the combination of the Devanagari consonant "र" (ra) and the Latin capital letter "R" without its vertical bar (similar to the R rotunda). The parallel lines at the top (with white space between them) are said to make an allusion to the tricolour Indian flag,[6] and also depict an equality sign that symbolises the nation's desire to reduce economic disparity. The first series of coins with the new rupee symbol started in circulation on 8 July 2011.

In a major step to check undeclared black money, the Government of India on the 8 November 2016 announced demonetization of ₹500 and ₹1000 banknotes with effect from the same day's midnight, making these notes invalid. Apart from combating black money, the stated purpose is also to check fake currency (used to finance terrorism) and corruption.[7] A new redesigned series of ₹500 banknote, in addition to a new ₹2000 banknote will be in circulation from 10 November 2016.[8][9]

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