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Demonetisation of old 500 and 1000 rupee notes

News and Press Release - Dated:- 7-2-2017 - The matter to demonetise currency was under discussion and consultation with RBI for several months preceding 8th November, 2016. The Government in a letter dated 7th November, 2016 requested RBI to consider cancellation of legal tender character of ₹ 500 and ₹ 1000 denomination with the objective to eliminate black money and to curb the infusion and circulation of Fake Indian Currency Notes (FICN). The Central Board of the Reserve Bank in .....

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l Government, on the recommendation of the Central Board of RBI, with effect from the expiry of the 8th November, 2016 in exercise of the powers conferred by sub-section (2) of section 26 of the Reserve Bank of India Act, 1934 (2 of 1934), with the objective to eliminate black money and to curb the infusion and circulation of Fake Indian Currency Notes (FICN). A recent study by the Indian Statistical Institute in 2016, commissioned by Ministry of Home Affairs (MHA), has estimated a steady infusi .....

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