Demonetisation of Old Indian Currency Note of Rs 500 and 1000 Declared on 8 November 2016 By Narendra Modi
Government has demonetized 500 and 1000 denomination Currency notes in India with effective 8 November 2016. This Decision was taken by Indian Government and Prime Minister Narendra Modi due to the Increment in Money Laundering in India. The announcement was made by the Prime Minister of India Narendra Modi in an unexpected live telecast to the nation at 8: 15 Pm Approx.
The recent act by Indian government is a revolution in itself. Not only this act will bring black money owners but it will help a lot of poor and needy people financially. It will decrease corruption, act of terrorism and taken for granted currency.
500 or rs. 1000 are no longer valid to make market purchase or exchange for goods and services. Ban of big currency note 500 and 1000 rupees to remove the black money corruption. Demonetization of Indian old currency is a surgical strike or we can say Financial Strick and banning of rupee notes will wipe corruption.
In the announcement, Modi declared use of all Rs. 500 and Rs. 1000 banknotes is invalid from midnight of the same day and announced the issuing of new Rs. 500 and Rs. 2000 banknotes of the Mahatma Gandhi New Series in exchange for the old banknotes.
In addition, RBI has also introduced new 2000 rupees note on 10th November 2016. Government announced launched of new notes of 500 and 2000 with some changes like Mahatma Gandhi photo in the middle. This new 2000 rupee note looks pretty decent, It is Purple Color Currency Note. |
