The Government of India (GoI) announced the withdrawal of legal tender notes of Rs 500 and Rs 1,000 denominations on November 8, 2016. As per the GoI notification dated November 8, 2016, this was necessitated to tackle counterfeiting of Indian banknotes, effectively nullify black money hoarded in cash and curb funding of terrorism with fake notes. Further, on November 12, 2016, the Reserve Bank of India (RBI) issued a press release stating that while efforts to change currency were afoot, the public was encouraged to switch to alternative modes of payment such as prepaid cards, ...
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First Published: Wed, November 08 2017. 21:41 IST
