India bans Rs 500 and Rs 1000 notes

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On November 8, Prime Minister Narendra Modi announced demonetisation policy to invalidate Rs 500 and Rs 1,000 notes. The move was to eliminate the rising incidence of fake notes and black money. This will also curb financing of terrorism. According to the news source, old 500 and 1000 rupees notes can be exchanged at any offices of the Reserve Bank of India or at any bank branches or at any Post Office. The move comes soon after the Income Declaration Scheme of the government ended.

According to experts, most of the black money is held in big currency notes. The New Series bank notes of Rs.500/- and Rs.2,000/- denominations will be introduced for circulation from this November 2016.

News source: Full text of govt’s statement on banning Rs 500 & Rs 1,000 notes | Moneycontrol.com

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