Cancellation of the Legal tender Character of High Denomination Bank Notes of Rs. 500 and Rs. 1000 Denominations Issued by RBI
Cancellation of the legal tender character of the High Denomination bank notes of Rs.500 and Rs.1000 denominations issued by RBI Government of India Ministry of Finance Department of Economic Affairs ******* Press Release With a view to curbing financing of terrorism through the proceeds of Fake Indian Currency Notes (FICN) and use of such funds for subversive activities such as espionage, smuggling of arms, drugs and other contrabands into India, and for eliminating Black Money which casts a long shadow of parallel economy on our real economy, it has been decided to cancel the legal tender character of the High Denomination bank notes of Rs.500 and Rs.1000 denominations issued by RBI till now. This will take effect from the expiry of the 8th November, 2016. 2. Fake Indian Currency Notes (FICN) in circulation in these denominations are comparatively larger as compared to those in other denominations. For a common person, the fake notes look similar to ge...