You might have heard of the recent withdrawal of higher denomination currencies in the country. This happens to be the third instance of demonetization in modern India. With this, old banknotes of Rs 500 and Rs 1000 have become invalid and the government, with the help of the Reserve Bank of India has started issuing new currency notes in the denomination of Rs 500 and Rs 2000.
As a result of this major move, banknotes belonging to the Mahatma Gandhi series that we now use will be replaced by the Mahatma Gandhi new series. However, the notes of Rs 100, Rs 50, Rs 20, Rs 10 and Rs 5 will remain unchanged.
The announcement of demonetization made by the Prime Minister Narendra Modi on the night of October 8 over television has been considered historic by many people.
In what is regarded as the most important cleanliness drive in the country, the sudden step is expected to curb counterfeit notes used for various criminal activities like terrorism, and corruption. The move is also expected to make the country more digital.
