The notes replace the existing Rs.500 and Rs.1000 denomination currencies which have been banned effective midnight of November 8.
The new Rs.500 note. Twitter
Though the PM acknowledged that some inconvenience will be faced by the common people, he expressed hope and placed his confidence that “every citizen will stand up and participate in this ‘mahayagna‘” in this war against corruption.
The new Rs.2000 note. Twitter
In a move that surprised over a billion plus population, the Prime Minister himself announced the scrapping of the old currencies of the said denominations to put a full stop on black money and counterfeit currency.
A study conducted by the Indian Statistical Institute had revealed that around 250 out of every 10 lakh notes in India are fake. The study said that half of the total value of the fake notes were of denomination Rs.1000, which is also the most difficult to detect.