Starting November 10, the RBI will begin the infusion of the new Rs.500 and Rs.2000 currency notes in the market. The new notes – the Rs.2000 one being issued for the first time – have been designed to check duplication by those involved in making fake currencies.
The notes replace the existing Rs.500 and Rs.1000 denomination currencies which have been banned effective midnight of November 8.
Banks are closed for today, November 9, while ATMs are closed till November 10. To minimise the difficulties for the people, the government announced a slew of ways to exchange or deposit existing currency notes.
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.
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.