Quick Take
Summary is AI generated, newsroom reviewed.
Other denomination notes to be issued over a period of time
Banks, ATMs to be closed on Wednesday
Cancelling Rs 500, Rs 1000 notes decisive to fight black money, says RBI
The Reserve Bank of India is briefing on the big announcement of the scrapping of Rs 500, Rs 1000 notes.
Following are the highlights:
- As of today and over past months, we have ramped up production
- Hence it was decided to introduced the scheme that PM has announced
- Decision of government to cancel legal tender status of rupee notes is a very bold and power and decisive step to fight black money
- There have been reports that lots of law enforcement agencies have been getting that money has been used to fund terrorism
- RBI has been concerned over the growing fake Indian currency notes
- Along with this notification, RBI will be launching new currency from Nov 10 onwards
- Tomorrow is a bank holiday, treasury will also be closed
- Between 2011 to 2016, the circulation of Rs 500 notes has gone up by 76% and Rs 1000 by 109%, but the economy has only expanded by 30%
- Please do not allow yourself to be used by anybody else to exchange illegal cash. You are free to do that for your friends and relatives and family
- Other denomination notes will also be issued over a period of time, including Rs 1000 notes
- PM has described in sufficient detail why this step is necessary. For economic integrity, if you want real economy to grow, this shadow economy, this ghost economy has to stop
