Features of new Rs 500 and Rs 2000 notes in india
November 8, 2016 came as a bolt from the blue for people across the country even as they learnt they would not be able to use notes of INR 500 and INR 1000 as readily as they were able to do before and soon (by 31st March, 2017), these notes would be reduced to being mere pieces of paper as stated in an address by Prime Minister Narendra Modi.
The decision, announced at 8 p.m. on 8th November by PM Narendra Modi has been taken in order to come down hard on people stashing black money in cash as well as people peddling counterfeit notes. It has also been announced in such a way that the corrupting elements are unable to prepare themselves in any way to counter this sudden ‘financial catastrophe’. The levels of corruption have reached such a stage that it is estimated that the black money accumulated in India, in various shapes and forms, is worth around billions of dollars. The Indian Government is attempting to bring all this unaccounted money back into the system.Now, even as the country discusses the justification of such a decision, a lot of people may have missed an announcement by the Prime Minister, who stated that very soon the Indian Government would be introducing notes of INR 500 and INR 2000 in the market. These new notes are expected to be introduced in a progressive manner from 10th November, 2016 onwards.
