Indian government has Demonetized bank notes in three instances till now.The reason for doing this was always to curb black money and counterfeit money.
1946 – Rs 10,000/- and Rs 1000/-
In January 1946 British Raj government withdraw the high value currency of Rs 10,000 and Rs 1000.
In the year 1954 new notes of Rs 10,000/-, Rs 5000/- and Rs 1,000/- were re-introduced.
1978 – Rs 10,000/- ,Rs 5,000/- and Rs 1,000
In January 1978 Rs 10,000/-, Rs 5,000/- and Rs 1, 000/- were demonetized.
In November 2000 Rs 1,000/- notes were re- introduced and In October 1987 Rs 500/-notes (for the First time) were introduced.
2016 – Rs 1,000/- and Rs 500/-
On 09th November 2016, Rs 1000/- and Rs 500/- notes were demonetized and On 10th November 2016 new Rs 2,000/-(for the First time) and new Rs 500/-notes will be issued.
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