Modi Government Scrapped Old Currency And Introduced 2000 Rupees Note In A Hurry

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Modi Government Scrapped Old Currency And Introduced 2000 Rupees Note In A Hurry

Indian government has released 2000 rupee notes for public use on the night of Nov 8, 2016. Reserve Bank of India, lender of last resort and custodian of Indian currencies has issued Rs.2000 currency notes, the highest to come into circulation. The main purpose of issuing higher value currency is to counter the black money issue which India is currently facing. Tax evasion, black money and hawala are the main disturbance to the Indian economy.

To counter these issues Indian government along with RBI has made new policy decisions regarding currency.

1. Indian Governemnet has introduced new money denomination to the publicĀ on 8th Nov 2016.

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2. As per reports, the printing process of 2000 rupee currency note has been done at Mysore.

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3. To put that into currency circulation RBIĀ discussed that with the Government.

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4. Both Ministry of finance and RBI did it as a surprise stroke.

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5. There are eight mints in the country .

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6. RBI had printed even 10000 rupees currency notes in 1954 and 1983. But they demonetized in 1946 and 1978 respectively because of fall in the money value.

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7. For printing a 1000 rupee note RBI spent Rs.3.14 per note. This spending will also be reduced if we use high value currency than 1000. Because a single 2000 rupee note equals to production two 1000 rupee note.

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8. The coins of 1 paise to 25 paise have been withdrawn and demonetized in the year of 2011 on 30th June .

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9. The main intention of introducing 2000 rupee currency is to reduce black money from the economy.

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10. These conversion will definitely a big problem for black money hiders. They should take their money from hideouts and pay the taxes for the evaded money. If not then the money they have hided become useless and garbage.

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11. The RBI estimates the demand for banknotes on the basis of the growth rate of country and replacement of demand and reverse stocks.

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12. RBI have wide network of currency chests, Banglaore, Ahmedabad, Jammu, Kochi, Kanpur, Mumbai, Kolkata etc, There are 19 in total.

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13. AS per RBI statistics, 86 percent of the 100 rupee note and 500 rupee notes in circulation belongs to the 2014 -15 batch.

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14. India is now transitioning towards a cashless economy.

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15. It was in the news that these circulation was planned in Feb 2017.

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