The Withdrawal of Legal Tender Character of Indian Rupee 500 & Indian Rupee 1,000

The Indian Central Bank, The Reserve Bank of India has taken a huge step to clean up the economy.

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=38520

On the 8th November, The Reserve Bank of India issued this statement.

This is necessitated to tackle counterfeiting Indian banknotes, to effectively nullify black money hoarded in cash and curb funding of terrorism with fake notes

It has effectively sent a message to the world that the Indian Economy is open for business. Black Market Cash is no longer tolerated. This is a huge step for India where cash is the main form of currency that is used.

On thing that this may facilitate is the long term trend to stop using cash and the use of electronic money.

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