The RBI said the move is necessitated to tackle counterfeiting Indian banknotes, to effectively nullify black money hoarded in cash and curb funding of terrorism with fake notes.
The government in a surprise move on Tuesday announced that the Rs. 500 and Rs. 1,000 will be withdrawn. "This is necessitated to tackle counterfeiting Indian banknotes, to effectively nullify black money hoarded in cash and curb funding of terrorism with fake notes," the Reserve Bank of India said in a release.
As part of the move, the RBI will issue new bank notes of Rs. 500 and Rs. 2,000 denomination.
Here are some features of the new bank notes of Rs. 500 denomination, as per the RBI:
New Rs. 500 notes are different from the present series in colour, size, theme, location of security features and design elements
Size of new note is 63mm x 150 mm
Colour of the note is stone grey
The predominant new theme is Indian heritage site - Red Fort
The size of the new Rs. 500 note is 63mm x 150 mm, the RBI said.
Here are some features of the new bank notes of Rs. 2,000 denomination, as per the RBI:
Rs. 2,000 notes will be part of Mahatma Gandhi (New) Series
New Denomination has motif of the Mangalayan on the reverse, depicting the country's first venture in interplanetary space
Base colour of note is magenta
Note has other designs, geometric patterns aligning with the overall colour scheme
Size of the new note is 66 mm x 166 mm
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