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Arjun Ram Meghwal
Demonetisation of old 500 and 1000 rupee notes

New Delhi.The matter to demonetise currency was under discussion and consultation with RBI for several months preceding 8th November, 2016. The Government in a letter dated 7th November, 2016 requested RBI to consider cancellation of legal tender character of Rs. 500 and Rs. 1000 denomination with the objective to eliminate black money and to curb the infusion and circulation of Fake Indian Currency Notes (FICN). The Central Board of the Reserve Bank in its meeting held on November 8, 2016 deliberated in detail a proposal for withdrawal of legal tender status of banknotes in the denomination of Rs. 500 and Rs. 1000 of existing and any older series in circulation and after due examination recommended withdrawal of legal tender status of such notes. The legal tender character of banknotes of the Specified Bank Notes in the denominations of Rs. 500 and Rs. 1000 in circulation as on the 8th November, 2016 was cancelled by the Central Government, on the recommendation of the Central Board of RBI, with effect from the expiry of the 8th November, 2016 in exercise of the powers conferred by sub-section (2) of section 26 of the Reserve Bank of India Act, 1934 (2 of 1934), with the objective to eliminate black money and to curb the infusion and circulation of Fake Indian Currency Notes (FICN).
This was stated by Shri Arjun Ram Meghwal, Minister of State in the Ministry of Finance in written reply to a question in Rajya Sabha today.(updated on February 7th, 2017)