Modi says 2019 election was like a 'pilgrimage', thanks NDA allies for good work////Envoys of three Nations present credentials to President of India///NDA confident of winning Lok Sabha election, plans ahead; jittery opposition parleys to come together////EAM Sushma Swaraj embarks on a two-day visit to attend SCO foreign ministers meet in Bishkek ////VP Naidu addresses Convocation of Great Lakes Institute of Management////रामपुर सीट अगर मैंने 3 लाख वोट से नहीं जीती, तो समझना हिंदुस्तान में बेइमानी हुई: आजम खान////EVM विवाद के बीच देर रात अचानक स्ट्रांग रूम देखने पहुंचे दिग्विजय सिंह///BJP chief Amit Shah congratulates 'Team Modi Sarkar' for 5 years, hosts dinner for NDA allies////EC sets up 24-hour Control Room to deal with complaints relating to EVMs///Prasar Bharati to conduct 40th e-auction for allotting DD Free Dish slots to devotional channels////SC dismisses PIL on 100% matching of VVPAT slips with EVMs///Mamata Banerjee can get BJP's Barrackpore candidate killed in encounter, alleges Kailash Vijayvargiya////Kushwaha warns of violence, says will take up gun to save democracy///
Home | Latest Articles | Latest Interviews |  Past Days News  | About Us | Our Group | Contact Us
MY VIEWS
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)