Nov 26: Demonetization of higher denomination notes happened after a gap of 38 years around. On the 8 November 2016 announced demonetization of Rs 500 and Rs 1000 banknotes with effect from the same day’s midnight, making these notes invalid. The purpose of demonetization is to combat black money as well as to check fake currency and corruption. Reserve Bank of India introduced a new redesigned series of Rs 500 banknote, in addition to a new denomination of Rs. 2000 banknote. This is first time in the history of India that, Rs,2000 denomination note is being introduced.
Before the current demonetization of Rs.500 and Rs.1000 denomination notes, Rs 1,000 and higher denomination notes were first demonetized in January 1946 and again in 1978. Reserve Bank of India introduced Rs.10, 000 notes in 1938, but these notes were demonetized in January 1946. Again it introduced higher denomination bank notes of Rs.1000, Rs.5, 000 and Rs.10000 in 1954 and were demonetized in 1978. The Rs.1000 note made a comeback in November 2000. Rs.500 note came into circulation in October 1987.
Series in Rs.10 denomination having Ashok Pillar watermark were issued between 1967 and 1992, Rs 20 in 1972 and 1975, Rs 50 in 1975 and 1981 and Rs 100 between 1967-1979. The banknotes issued during this period contained the symbols representing science and technology, progress and orientation to Indian art forms. In the year 1980, the legend Satyameva Jayate was incorporated under the national emblem for the first time. In October 1987, Rs 500 banknote was introduced with the portrait of Mahatma Gandhi and Ashok Pillar watermark. Mahatma Gandhi (MG) series banknotes – 1996 were issued in the denominations of Rs 5, (introduced in November 2001), Rs 10 (June 1996), Rs 20 (August 2001), Rs 50 (March 1997), Rs 100 (June 1996), Rs 500 (October 1997) and Rs 1,000 (November 2000). The Mahatma Gandhi Series – 2005 bank notes were issued in the denomination of Rs 10, Rs 20, Rs 50, Rs 100, Rs 500 and Rs 1,000 and contained some additional/new security features as compared to the 1996 MG series.
