FAQs on Withdrawal of Legal Tender Status of the existing Bank Notes in the denominations of ₹ 500/- and ₹ 1000/- (Updated as on November 21, 2016)

Last updated: 22 November 2016
1. Why is this scheme introduced? The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for antinational and illegal activities. High denomination notes have been misused by terrorists and for hoarding black money. India remains a cash based economy hence the circulation of Fake Indian Currency Notes continues to be a menace.
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Notification No : 21.11.16
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