India withdraws the Legal Tender status of INR 500 and INR 1,000 banknotes

India withdraws the Legal Tender status of INR 500 and INR 1,000 banknotes

Government of India have withdrawn the Legal Tender status of INR 500 and INR 1,000 denominations of banknotes of the Mahatma Gandhi Series issued by the Reserve Bank of India till November 8, 2016.  This is necessitated to tackle counterfeiting Indian banknotes, to effectively nullify black money hoarded in cash and curb funding of terrorism […]