Source - www.jefferies.com, 9th November, 2016
As of 8th November 2016, currency notes of denominations Rs500 and Rs1000 has ceased to be a legal tender, approx. 25% by volume and 86% by value of currency in circulation. The stated objective of the Govt. is to curb black money, curtailing prevalence of fake currency, and countering terrorism financing.
The RBI will issue new currency notes of denominations Rs500 and Rs2,000, which will be made available for exchange starting 10 Nov until 31 Dec 2016. Electronic model of transfers have no restrictions. Restriction on cash withdrawals will slowly be eased over the next fortnight.
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