The Prime Minister, Narendra Modi, made an announcement to scrap 500 and 1000 rupee notes from circulation, effective Midnight, November 8th 2016. These 500 and 1000 rupee notes, will be replaced with new bank notes of INR 500 and INR 2,000 denomination.
Most of the black money in the country, is stashed in 500 and 1,000 rupee notes. The reason for this….These are high denomination notes. It is very easy to hide and transport these notes. Black money is then used to fuel all the corruption, which takes place in the country. All illegal activity such as smuggling, corruption and even terrorism, is financed using black money. This move is expected to break the back of corruption and terrorism in India.
The RBI will issue 2000 denomination banknotes, in the Mahatma Gandhi (New) series, without the inset letter, bearing the signature of RBI Governor, Urjit Patel and the year of printing “2016” on the reverse of the bank note.
These notes will have intaglio, or raised printing of Mahatma Gandhi portrait. They will also have Ashoka Pillar emblem, bleed lines and an identity mark.
There are Whatsapp messages, about the new 500 and 2000 rupee notes, having Nano GPS Chip. These can be traced via satellite, even if the note is buried deep underground. These are just false rumors...
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