Which of the new Rs 500 and Rs 1,000 notes are safe?
- by admin
With the Indian economy facing a slowdown, the Reserve Bank of India (RBI) on Tuesday decided to withdraw all Rs 500 notes and Rs 500/- notes.
The RBI had previously set a two-month window for withdrawal of the Rs 1 and Rs 2 notes, which are already being phased out.
The RBI announced the withdrawal of Rs 500, Rs 1.5 and Rs 10 notes, the latter of which is the official note.
The move follows a similar move earlier in the month by the Reserve Banks of India and the Central Bank of Iran.
The central bank had already withdrawn Rs 500 from all its denominations, but on Wednesday the Central Reserve Bank (CRB) said it will keep its own notes.
“As per the RBI notification dated August 6, 2017, the RBI has now decided to discontinue the Rs 500 denomination notes and the Rs 1000 denomination notes,” the CRB said in a statement on its website.
“In view of the withdrawal decision, the CRBs are providing immediate relief to those who have already received their money from the RBI and have not received any refund from RBI in the last two months,” the statement added.
According to the RBI, it is withdrawing Rs 500 as per the central bank’s notification dated July 25, 2017.
The new Rs 1 lakh notes have been withdrawn on August 5, 2017 and Rs 1000 notes on August 8.
In case of Rs 1 note, it will be the first note to be phased out by the central government, the statement said.
According the RBI’s decision, “the RBI will issue replacement notes of Rs 1000 and Rs 5000 denominations on a daily basis on August 7.”
The RBI said it has also decided to introduce a cashless economy by September 10.
The announcement follows the announcement of the central banking agency to ban cash payments by November 10, 2018.
With the Indian economy facing a slowdown, the Reserve Bank of India (RBI) on Tuesday decided to withdraw all Rs…
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