Earlier in January 1978, currency notes in denominations of Rs 1,000, Rs 5,000 and RS 10,000 were demonetised.
In a major step to check black money, the government on Tuesday discontinued Rs 500 and 1000 currency notes. The announcement in this regard was made by Prime Minister Narendra Modi during his address to the nation. “From Midnight Nov 8, 2016 today, Rs500 and Rs1000 notes are no longer legal tender,” said Modi.
The prime minister said that corruption and black money is something the government has fought for immediately after assuming office.
In January 1978, the Indian government had demonetised that 1,000, Rs 5,000 and Rs 10,000 notes in a bid to counter black money in the economy. The move had hit a lot of people who had hoarded money.
Then the move was part of the High Denomination Bank Note (Demonetisation) Act, 1978. It was termed as “an Act to provide in the public interest for the demonetisation of certain high denomination bank notes and for matters connected therewith or incidental thereto.”
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