Friday, 24 March, 2023

Government: Demonetisation in Response to Significant Increase in Value of Rs 500/1,000 Notes

<p>The Union government told the Supreme Court that a substantial increase in the circulation of Rs 500 and Rs 1,000 denomination currency notes was one of the primary factors driving the Reserve Bank of India&#39;s decision to recommend to the Centre the withdrawal of these two legal currencies.From 2010-11 to 2015-16, there was a significant increase in the two highest denominations, 76.4% for Rs 500 and 109% for Rs 1,000 the government said in an affidavit.</p>