Reserve Bank of India today revealed how the new notes of Rs.500 and Rs.2,000 will look like. The new notes will be launched on November 10. Modi, today, also announced ban on existing Rs.500 and Rs.1,000 notes. He addressed the whole nation announcing the expiry of Rs.500 and Rs.1,000 notes.
This step is taken to fight against corruption. PM said that, since the day his government came into power, around 1.25 lakh crore of black money belonging to the corrupt has been uncovered. This decision will also help removing the fake currency that has been exported to India to sponsor deadly attacks.
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The new Rs.500 and Rs.1000 notes’ series will be known as the Mahatma Gandhi series of bank notes. The new notes will also feature a picture of Delhi’s Red Fort. Control rooms are being set up at the Reserve Bank and the Department of Economic Affairs to handle the change.