On November 8, 2016, Prime Minister Narendra Modi sent shockwaves across the nation by suddenly announcing the demonetisation of Rs 500 and Rs 1000 currency notes. After the PM's announcement, the process of exchange of notes started and people deposited their old Rs 500 and Rs 100 notes in the bank and got new notes. After demonetisation, old Rs 500 and Rs 1000 currency notes were deposited under the Reserve Bank of India (RBI)'s supervision. During demonetisation, old notes worth more than Rs 15 lakh crore were deposited and those notes are not even in circulation today. The speciality of old notes is that they do not completely dissolve in water nor leave colour.

Source: dna November 10, 2021 01:40 UTC