(Source: Reuters)Prime Minister Narendra Modi’s announcement to disallow use of existing Rs 500 and Rs 1,000 notes from this midnight caught everyone by surprise. We don’t know how much of this comprises Rs 500 and Rs 1,000 notes. In terms of volumes, out of the total 9026.6 crore banknote pieces, 2,203 crore or 24 per cent-plus were of Rs 500 and Rs 1,000 denomination. PM Modi scarps Rs 500, Rs 1000 notes: Here are the highlights from his addressSimply put, the de-monetisation of Rs 500 and Rs 1,000 notes, which is what Prime Minister Narendra Modi has announced will happen from Tuesday night, would mean replacing more than Rs 15 lakh crore worth of high-value legal tender. Are our banks equipped to replace 2,300 crore pieces of banknotes of Rs 500 and Rs 1,000 denomination by this year-end – the deadline set by Modi?

Source: Indian Express November 08, 2016 16:50 UTC