500 notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency and corruption. Many times, those using fake five hundred and thousand rupee notes have been caught and many such notes have been seized. The five hundred and thousand rupee notes hoarded by anti-national and anti-social elements will become just worthless pieces of paper. During this period, government hospitals will continue to accept five hundred and thousand rupee notes for payment. In 2014, the Reserve Bank sent a recommendation for issue of five thousand and ten thousand rupee notes.

Source: The Hindu November 08, 2016 17:16 UTC