"The fake notes are used for anti-national and illegal activities. High denomination notes have been misused by terrorists and for hoarding black money. To contain the rising incidence of fake notes and black money, the scheme to withdraw high-denomination notes has been introduced," RBI said. In consequence, the withdrawn old high denomination notes cannot be used for transacting business and/or store of value for future usage. For those without any bank account, RBI said they can open an account with necessary KYV documents.

Source: India Today November 08, 2016 19:39 UTC