In a major step to check black money, the government on Tuesday discontinued Rs 500 and 1000 currency notes. Read: Demonetising Rs 500, 1000 notes a very bold step to fight black money: RBIIn January 1978, the Indian government had demonetised that 1,000, Rs 5,000 and Rs 10,000 notes in a bid to counter black money in the economy. Read: Rs 500 and Rs 1000 notes demolished: Here’s what to do with old notesHe also announced that new notes of Rs 2000 and Rs 500 will be introduced. Rs 500 and Rs 1000 notes will be valid for transactions related to booking of air tickets, railway bookings, government bus ticket counters and hospitals till the midnight of November 11 and 12. “There is a need for a decisive war against the menace of corruption, black money and terrorism… Corruption, black money and terrorism are festering wounds which make the country hollow from within,” he said, adding such activities hold back the nation’s progress.

Source: Indian Express November 08, 2016 15:01 UTC