Mumbai: After the government made a surprise announcement of making Rs1,000 and Rs500 bank notes illegal from midnight, the Reserve Bank of India (RBI) posted detailed FAQs explaining the rationale behind the move. Also Read: Rs500, Rs1,000 notes scrapped as Narendra Modi steps up black money fight“The fake notes are used for anti-national and illegal activities. To contain the rising incidence of fake notes and black money, the scheme to withdraw high-denomination notes has been introduced,” RBI said. For those without any bank account, RBI said they can open an account with necessary KYV documents. Higher value notes can be deposited/withdrawn through ATMs, cash deposit machines and cash recyclers.

Source: Mint November 08, 2016 19:59 UTC