Taking a historical step, Narendra Modi, the Prime Minister of India announced on 8th Nov, 2016 that the existing 500 and 1000 Rupee notes will no longer have legal tender, thereby becoming obsolete and illegal starting from 9th Nov 2016. Remarkably, 500 and 1000 are the two largest currency (Rupee) notes available for public use in India. The old note of 500 Rs has been replaced by a newer version and there is a new note of 2000 Rs. However, there was no announcement for the replacement of the old 1000 Rupee note. Today’s announcements will give greater strength to…
