Largest Currency Notes Ban Not New In India
The entire country turned upside down with the announcement from Prime Minster Narendra Modi on the ban of Rs. 500 and Rs. 1000 notes. Largest Currency Notes Ban Not New In India, if you think that it is the first of its kind to ban largest currency notes in India, you are absolutely wrong. Currency notes were banned in India many a times in the past.
In the past, there have been many cases of bans on currency notes. Even 10, 000 Rs notes were banned ages ago. In 2014, the government has called back Rs. 500 and Rs. 1000 that were printed before 2005. Even then government collected information about the person who exchanged more than 10 notes at a time, which brought some black money into light.
Many countries banned currency notes in the past
Even before India got Independence, there are Rs 1000 and Rs 10, 000 notes in circulation. In 1938 Rs. 10, 000 notes were banned and in January 1946, 1000 notes were banned for the first time. The notes came into circulation again in 1954. Along with those banned notes, 5,000 notes also came into circulation.
Largest Currency Notes Ban Not New In India. Because of the increase of black money, in 1978 government has banned 1000 and above notes, which were again brought back into circulation in 2000. India is not the only country to ban the largest notes, many others countries like Libia, Mexico, Argentina, Nepal, Israel, Germany etc have done the same in the past to get rid of black money.