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A brief history of India pulling bank notes from circulation

Posted on 10 November 2016

If third time’s the charm, the ban on Rs500 and Rs1,000 notes could finally wipe off corruption in India. Narendra Modi may have shocked the nation with his Nov. 8 announcement, but the prime minister’s move was hardly unprecedented. India has pulled select denominations of its currency twice before.
The first was when Rs1,000, Rs5,000, and Rs10,000 notes were taken out of circulation in January 1946, a year and a half before the country won independence from the British. The Rs10,000 notes were the largest currency denomination ever printed by the Reserve Bank of India, introduced for the first time in 1938. All three notes were reintroduced in 1954………………………………………Full Article: Source


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