Government demonetizes high denomination bank notes Government has decided to demonetize existing bank notes of Rs 500 and Rs 1000 denominations from 8th November, 2016. This decision has been taken to tackle black money in the economy, curb financing of terrorism through the proceeds of fake currency notes and use of such funds for subversive activities such as espionage, smuggling of arms, drugs and other contrabands into India.
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