Demonetization and currency replacement is going on in full-throttle!
On Nov 8, 2016, Indian Prime Minister, Narendra Modi, surprised the whole nation with his sudden declaration of invalidating Rs 500 and Rs 1000 notes in order to tackle the problem of black money in the country. It was one of the boldest moves any government has ever taken towards solving the problem of black economy in the country, and it sent the whole country into a frenzy. In fact, 'How to convert black money into white' was a trending Google search for the next couple of days. This goes to show how many people the Prime Minister has been able to mobilize, and the scale on which this operation is running. Now, taking the operation further, the RBI has released the latest Rs 500 notes, and here we are with a list of its special features.
Check it out!
On the night of November 8, the Prime Minister of India, Narendra Modi, declared that the existing currency denominations of Rs 500 and Rs 1000 will no longer be valid.
During the surprise speech, he said that the existing notes will be replaced with new Rs 500 and Rs 2000 notes.
They look pretty cool!
And people are absolutely loving the new look and feel.
And it has a few special features. The location of the security features has also been changed.
The new Rs 500 banknotes bear the signature of the RBI governor, Urjit Patel.
The notes have the Swachh Bharat logo and an image of the Red Fort printed on their reverse side.
That's because all the ATMs will have to recalibrate for the new sizes of the new notes.