Reserve Bank of India (RBI) today revealed what the new Rs 2000 and Rs 500 currency notes will look like, announcing that these will be launched on 10th November (Thursday).
Prime Minister Narendra Modi announced that Rs 500 and Rs 1000 banknotes would be withdrawn from the financial system at midnight, saying it was part of a crackdown on rampant corruption.
The surprise step appears to be designed to bring billions of dollars worth of cash in unaccounted wealth into the mainstream economy.
The new series of Rs. 500 notes, said economic affairs secretary Shaktikanta Das, will be called the Mahatama Gandhi series of bank notes and they also carry a picture of Delhi’s Red Fort.
The 2000 rupee note that is being introduced carries an image of the Mangalyaan to celebrate India’s Mars mission, he said.
Control rooms are being set up at the Reserve Bank and the Department of Economic affairs in the finance ministry to help in the transition.
Tomorrow, Wednesday, the officials said, will be a bank holiday and the treasury will also be closed. Mr Das called the government’s decision to cancel the Rs. 500 and 1000 notes “a very bold, powerful and decisive step” to fight black money.
ATM withdrawals will be restricted to Rs 2,000 per day and withdrawals from bank accounts will be limited to Rs 10,000 a day and Rs 20,000 a week.
DETAILS: Rs 500, Rs 1000 notes discontinued from midnight of November 8
Here’s what the Rs 2000 and Rs 500 new notes will look like: