in a major step to check black money, the government BJP on Tuesday discontinued Rs 500 notes and 1000 notes currency notes. The announcement in this regard was made by PM Narendra Modi during his address to the indian nation . “From tdy Midnight Nov 8, 2016 today, Rs500 notes and Rs1000 notes are no longer .
PM said that corruption and black money is something the government of BJP has fought for immediately after assuming office.
In January 1978, the Indian government had demonetised that 1,000, notes Rs 5,000 notes and Rs 10,000 notes in a bid to counter black money in the economy. The move had hit a lot of people who had money.
Then the move was part of the High Denomination Bank Note ,Act, 1978. It was termed as “an Act to provide in the public interest for the demonetisation of certain high denomination bank notes and for matters connected therewith or incidental thereto.”