New Delhi, May 30: Reserve Bank of India announce on Tuesday to issue new one rupee notes in the market. However, old notes will remain valid and will still be a legal tender.
These new one rupee notes are printed by Ministry of Finance. So RBI’s task is only to circulate them in the country. According to ANI report, one rupee notes are legal tender under the coinage act 2011.
People need not to panic as existing notes will remain in circulation, only new one rupee will be introduced in the country. So there will be demonetization of one rupee note very soon.
On November 8, government of India declared that the higher currency notes of 500 and 1000 will be deemed as illegal tender from the midnight of November 9. And the people either have to deposit them with the bank or exchange them from the bank. This results in uncomfortability for the people. People in the country were standing in queue of banks and ATM’s and have to face lots of problems. This step was taken to free the country from fake currency.
New 500 and 2000 rupees notes were introduced. Initially it took lots of efforts to reach the currency to people. However slowly slowly the economy is coming back to track.
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