New notes to be introduced in the market from Nov 10 onwards: Shaktikanta Das

Economic Affairs Secretary Shaktikanta Das said that new 500 rupee notes and 2,000 rupee notes will be introduced in the market from November 10 onwards.

The move comes in the back of Prime Minister Narendra Modi announcing demonetisation of Rs 1,000 and Rs 500 notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency and corruption.

There are statistics that show that circulation of 500 rupee currency notes have increased by 76% & 1,000 rupee currency notes by 109%, said Das. 

Many investigative reports say fake notes were used to fund terrorism, he said. 

New Rs 500 note features the Red Fort and new Rs 1,000 note features the Mangalyaan.