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86% of currency by value in India are of Rs 500 & Rs 1,000 denominations

This measure would mean that from midnight, almost Rs 6,32,600 cr in circulation in the form of Rs 1,000 notes would be illegal

cashier counts rupee notes inside a bank in Mumbai
cashier counts rupee notes inside a bank in Mumbai

The government has decided to replace the existing set of Rs 500 currency notes and completely abolish the Rs 1000 denomination. PM Modi announced that the RBI will introduce Rs 2,000 as a new denomination in India. This according to the government will curb black money in the country. Currently Rs 17,54,000 crore worth of notes are in circulation according to the RBI’s database on the Indian economy. Of this Rs 500 notes constituted almost 45% of the currency in circulation while 39% of the notes were of the Rs 1,000 denomination. In value terms. However in terms of ...