NOVEMBER 8, 2016, the date which shook the entire country. A day after which the countrymen start following the currency related news very seriously. And the last day for Rs. 500 & Rs. 1,000 notes as Indian Currency. Because from November 9, 2016 both of the notes became illegal currency.
The demonitization of Rs. 500 & Rs. 1,000 notes was the first of its kind for the generation which born in 1990s and after the aforesaid. But do you know that the past generations have encountered the demonitization oftenly.
Surprisingly, there was a time when the notes of worth Rs. 5,000 and even of Rs. 10,000 were in the run. Believe me, the history of Indian Currency is very very exciting. The students applied for the government jobs may get some useful points after reading the history of Indian Currency.
In 1938, Reserve Bank of India printed the first note which was actually the note of worth Rs. 5. Subsequently, in the same year, R.B.I. printed the notes of Rs.10, Rs.100, Rs.1,000 and Rs.10,000 too. But after eight years, in 1946, the government of that time demonitised the notes of Rs. 1,000 as well as of Rs.10,000.
But the things doesn’t end up here. Again in 1954 A.D. (after another eight years), the notes of Rs. 1,000, Rs. 5,000 and Rs. 10,000 were reintroduced in the run. This decision was made because the government felt that there’s serious requirement of those notes. All of these three notes remain in usage for more than two decades.
But the saga doesn’t concludes. Again in 1978, the countrymen witnessed the demonitization of notes of Rs. 1,000, Rs, 5,000 and Rs. 10,000. The decision was taken when the government of that time came to know about the Black Money hidden within the country.
Interestingly, there was a time when the notes of some uncommon figures were also in the run. Notes of Rs. 4, Rs. 8 and Rs. 15 was in the usage once in the country. Not only these, the previous generations have also used the notes of Rs. 16 and Rs. 250 as well.
Later in 1987, the note of Rs. 500 got launched again and similarly, in 2000, the Rs. 1,000 note was introduced. Both of these notes are the same which are demonitized by the government very recently.
Ultimately, on November 8, 2016, P.M. Modi addressed a press conference in which he demonitized the notes of Rs. 500 and Rs.1,000. It’s admittable that this decision brought some transient disturbances in the country but yet received enough praise by the common citizens and celebrities as well.
Presently, the government and R.B.I. are cooperatively efforting to promote the cashless transactions in the country. The government is taking the possible initiatives to make the people to use cashless payment mediums frequently. In order to prevent the circulation of Fake Notes and storing of Black Money the government want that the countrymen should make larger number of money transactions through the cashless modes.
That’s why, on December 30, 2016, the government launched BHIM (BHarat Interface for Money).