New Delhi, Nov 8 Prime Minister Narendra Modi announced today that the Rs 500 and Rs 1,000 notes will be pulled out of circulation from midnight.
He also announced that the new notes of Rs 500 and Rs 2,000 would be printed soon and the Reserve Bank of India had approved of the same.
The RBI governor Urjit Patel said that they were very concerned about the growing menace of fake currency which has been increasing in numbers. We have increased our production and are trying to provide new currency notes as soon as possible, Patel also announced.
Patel also said that there has been no breach of any security features, but for the public the looks of a fake currency note is similar to the genuine.
During the meet, Shaktikanta Das, the economic affairs secretary said that the new Rs 500 and Rs 2,000 notes will be known as the Mahatma Gandhi new series of bank notes.
The new notes would would be released from November 10 onwards. He further added that those accepting Rs 500 and Rs 1,000 notes after tonight would be doing at their own risk.