There was a day in 2016, i.e. November 8, 2016 , when the whole country stopped financially.
People started hunting for ATMs and cash flow went equal to zero.
Demonetization Day, which became one of the historic days of the country.
Suddenly a news flashed on television, Prime Minister Narendra Modi announced that 500 and 1000 Rupee notes would be withdrawn from circulation in bid to tackle corruption.
But if we look back, its not the only demonetization day that India has witnessed, but there have been many times that this situation has been faced by the citizens of India.
Here are some interesting facts about demonetization of Indian Currency
-
The first time demonetization took place was in January 1946, where Rs 1000 and higher denomination notes were demonetized.
-
Rs 10,000 was the highest denomination note ever printed by the Reserved Bank of India (RBI). This was printed in 1938 and again in 1954.
-
According to the RBI data, these notes were demonetized in January 1946 and again in January 1978.
-
Prior to January 1946, Rs 1,000 and Rs 10,000 bank notes were in circulation.
-
In 1954, higher denomination bank notes of Rs 1,000, Rs 5,000, Rs 10,000 were reintroduced and there after in January 1978, all of them were demonetized.
-
In November 2000, the Rs 1,000 note made a comeback.
-
Rs 500 note came into circulation in October 1987.
-
This is the first time that Rs 2,000 currency note is being introduced, however.
-
Rs 10 denomination Bank notes in Ashoka Pillar watermark series were issued between 1967 and 1992, Rs 20 in 1972 and 1975, Rs 50 in 1975 and 1981 and Rs 100 between 1967-1979.
-
The banknotes contained the symbols representing science and technology, progress and orientation to Indian art forms, which are issued during this period.
-
In the year 1980, for the first time, the legend Satyameva Jayate -- 'truth alone shall prevail' -- was incorporated under the national emblem.
-
Rs 500 banknote was introduced with the portrait of Mahatma Gandhi and Ashoka Pillar watermark in October 1987.
-
1996 Mahatma Gandhi (MG) series banknotes - were issued in the denominations of Rs 5, (introduced in November 2001), Rs 10 (June 1996), Rs 20 (August 2001), Rs 50 (March 1997), Rs 100 (June 1996), Rs 500 (October 1997) and Rs 1,000 (November 2000).
-
2005 The Mahatma Gandhi Series - bank notes were issued in the denomination of Rs 10, Rs 20, Rs 50, Rs 100, Rs 500 and Rs 1,000 and contained some additional/new security features as compared to the 1996 MG series.
-
in August 2005, the Rs 50 and Rs 100 banknotes were issued, followed by Rs 500 and Rs 1,000 denominations in October 2005 and Rs 10 and Rs 20 in April 2006 and August 2006, respectively.
So this is the history of our Indian currency.
This is not only the history but these can be the points which might help you to answer some current affair questions about demonetization in any of the competitive exams.
