Tuesday, November 8, 2016
Demonetization of currency was last carried out in India in 1977 by the then Prime Minister Shri Morarji Desai. It was a bold step to bring out black money. All notes with denomination of more than Rs.100/- were demonetized as higher denomination notes of Rs.5000/- and Rs.10000/-, in circulation since 1949 and suspected to be be safely stored as black money. Unaccounted money lying with the bigwigs in the shape of higher denomination notes had to be destroyed by the owners who were unable to account for it and claim equivalent currency from the government. Later on in 1987 currency notes of 500 and in year 2000 currency notes of 1000 were again introduced.
Posted by All India Postal Accounts Employees Association (AIPAEA) at 11/08/2016 09:12:00 AM