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Saturday, June 3, 2023

Demonitization story of Rs 10,000 note that was once there in India

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The Reserve Bank of India (RBI) issued the Rs 10,000 note in 1938, making it the highest denomination of Indian rupee banknotes ever printed. Find out how the note was taken out of circulation and finally demonetized.

From ten rupees to twenty rupees, fifty rupees, one hundred rupees, and five hundred rupees, and up to and including one thousand rupees, those are the banknotes that the majority of us typically use, right? There is a possibility that some of us are familiar with even less common banknotes, such as the Rs. 1, Rs. 2, and Rs. 5 notes.

After the currency was demonetized, brand new 500 rupee notes and an altogether new 2,000 rupee note denomination were issued. However, does the note for 2,000 rupees hold the record for the biggest denomination of banknote ever created by the RBI?

However, I know that many of you are shocked to hear that it isn’t! Even though the greatest denomination of banknotes now in circulation is for the sum of 2,000 Indian rupees, the highest denomination of Indian rupee banknotes that has ever been printed was for the sum of 10,000 Indian rupees.

The Reserve Bank of India issued the Rs 10,000 note in 1938, making it the banknote with the biggest denomination it has ever produced. This information can be found on the RBI website. In January of 1946, it was taken out of circulation, but in 1954 it was made available once again. 1978 was the year in which it was ultimately demonetized once more.

According to the Reserve Bank of India (RBI), the following denominations of banknotes are presently being printed in India: 10, 20, 50, 100, 200, 500, and 2,000. Because the Reserve Bank of India is the institution that issues these notes, we refer to them as banknotes.

The printing of banknotes with the denominations of two and five pounds sterling has been ceased, and new coins with these denominations have been minted. This was done because the expense of manufacturing and maintaining these banknotes was not proportionate to the amount of time they would be in circulation.

On the other hand, similar banknotes that were created at an earlier time can still be found in circulation, and these banknotes continue to be valid forms of payment. The Government of India will sometimes issue 1 notes, and all of these notes, including those that were issued in the past, will continue to be accepted as legal money for financial dealings.

According to the Reserve Bank of India, bank notes must have denominational values of two rupees, five rupees, ten rupees, twenty rupees, fifty rupees, one hundred rupees, five hundred rupees, one thousand rupees, five thousand rupees, and ten thousand rupees or of such other denominational values, not exceeding ten thousand rupees, as the Central Government may, on the recommendation of the Central Board, specify in this behalf.

Taushif Patel
Taushif Patelhttps://taushifpatel.com
Taushif Patel is a Author and Entrepreneur with 20 years of media industry experience. He is the co-founder of Target Media and publisher of INSPIRING LEADERS Magazine, Director of Times Applaud Pvt. Ltd.

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