Question

Which of the following denomination of banknotes issued by the Reserve Bank of India was withdrawn from the legal tender character?
1. Rs. 50 and Rs. 100
2. Rs. 100 and Rs. 20
3. Rs. 500 and Rs. 1000
4. None of the above

Answer 1

Correct Answer - Option 3 : Rs. 500 and Rs. 1000

The correct answer is Rs. 500 and Rs. 1000.

•  ₹500 and ₹1000 banknotes of the Mahatma Gandhi series issued up to November 08, 2016, have ceased to be Legal Tender with effect from the midnight of November 8, 2016.
• Denomination of banknotes issued by the Reserve Bank of India was withdrawn from the legal tender character.
  • The legal tender character of the existing banknotes in denominations of Rs 500 and Rs 1000 issued by the Reserve bank of India till November 8, 2016, stands withdrawn.
  • The Specified Bank Notes were allowed to be exchanged for value at RBI Offices till December 30, 2016, and till November 25, 2016, at bank branches/Post Offices and deposited at any of the bank branches of commercial banks.
  • The fake notes are used for anti-national and illegal activities. High denomination notes have been misused by terrorists and for hoarding black money.