Why were Rs 5,000 and Rs 10,000 notes withdrawn in India?
Many are unaware that high-denomination rupee notes like Rs. 5,000 and Rs. 10,000 once existed in India. This article delves into the history of these notes and the reasons behind their demonetization.
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The highest denomination note currently in circulation in India is the Rs 500 note. Following the 2016 demonetization, the Rs 2,000 note, which was introduced as part of the government's efforts to combat black money, has been withdrawn from circulation. However, many people are unaware that India once had currency notes of higher denominations than Rs. 2,000, including Rs. 5,000 and Rs. 10,000 notes.
The Rs 10,000 note: India's largest denomination:
The Rs. 10,000 note holds the record for being the highest denomination currency ever issued in India. This note was initially circulated during the pre-independence era. However, in January 1946, the British government decided to discontinue the Rs. 10,000 note as a measure to curb the growing circulation of black money during World War II.
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