A bold and welcome decision by Indian Prime minister Mr.Narendra Modi! Indian government prepared to replace 15,707 million pieces of ₹500 currencies and 6,326 million pieces of ₹ 1000 currencies of total worth ₹ 14,810 billion rupees with newer currency notes to bring down India’s black money and counterfeit notes.See the below link for the current currency management report in India.
Below are the interesting facts related to this remarkable news.
- The total currency value of ₹500 and ₹1000 in India as of March 2016 is nearly equal to ₹ 14,810 billions.(₹ 14,81,000 cores)
- When compared to end-March 2016, the value of banknotes in circulation was ₹16,415 billions (₹ 16,41,500 cores).Of this ₹500 and ₹1000 denomination occupies 86.4% of total money worth. See below pie chart for graphical representation of this.