The sudden move to demonetise Rs 500 and Rs 1,000 currency notes is not new. Rs 1,000 and higher denomination notes were first demonetised in January 1946 and again in 1978.
The sudden move to demonetise Rs 500 and Rs 1,000 currency notes is not new. Rs 1,000 and higher denomination notes were first demonetised in January 1946 and again in 1978. While the decision will undoubtedly have a short-term impact, the long-term benefits are immense. The historic step could usher in a new era of affordable healthcare and higher education, check counterfeiting of currency and prevent terrorist funding. While the decision may mean consigning these notes to the museum it may also make them a collector’s item and the pride of numismatists.
N.J. Ravi Chander
Bengaluru
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