5 years of Demonetization: Here is when and which denomination got demonetized

Prime Minister Narendra Modi had on November 8, 2016, announced the demonetization of Rs 500 and Rs 1000 banknotes.

As per the announcement, the banknotes in the denomination of Rs 500 and Rs 1000 issued under the Mahatma Gandhi Series had been withdrawn from circulation with effect from the 08 November 2016 midnight and are, therefore, no more legal tender.

The year 2021 will mark the completion of five years of the decision and here are the details regarding which denomination banknotes have been demonetized to date.

As per the information provided by the Reserve Bank of India (RBI), Rs 500, Rs 1000, and Rs 10000 banknotes, which were then in circulation were demonetized in January 1946.

The higher denomination banknotes in Rs 1000, Rs 5000, and Rs 10000 were reintroduced in the year 1954, and these banknotes (Rs 1000, Rs 5000, and Rs 10000) were again demonetized in January 1978.

As regards prohibition on holding, transferring, or receiving specified bank notes, Section 5 of The Specified Banknotes (Cessation of Liabilities) Act, 2017 reads as under:

On and from the appointed day, no person shall, knowingly or voluntarily, hold, transfer or receive any specified banknote:

Provided that nothing contained in this section shall prohibit the holding of specified banknotes—

(a) By any person:

(i) Up to the expiry of the grace period; or

(ii) After the expiry of the grace period,—

Not more than ten notes in total, irrespective of the denomination; or

(a) Not more than twenty-five notes for the purposes of study, research, or numismatics;

(b) By the Reserve Bank or its agencies, or any other person authorised by the Reserve Bank;

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(c) By any person on the direction of a court in relation to any case pending in the court.