CURRENT AFFAIRS

Detailed explanation-1: -Recently, banknotes in the denomination of ₹500 and ₹1000 issued under the Mahatma Gandhi Series have been withdrawn from circulation with effect from the midnight of November 08, 2016 and are, therefore, no more legal tender. 3. What is the status of withdrawal of pre-2005 series banknotes?

Detailed explanation-2: -On November 8, 2016, the Government of India announced the demonetization of all Rs 500 and Rs 1000 banknotes of the Mahatma Gandhi Series. The Government also announced the issuance of new Rs 500 and Rs 2000 banknotes in exchange for the demonetized banknotes.

Detailed explanation-3: -In an affidavit, the Centre told the top court recently that the demonetisation exercise was a “well-considered” decision and part of a larger strategy to combat the menace of fake money, terror financing, black money and tax evasion.

Detailed explanation-4: -10 lakhs and above in deposit, cash credit or overdraft accounts and keep record of details of these large cash transactions in a separate register.

Detailed explanation-5: -Coin of any denomination not lower than one rupee shall be legal tender for any sum not exceeding one thousand rupees.