Legal tender with its own rial in 1970. On 8 November 2016, Prime Minister Narendra Modi announced that existing INR 500 and INR 1000 banknotes would no longer be accepted as legal tender with a view to curb counterfeiting, tax evasion and the parallel economy. The Reserve Bank of India outlined a scheme for holders of such banknotes to either deposit them into their bank accounts for full, unlimited value, or to exchange the banknotes for new, subject to a cap. New Zealand has a complex history of legal tender. English law applied, as applicable to local circumstances, from either 6 January
Bank of England £50 note Bank of England £50 note The Bank of England £50 note is a banknote of the pound sterling. It is the highest denomination of banknote issued for public circulation by the Bank of England. The current cotton note, first issued in 2011, bears the image of Queen Elizabeth II on the obverse and the images of engineer and scientist James Watt and industrialist and entrepreneur Matthew Boulton on the reverse. Fifty pound notes were introduced by the Bank of England for the first time in 1725. The earliest notes were handwritten and were issued as needed to individuals. These notes