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 note issues will. On 13 October 2018, the Bank of England announced that the next £50 note will be printed on polymer, rather than cotton paper. Members of the public have been invited to nominate a scientist to feature on it. The Bank of England has not always had a monopoly of note issue in England and Wales. Until the middle of the 19th century, private banks in Great Britain and Ireland were free to issue their own banknotes, and notes issued by provincial banking companies were commonly in circulation. Over the years, various Acts of Parliament were introduced by the Parliament