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 £5 note 2016, with an initial print run of 440 million notes (worth £2.2 billion), over the period of co-circulation. It was announced that there would be a co-circulatory period with the old series E notes, and then on 5 May 2017, the series E would cease to be legal tender. However, as with all Bank of England notes, they can be exchanged at face value at any time in the future. In November 2016 there was controversy when the Bank of England confirmed that the new notes contain traces of tallow in the new notes. According to an online petition on