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Why does 500 and 1000 Rs notes banned by GOI and new notes of 500 and 2000 are issued?
Can you tell me why the Indian government banned 500 and 1000 Rs notes and introduced new notes of 500 and 2000 Rs denominations?
The government of India banned the 500 and 1000 Rupee notes in order to curb black money and counterfeit currency. The new 500 and 2000 Rupee notes were introduced to address the liquidity shortage that followed the demonetization.