Accepted note ban proposal due to fake notes menace: RBI
The RBI accepted the governmentâs proposal to recall â¹500 and â¹1,000 banknotes because it was getting âincreasingly difficultâ to differentiate between genuine and counterfeit currency notes, the central bank said. RBI saw an opportunity to put an end to the "menace of counterfeit notes", particularly when the introduction of new design notes was in the offing, it added. 