Accepted note ban proposal due to fake notes menace: RBI
The RBI accepted the government’s proposal to recall ₹500 and ₹1,000 banknotes because it was getting “increasingly difficult” 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.