Demonetised Rs 1,000 Notes Are Finally Gone As Law That Circulated The Currency Is Scrapped

Nearly two-and-a-half years after being demonetised, Rs 1,000 are finally going away. A law which allowed the Reserve Bank of India to circulate Rs 1000 denomination notes to tide over the shortage of currency in the late 1990s has been scrapped.

The High Denomination Bank Notes (Demonetisation) Amendment Act, 1998 is one of 58 “redundant” laws repealed last week. Parliament passed a bill to repeal 58 laws from the statute books last week.

In December 1998, then financial minister Yashwant Sinha, had moved a bill to allow RBI to circulate Rs 1,000 denomination notes.

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