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<h1>Demonetisation of high denomination notes alters legal tender status to curb black money and counterfeit currency circulation.</h1> Cancellation of the legal tender status of specified high denomination banknotes was effected to disrupt cash based concealment of unaccounted wealth and to stem circulation of counterfeit currency; the Central Government, on the Reserve Bank's recommendation, exercised powers under sub section (2) of section 26 of the Reserve Bank of India Act, 1934 to withdraw the legal tender character of the Specified Bank Notes, and returned notes were routed to RBI currency chests with banks reporting deposits.