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of <h1>India's Demonetization: 500 & 1000 Rupee Notes Scrapped to Combat Black Money and Fake Currency in 2016.</h1> The Indian government, after consultations with the Reserve Bank of India (RBI), demonetized 500 and 1000 rupee notes on November 8, 2016, aiming to combat black money and curb fake currency circulation. The RBI's Central Board recommended this move to tackle the infusion of fake Indian currency notes, which threaten economic stability and fund illicit activities. A study by the Indian Statistical Institute highlighted the persistent issue of fake currency, while reports noted significant unaccounted wealth in cash. The demonetization resulted in 12.44 lakh crores of specified bank notes being returned to RBI by December 10, 2016.
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