Starting from 23rd of this month, people are allowed to exchange such notes upto 20,000 Rupees at a time. There is no end date for the exchange and the Notes continue to be Legal tender until they are in circulation.
Banks are instructed to stop issuing such notes to the customers with an immediate effect.
This move comes at the time when the General elections are less than a less than an year away.
This move is aimed at stopping the money distribution in the elections.
This is something former Chief Minister Chandrababu Naidu has been advocating for a long time to curb the role of money in the election.
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