It has been announced that now 1000 and 500 Rs notes will be discontinued. This is done with the vision to get out the black money. So how this will get back the black money. 80-90% of black money which is in Cash will be in these notes only so if it is discontinued either
I promise to pay the bearer the sum of five hundred rupees This sentence written on the note states the fact that note is a promise or liability for the government to pay the value equivalent to the 1000 Rs if you hand over the note to RBI. The actual value of note is