After 2.5 years of demonetisation, Rs 1000 to finally go away forever
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The High Denomination Bank Notes (Demonetisation) Amendment Act, 1998 is one of 58 "redundant" laws repealed last week.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. Yashwant Sinha, the then finance minister, had moved a bill in December 1998 to allow RBI circulate Rs1000 denomination notes. The government announced demonetisation of all Rs 500 and Rs1000 banknotes of the Mahatma Gandhi series.