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After 2.5 years of demonetisation, Rs 1000 to finally go away forever

The High Denomination Bank Notes (Demonetisation) Amendment Act, 1998 is one of 58 "redundant" laws repealed last week.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.