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they are only replacing 500 and 1000 note with new 500 and 2000 note.
>The first objective is to address counterfeit currency that Pakistan doing and pushing it to India to finance Terrorism.
India has no effective way of detecting the fake currency so they took the drastic step of replacing in the hope that it will slowdown the counterfeiting for the time being. The new notes have more security features and hopefully slowdown counterfeiting.
>The second objective is to address black money. A lot of people have black money in cash to avoid tax. Force them to declare or loose money.
>The third objective is to push people towards cashless system to avoid these problem longterm.
In India currently only 2% of total transactions are electronic.
