The demonetisation move of the Narendra Modi government has dented the Indian currency’s “prestige” and has subjected the Indian people to “ridicule from the international community”, senior Congress leader Mohan Prakash claimed in Indore on Monday. “The decision of the Modi government to ban the Rs 500 and Rs 1,000 currency notes has lowered the prestige earned by the Indian currency in the last 50-60 years. People in foreign countries are mocking us by stating that the people in India are standing in long queues for hours for a few dollars,” the Congress general secretary told reporters at the airport in Indore.



In 2010, a new symbol '₹', was officially adopted. It was derived from the combination of the Devanagari consonant "र" (ra) and the Latin capital letter "R" without its vertical bar (similar to the R rotunda). The parallel lines at the top (with white space between them) are said to make an allusion to the tricolour Indian flag,[6] and also depict an equality sign that symbolises the nation's desire to reduce economic disparity. The first series of coins with the new rupee symbol started in circulation on 8 July 2011.

In a major step to check undeclared black money, the Government of India on the 8 November 2016 announced demonetization of ₹500 and ₹1000 banknotes with effect from the same day's midnight, making these notes invalid. Apart from combating black money, the stated purpose is also to check fake currency (used to finance terrorism) and corruption.[7] A new redesigned series of ₹500 banknote, in addition to a new denomination of ₹2000 banknote is in circulation since 10 November 2016.The new redesigned series is also expected to be introduced to the banknote denominations of ₹1000, ₹100 and ₹50 in the coming months.