When British India carried out demonetisation in 1946, Seventh Nizam had $ 3 million worth notes
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Hyderabad, March 20 -- Exactly 70 years before the Indian demonetization act of 2016, on January 12,1946, the Viceroy and Governor General ofIndia, Sir Archibald Wavell, promulgated the High Denomination Bank Notes (Demonetisation) Ordinance,1946. It declared that the high denomination bank notes of Rs 500, Rs 1,000, and Rs 10,000, issued by the RBI would cease to be legal tender on expiry of January 12,1946.
In the Princely State of Hyderabad, Nizam Mir Osman Ali Khan was in possession of high denomination notes which he subsequently turned in all the 500 and 1000 rupee notes amounting to $3 million when he recalled from circulation. After independence, the Indian government in April 1948 repaid the Nizam the amountdue in 100 rupee note...
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