2016-06-04 Sat

On May 4th, The European Central Bank officially announced that they would discontinue issuing €500 banknotes. New €100 and €200 banknotes of the Europa series will be introduced by the end of 2018 after which the complete phase out will begin.

This note has earned its name as a "Bin Laden” as it is a popular choice among criminals, drug dealers and terrorists. The major reason for this is that these notes are not only easily available but also make high-valued transactions hassle-free.

Experts say that €500 notes worth €297.2 billion make up for 30% of the total number of banknotes in circulation even though it is not a common means of payment among the general public.

The note will continue to be a legal tender and exchangeable at Eurozone Central Banks for a limited time even after it is rolled back.