Taking the nation by surprise, Prime Minister Narendra Modi announced tonight that Rs 1000 and Rs 500 notes will no longer be valid from midnight, so due to these notes will be invalid so using these notes will be considered as black money and illegal.
In his address to the nation, Prime Minister Narendra Modi said people holding notes of Rs 500 and Rs 1000 can deposit the same in their bank and post office accounts from November 10 to December 30.
In his 40-minute long TV conversation in Hindi and English, the Prime Minister said the notes of Rs 500 and Rs 1000 will be no longer valid and won’t be a legal tender anymore from midnight ” and these will be “just worthless piece of paper.” However, he said that all notes in the lower denomination of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1 and all coins will continue as usual.
He also announced that new notes of Rs 2000 and Rs 500 are all set to introduce. ATM withdrawals will be restricted to Rs 2000 per day and withdrawals from bank accounts will be limited to Rs 10,000 a day and Rs 20,000 a week. All Banks will remain closed tomorrow and ATMs will also be closed tomorrow and day after tomorrow, RBI statement said.
Prime Minister Narendra Modi is very confident about it that the staff of banks and post offices will support the initiative. He said that he is also very confident that other political parties, workers, social organisations and the media will standby with this major economic decision.
The PM had met the officials at his residence earlier this afternoon to look after and review the security measures, particularly in light of recent violations of the ceasefire along the border by Pakistan. The current initiative is expected to check the rising fake currency menace inflicted in India from across the border.
- Main Points
– From midnight tonight (Nov 8), Rs 500 and Rs 1000 notes won’t be legal tender anymore.
– For the next 50 days, until 30 Dec 2016,old notes of can be deposited and exchanged at post offices and banks.
– For 72 hours, until Nov 11 midnight, all govt hospitals will accept old Rs 500 and Rs 1000 notes.
– There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards, online payments, etc.