In what
could be termed as an unprecedented move, Prime Minister Narendra Modi on Tuesday added a
lethal edge to India's fight against black money by announcing that the
currencies in the denominations of Rs 500 and Rs 1,000 will be invalid when the
clock strikes 12 midnight of 8 November.
The move was announced in a sudden
address at 8 pm that was televised across all news channels.
The demonetization of Rs 1,000 and Rs
500 notes is a major assault on black money hoarders, fake currency, and
corruption.
New notes of Rs 500 and Rs 2,000 would be released and circulated soon.
The end to the legal tender of the Rs 500 and Rs 1000 notes comes into effect the midnight between Tuesday and Wednesday, as soon as the date turns to November 9. ATMs will not work on November 9 and at some places on November 10 as well.
The end to the legal tender of the Rs 500 and Rs 1000 notes comes into effect the midnight between Tuesday and Wednesday, as soon as the date turns to November 9. ATMs will not work on November 9 and at some places on November 10 as well.
He said Rs 500 and Rs 1000 notes can be deposited a post
offices and banks without any charge till December 30. Banks would be closed
for public business on November 9, to allow them to tackle the rush of people
who might want to deposit their notes. Cashless fund transfers would remain
unaffected.
"Your money is yours. You will not lose anything. The government will ensure that," said PM Modi, in his address to the nation.
"Your money is yours. You will not lose anything. The government will ensure that," said PM Modi, in his address to the nation.
"We should be able to make the sacrifice of adjusting to
the such a move in national interest, as it aims to tackle the evils of
corruption, black money , fake currency and terrorism," said PM
Modi.
