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Wednesday, November 09, 2016

Rs 500 and Rs 1,000 are invalid since 12 midnight of 8 November in India:PM

By on Wednesday, November 09, 2016
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.

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.

"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.

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