From midnight tonight Rs 500 And Rs 1,000 Notes Being Discontinued
From midnight tonight Rs 500 And Rs 1,000 Notes Being Discontinued

In a big announcement on Tuesday evening, Prime Minister Narendra Modi said that from midnight tonight, Rs 1000 and Rs 500 would no longer be legal tender.
In his first televised address to the nation, 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 till December 30.
"You have 50 days (From 10 November to 30 December) to deposit notes of Rs 500 and Rs 1000 in any bank or post office," he said.

"Currency notes of Rs 1000 and Rs 500 will be just paper with no value. These notes should be exchanged in banks and post offices within December 30, 2016," PM reiterated.

"There will be respite for people for the initial 72 hours, government hospitals will accept old Rs 500 and 1000 notes till 11 November midnight. On November 9 and in some places November 10, ATMs will not work. There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc," he pointed out.
"Notes of Rs 2000 and Rs 500 will be circulated soon, RBI has decided to limit the notes with higher value,” he added, saying some ATMs in the country may not function on November 9 and 10.

"On November 9, all banks will remain closed for public work," he further said
"Black money, corruption, terrorism are our main enemies. We can bear some difficulty in this fight. If people have to choose from discomfort, or curbing corruption, then i have faith that the people of this country will chose discomfort." 

"There comes time in history of country when need felt for strong decision. This country felt that black money, terrorism, corruption are holding us back," Modi added. 

PM Modi also lashed out at Pakistan for the fake currency issue but stopped short of naming it. 

"From across the border, our enemies running racket in India through fake currency," Modi said. 

The government also listed some exceptions to help minimise inconvenience to the common man, like hospitals will continues to accept the big currencies for the next 72 hours.

Modi's announcement comes just days after some leaders suggested that currency notes of Rs 1000 and Rs 500 denominations should be abolished to curb black money in the country.

The Prime Minister said that black money to the tune of Rs 1.25 lakh crore had been unearthed during last two-and-a-half years.


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