LIVE: Demonetising Rs 500, 1000 notes a very bold step to fight black money, says RBI

Earlier, in his first televised address to the nation, Prime Minister Narendra Modi announced demonetisation of Rs 1000 and Rs 500 notes with effect from midnight.

By: Express Web Desk | New Delhi | Updated: November 9, 2016 12:07 am
urjit patel, rbi, rbi governor RBI Governor Urjit Patel. (Express Photo/Ganesh Shirsekar)

Prime Minister Narendra Modi on Tuesday announced demonetisation of Rs 1000 and Rs 500 notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency and corruption.

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.

After Modi’s address to the nation, RBI governor Urjit Patel and Secy. Department of Economic Affairs Shaktikanta Das are addressing a press conference.

 

For all the latest Business News, download Indian Express App

  1. N
    Negative.comment
    Nov 8, 2016 at 10:17 pm
    Why now? Why not immediately afteR Modiot took over in 2014? lt;br/gt;lt;br/gt; SWISSma Swaraj transferred all BJP's PARTY MONEY IN DOLLARS TO LIECHTENSTEIN BANKS.
    Reply
    1. A
      avd
      Nov 8, 2016 at 10:28 pm
      You can not hit a six sooner U take a guard and play first ball.U have to watch everything and go for strike as today.
      Reply
      1. D
        Dash
        Nov 8, 2016 at 5:07 pm
        Congress party is opposing the move. Lame excuses by corrupt Cong. show that it is worried. This antinational party has thousands of crores of money with it. The desperation of Cong. party says a lot. CPM too is opposing ths move. Mayawati,Sharad Pawar,Mulayam and many Cong. leaders must have been shocked by this bold move. Modi must be congratulated for this bold move. ISI will be worried today along with corrupt Indians. PM is truly a man of words,a role model in public life.
        Reply
        1. B
          bng
          Nov 8, 2016 at 4:49 pm
          Good one. well done.
          Reply
          1. K
            Kaliyug
            Nov 8, 2016 at 5:13 pm
            Those who have been stacking the notes in secret dens will be disappointed that their ill gotten wealth will be useless soon, stan that prints these fake currencies will have to find a new source of work. People who are honest and have some money in their possession will be able to exchange it for new notes. Non Banking sources that did bulk of money transfers in India via their secretive network will also loose their shirts, this will make money coming into the economy and one going out of the economy cleaner and with more scrutiny,. PM Modi has stopped the crooks, now we need to find out if the banks and post offices are honest in their dealings.
            Reply
            1. A
              ah
              Nov 8, 2016 at 5:37 pm
              If you think POLITICIAN either in Govt. or Opposition DID not know what was coming ................. you are stupid, but rather you seem to be a PAID troll of BJP ..................
              Reply
              1. S
                Sasikumar Gopal
                Nov 9, 2016 at 9:10 am
                I suggest RBI to provide incentive on every time for using Credit /Debit cards and all on line transactions ... Like Most of the credit card provide points against spending ...
                Reply
                1. S
                  Sunny
                  Nov 8, 2016 at 7:36 pm
                  Any right to declare for PM or central govt. Or its right of RBI governor. Its my doubt.
                  Reply
                  1. Load More Comments