PM Modi demonetises Rs 500, Rs 1000 notes: Here are the highlights from his address

From midnight, currency notes of Rs 1000 and Rs 500 will be just paper with no value: PM Modi

By: Express Web Desk | New Delhi | Updated: November 9, 2016 12:48 pm
Narendra Modi, Modi, 500 notes, 1000 notes, Rs 500 notes, Rs 1000 notes, India news, 500 note ban, 1000 note ban, Modi address highlights, The rupee appreciated 7 paise to 66.82 against the US dollar in early trade. (Source: File Photo)

In a nationnwide address Prime Minister Narendra Modi Tuesday announced that in a step to curb blackmoney, government will demonitise currency notes of Rs 500 and Rs 1000 from midnight November 8. The Prime Minister said that blackmoney to the tune of Rs 1.25 lakh crore has been unearthed during last two-and-a-half years, since he has started heading the government. He said that India’s enemies are enemies running racket in India through fake currency, from across the border. “Corruption is deep-rooted in the country, said PM Modi, adding that, “Corruption, fake currency and terrorism are festering wounds, holding back the economy.”

Here are the highlights of the prime minister’s address:

* From tonight 12 pm, Rs 1000 and Rs 500 will not be legal tender

* Currency notes of Rs 1000 and Rs 500 will be just paper with no value

* People can deposit notes of Rs 1000 and Rs 500 in their banks from November 10 till December 30, 2016

* On November 9, all banks will remain closed for public work

* Those unable to deposit their notes of Rs 1000 and Rs 500 by Dec 30 for some reason, they can change the notes till March 31, 2017 by furnishing ID proof

* PM expresses confidence that political, other sections and media will help make the new measures successful

* There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc

* Rs 2000 denomination notes to be introduced

For all the latest Business News, download Indian Express App

  1. M
    Manu USA
    Nov 8, 2016 at 8:45 pm
    I think, its right measure. Though I lost money, as I just came back from India, and has few thousands in 1000 denomination. I won't be back in India any time;br/gt;It will help to get rid of;br/gt;Being an NRI, it looks India currency has no value at all. Nation be strong and restore the confidence.
    1. M
      Nov 8, 2016 at 5:23 pm
      My predictions came true!. On 6th November, when there was a news item in IE about the introduction of 2000 rupee note, I had commented that Modi is going to abolish 500 and 1000 rupee notes. lt;br/gt;lt;br/gt;In less than 2 days this happened!!
      1. N
        Nov 8, 2016 at 5:02 pm
        Awesome step...
        1. R
          Nov 8, 2016 at 8:29 pm
          Well executed so far. The same attention to detail is needed in the coming days.
          1. R
            Nov 8, 2016 at 9:06 pm
            Can anyone tell me how introduction of 2000 denomination notes in place of 1000 end black money, corruption and prevent counterfeiting?
            1. Load More Comments